Borr Drilling Limited - Announcement of new contract

Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) has announced a significant contract award for its premium jack-up rig "Hild" from an undisclosed customer for operations in Latin America. The contract, valued at US$123 million, includes mobilization and demobilization fees, and spans a term of 725 days, set to commence in Q3 2023. Following this award, all 22 of the Company's delivered rigs are now contracted or committed, indicating strong market demand with no rig availability until late Q3 2023. The Company remains optimistic about future contracting opportunities as the market improves.

Positive

• Awarded a contract for the rig "Hild" valued at US$123 million.
• The contract spans 725 days and begins in Q3 2023.
• All 22 delivered rigs are contracted or committed, indicating strong demand.
• Optimistic outlook regarding future recontracting opportunities due to market improvements.

Negative

• None.

HAMILTON, Bermuda, April 10, 2023 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) is pleased to announce that its premium jack-up rig "Hild" has been awarded a contract from an undisclosed customer for work in Latin America. The contract duration covers a firm term of 725 days and is expected to commence in Q3 2023, following the conclusion of the rig's ongoing activation. The estimated contract value is US$123 million, including mobilization and demobilization fees.

Following this award, all of the Company's 22 delivered units are now contracted or committed, with no open availability until late Q3 2023. Amidst an improving market, the Company remains optimistic about recontracting opportunities for its premium fleet.

Hamilton, Bermuda

10 April 2023

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expect", "estimate" and similar expressions and include statements relating to rig contracting including the duration and value of such contracts and backlog, and other non-historical statements. Such forward -looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--announcement-of-new-contract-301793036.html

SOURCE Borr Drilling Limited

FAQ

What is the contract value for Borr Drilling's rig 'Hild'?

The contract value for Borr Drilling's rig 'Hild' is US$123 million.

When will the contract for the rig 'Hild' commence?

The contract for the rig 'Hild' is expected to commence in Q3 2023.

How long is the contract for the rig 'Hild'?

The contract for the rig 'Hild' has a firm duration of 725 days.

What market outlook does Borr Drilling have after this contract?

Borr Drilling remains optimistic about future recontracting opportunities as market conditions improve.

How many rigs does Borr Drilling currently have contracted?

All 22 of Borr Drilling's delivered rigs are currently contracted or committed.