Borr Drilling Limited - Contracting and Fleet Updates
Borr Drilling (NYSE: BORR) has announced significant contract updates for its premium jack-up rigs. The company has secured new awards for rigs 'Thor', 'Gerd', and 'Norve' with a combined duration of 774 days and estimated contract revenues of $120 million, excluding mobilization fees.
Three previously suspended rigs in Mexico ('Galar', 'Grid', and 'Gersemi') have received re-mobilization notices and will resume operations in Q2 2025. Additionally, rigs 'Arabia I' and 'Vali' have commenced their long-term contracts, enabling the company to invoice approximately $48 million in lump-sum mobilization revenues.
With these developments, six rigs that were idle during Q1 2025 will resume operations, positioning the company for improved utilization, revenue, and EBITDA starting Q2 2025.
Borr Drilling (NYSE: BORR) ha annunciato aggiornamenti significativi sui contratti per le sue piattaforme jack-up di alta qualità. L'azienda ha ottenuto nuovi contratti per le piattaforme 'Thor', 'Gerd' e 'Norve' con una durata complessiva di 774 giorni e ricavi contrattuali stimati di 120 milioni di dollari, escluse le spese di mobilitazione.
Tre piattaforme precedentemente sospese in Messico ('Galar', 'Grid' e 'Gersemi') hanno ricevuto avvisi di re-mobilitazione e riprenderanno le operazioni nel secondo trimestre del 2025. Inoltre, le piattaforme 'Arabia I' e 'Vali' hanno avviato i loro contratti a lungo termine, consentendo all'azienda di fatturare circa 48 milioni di dollari in ricavi di mobilitazione forfettari.
Con questi sviluppi, sei piattaforme che erano inattive durante il primo trimestre del 2025 riprenderanno le operazioni, posizionando l'azienda per un miglior utilizzo, ricavi ed EBITDA a partire dal secondo trimestre del 2025.
Borr Drilling (NYSE: BORR) ha anunciado actualizaciones significativas sobre los contratos para sus plataformas jack-up premium. La empresa ha asegurado nuevos contratos para las plataformas 'Thor', 'Gerd' y 'Norve' con una duración combinada de 774 días y unos ingresos contractuales estimados de 120 millones de dólares, excluyendo las tarifas de movilización.
Tres plataformas que estaban previamente suspendidas en México ('Galar', 'Grid' y 'Gersemi') han recibido avisos de re-movilización y reanudarán operaciones en el segundo trimestre de 2025. Además, las plataformas 'Arabia I' y 'Vali' han comenzado sus contratos a largo plazo, permitiendo a la empresa facturar aproximadamente 48 millones de dólares en ingresos de movilización a tanto alzado.
Con estos desarrollos, seis plataformas que estaban inactivas durante el primer trimestre de 2025 reanudarán operaciones, posicionando a la empresa para una mejor utilización, ingresos y EBITDA a partir del segundo trimestre de 2025.
Borr Drilling (NYSE: BORR)는 프리미엄 잭업 리그에 대한 중요한 계약 업데이트를 발표했습니다. 이 회사는 'Thor', 'Gerd', 'Norve' 리그에 대한 새로운 계약을 확보했으며, 총 기간은 774일이고, 예상 계약 수익은 약 1억 2천만 달러로, 이동 비용은 제외됩니다.
멕시코에서 이전에 중단된 세 개의 리그('Galar', 'Grid', 'Gersemi')가 재이동 통지를 받았으며, 2025년 2분기부터 운영을 재개할 예정입니다. 또한, 'Arabia I'와 'Vali' 리그는 장기 계약을 시작했으며, 이를 통해 회사는 약 4천8백만 달러의 일시불 이동 수익을 청구할 수 있게 되었습니다.
이러한 발전으로 인해 2025년 1분기 동안 유휴 상태였던 6개의 리그가 운영을 재개하게 되어, 2025년 2분기부터 회사의 사용률, 수익 및 EBITDA 개선이 기대됩니다.
Borr Drilling (NYSE: BORR) a annoncé des mises à jour significatives concernant ses contrats pour ses plateformes jack-up haut de gamme. L'entreprise a obtenu de nouveaux contrats pour les plateformes 'Thor', 'Gerd' et 'Norve' avec une durée totale de 774 jours et des revenus contractuels estimés à 120 millions de dollars, hors frais de mobilisation.
Trois plateformes précédemment suspendues au Mexique ('Galar', 'Grid' et 'Gersemi') ont reçu des avis de re-mobilisation et reprendront leurs opérations au deuxième trimestre 2025. De plus, les plateformes 'Arabia I' et 'Vali' ont commencé leurs contrats à long terme, permettant à l'entreprise de facturer environ 48 millions de dollars en revenus de mobilisation forfaitaires.
Avec ces développements, six plateformes qui étaient inactives au cours du premier trimestre 2025 reprendront leurs opérations, positionnant l'entreprise pour une meilleure utilisation, des revenus et un EBITDA à partir du deuxième trimestre 2025.
Borr Drilling (NYSE: BORR) hat bedeutende Vertragsaktualisierungen für seine Premium-Jack-up-Rigs bekannt gegeben. Das Unternehmen hat neue Aufträge für die Rigs 'Thor', 'Gerd' und 'Norve' mit einer Gesamtdauer von 774 Tagen und geschätzten Vertragsumsätzen von 120 Millionen US-Dollar, ohne Mobilisierungsgebühren, gesichert.
Drei zuvor ausgesetzte Rigs in Mexiko ('Galar', 'Grid' und 'Gersemi') haben Mobilisierungsbenachrichtigungen erhalten und werden im 2. Quartal 2025 den Betrieb wieder aufnehmen. Darüber hinaus haben die Rigs 'Arabia I' und 'Vali' ihre langfristigen Verträge begonnen, was es dem Unternehmen ermöglicht, etwa 48 Millionen US-Dollar an Pauschalmobilisierungsumsätzen zu fakturieren.
Mit diesen Entwicklungen werden sechs Rigs, die im 1. Quartal 2025 stillgelegt waren, den Betrieb wieder aufnehmen, was das Unternehmen für eine verbesserte Auslastung, Einnahmen und EBITDA ab dem 2. Quartal 2025 positioniert.
- Secured $120 million in new contract revenues across three rigs
- Reactivation of three suspended rigs in Mexico
- $48 million in immediate mobilization revenues from two long-term contracts
- Six idle rigs returning to operations, improving fleet utilization
- Three rigs were previously suspended in Mexico during Q1 2025
- 'Norve' contract award subject to customer's Final Investment Decision
- Multiple rigs were idle during Q1 2025, impacting Q1 performance
Insights
Borr Drilling's latest operational update represents a significant positive development for the offshore jack-up drilling contractor in a recovering market. The company has secured
The re-activation of six idle rigs in the coming quarter effectively solves Borr's primary near-term challenge - the underutilization that likely hampered Q1 performance. With dayrates for premium jack-ups typically ranging from
Particularly noteworthy is the
The Southeast Asia and West Africa contract wins demonstrate Borr's ability to secure work across diverse geographic markets, reducing regional concentration risk. The one-year firm program for "Gerd" and the potential 11-month campaign for "Norve" (pending FID) provide visibility into 2026, though investors should note the conditional nature of the latter contract.
These developments suggest Borr is successfully navigating the jack-up market recovery, with clear signals of improving fundamentals that should translate to stronger financial performance beginning in Q2 2025.
Highlights
- Secured new awards for the rigs "Thor", "Gerd" and "Norve" with an expected combined duration of 774 days and estimated contract revenues of approximately
$120 million - Received re-mobilization notices for the rigs "Galar", "Grid" and "Gersemi", which were previously suspended in
Mexico . - Commencement of long-term contracts for the rigs "Arabia I" and "Vali" enabling the Company to invoice approximately
$48 million - With the above developments, six of our rigs that were idle for part or the whole of Q1 2025 are set to resume operations, laying the foundation for a significant improvement in utilization, revenue and EBITDA starting in Q2 2025 and beyond.
Contracting Updates
In
In
Additionally, in
Fleet Developments
In
Additionally, the rigs "Arabia I" and the newbuild "Vali" have started earning day rate revenues under their long-term contracts with Petrobras in
Forward looking statements
This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "will", "expect", "estimate", "anticipate" and similar expressions and include statements relating to contract awards, letter of awards, contract duration and value and expected start and end dates, 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 contracting, including start dates of such contracts, the risk that contract backlog and revenue potential will not materialize as expected, actual performance under drilling contracts, the risk that backlog may not be realized, the risk that improvement in utilization, revenue and EBITDA starting in Q2 2025 and beyond will not materialise 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
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SOURCE Borr Drilling Limited
FAQ
What is the total value of Borr Drilling's new contract awards for Thor, Gerd, and Norve rigs?
When will Borr Drilling's suspended Mexican rigs resume operations?
How much mobilization revenue will BORR receive from Arabia I and Vali contracts?
What is the duration of Thor's new contract with Vietsovpetro in Vietnam?
How long is the Gerd rig's new contract in Ivory Coast?
