Borr Drilling Limited - Fleet Status Report

Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) announced a new contract and letters of intent for three warm stacked rigs, increasing its backlog by USD 21 million. This brings the total number of contracted rigs to 14. Following a downturn in the jack-up market due to lower oil prices, there are now signs of recovery with oil prices around USD 40/bbl. Additionally, three more warm stacked rigs are available for operation without significant capital expenditures.

Positive

• New contracts and LOIs add USD 21 million to backlog
• Total contracted rigs increase to 14

Negative

• None.

OSLO,Norway, Aug. 3, 2020 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR), (OSE: BDRILL) is pleased to announce in its fleet status report today that it has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity in the jack-up market troughed in March / April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of around USD 40/bbl.

Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.

The updated Fleet Status Report can be found on the Company's website and attached to this release.

August 3, 2020
Hamilton, Bermuda

Contact:
Magnus Vaaler
VP Investor Relations and Treasury
+47 22 48 30 00

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https://mb.cision.com/Public/16983/3163144/95ae9ab4e87707cc.pdf

Fleet Status Report - August 2020

 

View original content:http://www.prnewswire.com/news-releases/borr-drilling-limited---fleet-status-report-301104511.html

SOURCE Borr Drilling Limited

FAQ

What recent contract announcement did Borr Drilling (BORR) make?

Borr Drilling announced a new contract and letters of intent for three warm stacked rigs, increasing its backlog by USD 21 million.

How many rigs does Borr Drilling currently have under contract?

With the recent awards, Borr Drilling has a total of 14 contracted rigs.

What is the current oil price mentioned by Borr Drilling?

Borr Drilling noted that oil prices are around USD 40 per barrel.

What is the status of Borr Drilling's warm stacked rigs?

Borr Drilling has three additional warm stacked rigs that can be activated without significant capex.