Borr Drilling finds more work for three jack-up rigs
Offshore drilling contractor Borr Drilling has managed to extend existing and secure new assignments for three premium jack-up rigs in its fleet.
Within its latest rig contracting activity update, Borr Drilling revealed new contract commitments totaling 495 days and $82.2 million in contract revenue for three jack-up rigs, excluding mobilization and demobilization compensation. Following these new contracts, the rig owner’s fleet contract coverage is 87% for 2024, including firm commitments and priced options.
The offshore drilling player has been awarded a contract extension by BW Energy for the Norve jack-up rig. The rig’s assignment has been prolonged for approximately two months through July 2024. This extension comes after Tower Resources hired the rig to drill the NJOM-3 well on the Thali license offshore Cameroon in 2024. The jack-up is expected to mobilize to Cameroon between June and August 2024, subject to its existing contractual commitments.
The 2011-built Norve jack-up rig, which was constructed at the PPL shipyard in Singapore, is capable of operating in water depths of up to 400 ft. With a maximum drilling depth of 30,000 ft, the rig is of PPL Pacific Class 400 design and can accommodate 150 people.
On the other hand, the Mist jack-up rig has won a contract extension from a subsidiary of Valeura Energy in Thailand. This extension covers a firm term of 12 months starting in direct continuation to the current contract and will maintain the rig occupied through August 2025. Recently, Valeura Energy wrapped up a four-well infill drilling campaign at its Nong Yao oil field in the Gulf of Thailand with this rig.
At the time, the Canadian firm explained that the rig was mobilized to the Wassana field, where it was being positioned to start drilling three production-oriented development wells. Afterward, the rig was set to return to Nong Yao in 1Q 2024 to begin the Nong Yao C drilling campaign. The 2013-built Mist rig is of Keppel FELS Super B Bigfoot Class design and it was constructed at Keppel FELS Shipyard.
Last but not least, Borr Drilling has received a binding letter of award for the Thor jack-up rig from an undisclosed customer, which will enable the rig to continue working in Southeast Asia. This award will cover a firm scope of two wells, with an anticipated duration of 70 days, and is expected to kick off in 3Q 2024 in direct continuation of the rig’s current commitment.
The 2019-built jack-up rig is of KFELS Super B Bigfoot Class design and can accommodate 150 people. With a maximum drilling depth of 35,000 ft, the Thor rig can operate in water depths of up to 400 ft. The rig’s current contract in Southeast Asia was secured in the summer of 2023 for two wells with an estimated duration of 151 days.