Borr Drilling’s Prospector 1 rig; Source: Neptune Energy

Borr Drilling pulls off a hat trick as three rigs win multi-million gigs

Offshore drilling contractor Borr Drilling has landed new assignments for three premium jack-up rigs with undisclosed oil and gas players.

Borr Drilling’s Prospector 1 rig; Source: Neptune Energy

These new contract commitments have been secured for three jack-up rigs: Prospector 1, Gunnlod, and another rig, which has not been determined yet. According to Borr Drilling, these deals total 820 days and will bring $158.6 million in contract revenue, including mobilization and demobilization compensation.

The 2013-built Prospector 1 jack-up rig is of Friede & Goldman JU2000E design and was constructed at Dalian Shipbuilding Industry Offshore in China. With a maximum drilling depth of 35,000 ft and a water depth of 400 ft, the rig can accommodate 140 people.

On the other hand, the 2018-built Gunnlod jack-up rig, which is of PPL Pacific Class 400 design, was constructed at PPL Shipyard in Singapore and can accommodate 150 people. With the ability to operate in water depths of 400 ft, the rig’s maximum drilling depth is 30,000 ft.

The offshore drilling player has obtained several jobs for its rig fleet. In line with this, multiple contracts have been awarded in the North Sea, totaling 250 days of backlog that began in March 2024. Borr Drilling has got its hands on a one-well commitment in Southeast Asia, with an anticipated duration of 90 days, that will start in May 2024.

In addition, the firm also got a firm and binding letter of award for a campaign expected to commence between the fourth quarter of 2024 and the first quarter of 2025, with an estimated duration of 480 days.

Meanwhile, Borr Drilling is one of the offshore drilling contractors that have received a notice of temporary suspension of operations for one or more jack-up rigs working for Aramco in the Middle East.