Borr’s talks for two rig contracts come to naught

Offshore drilling contractor Borr Drilling has received cancellations of two letters of intent for a pair of jack-up rigs, which are currently warm-stacked in Singapore. 

Back in March 2019 Borr Drilling said it was in advanced negotiations with undisclosed operators for multi-year contracts for four newbuild rigs – Grid, Gersemi, Saga, and Skald, all warm-stacked in Singapore.

Come April and Borr was awarded new contracts with Pemex in Mexico for both the Grid and Gersemi jack-up rigs. The duration of the contracts is from June 2019 to December 2020.

Negotiations for the other two rigs – Saga and Skald – continued. It was expected that the multi-year contracts for both of the rigs would start in the first quarter of 2020.

However, in its latest fleet status report – issued on Thursday, May 2 – Borr said that the letters of intent for the Saga and Skald rigs were cancelled. This means that both of the rigs will remain stacked in Singapore.

Both rigs are of a KFELS Super B Bigfoot Class design built by Keppel. The Saga rig was the first of five jack-up rigs that Keppel built for Borr Drilling and Skald was the second of five. They were delivered in January and June 2018, respectively.

Offshore Energy Today Staff

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