What’s happening with Borr Drilling’s rigs?
Offshore drilling contractor Borr Drilling has provided a contracting activity update for five rigs in its fleet. One of these rigs is still awaiting the confirmation of a new contract, another one has already kicked off its new assignment while two units are preparing for their new jobs. The remaining rig will move to its new gig after completing its ongoing work.
According to the rig owner, the Idun premium jack-up rig received a letter of intent (LOI) in September 2023 for a 24-month program in Southeast Asia, starting in January 2024. The company expects this LOI to be converted into a firm contract this month. The contract value for this award is expected to be around $124 million. The 2013-built Idun jack-up rig is of Keppel FELS Super B Bigfoot Class design and can accommodate 150 people. With a maximum drilling depth of 35,000 ft, it can carry out operations in water depths of up to 350 ft.
Furthermore, the Arabia III premium jack-up rig started its five-year firm contract with Aramco in August 2023 ahead of schedule, continuing the track record of the Arabia I and Arabia II rigs, which embarked on their respective three-year contracts with the Saudi energy giant in 4Q 2022. The 2013-built Arabia III, former Frigg, jack-up rig is of KFELS Super A Class design and can operate in water depths of up to 400 ft. The rig’s maximum drilling depth is 35,000 ft.
On the other hand, the Hild premium jack-up rig completed its transit to Mexico two months ago and is undergoing final preparations ahead of its maiden contract with Fieldwood, which is due to commence in mid-October. The 2020-built Hild jack-up rig is of Keppel FELS Super B Class design and can accommodate 150 people. Constructed at Keppel Fels in Singapore, the rig is capable of operating in water depths of up to 400 ft and its maximum drilling depth is 35,000 ft.
Currently, the Ran premium jack-up rig is on contract with the same customer and will be mobilized to its subsequent contract with TotalEnergies in Mexico, after finishing this assignment. The rig’s new job is expected to begin in the second half of October 2023. The Ran jack-up rig is of KFELS Super A design. It was constructed at Keppel KFELS yard in Singapore and can operate in water depths of up to 400 ft. The rig’s maximum drilling depth is 35,000 ft.
Last but not least, the Gerd premium jack-up rig completed its transit from Africa to the UAE in September 2023 and is currently undergoing preparations ahead of its upcoming contract with Bunduq. Following discussions with the customer, Borr Drilling anticipates that this rig will start its contract in mid-November, ahead of the previously announced schedule.
The 2018-built Gerd jack-up rig is of PPL Pacific Class 400 design and can accommodate 150 people. Constructed at PPL Shipyard PTE in Singapore, the rig is capable of operating in water depths of up to 400 ft and its maximum drilling depth is 30,000 ft.
Encouraged by the ongoing upcycle in the offshore drilling market and strong jack-up demand, Borr Drilling recently confirmed that it was engaged in active discussions with Seatrium (formerly Keppel) to expedite delivery of its rigs Vale and Var to August and November 2024, respectively.