Borr Drilling emerges triumphant on two fronts, clinching a pair of contracts valued at a robust $73.8 million. The distinguished player in offshore drilling, Borr Drilling Limited, has garnered the spotlight with the acquisition of two coveted Letters of Award (LOAs) for its illustrious premium jack-up drilling rigs, the Gerd and the Thor. These notable accolades usher in a substantial augmentation of the company’s firmly ensconced backlog, bolstering it by an impressive 421 days, and this figure excludes the discretionary periods.
Among the victors, the Gerd, an exemplar of cutting-edge technology in the realm of premium jack-up drilling rigs, has seamlessly orchestrated the attainment of a binding LOA, extending a gracious nod from an undisclosed patron situated in the Middle East. The parameters of this contractual triumph encompass an unwavering scope spanning 270 days, accompanied by an intriguingly unpriced optional span totaling 60 days. A prudent valuation of the firm scope envelops a princely sum of $47.7 million, an amount that encompasses the intricate choreography of mobilization and demobilization intricacies. This imminent engagement marks the culmination of the Gerd’s ongoing liaison with Addax, a partnership slated for cessation in Q3 2023. The backdrop to this conclusion lies in the deliberate abstention by the client to pursue certain optional wells, previously exercised with fervor. Ahead of its scheduled debut in December 2023, the Gerd is poised to undergo an elaborate rite of mobilization, intertwined with statutory surveys and the rigors of recertification.
In tandem with its illustrious counterpart, the Thor, another vanguard of premium jack-up drilling rig ingenuity, has etched its own chapter of triumph. Mirroring its partner’s laurels, the Thor has boldly secured a binding LOA, its provenance discreetly shrouded in secrecy, pointing its compass toward Southeast Asia. Anchoring its presence firmly, the Thor’s charter embarks upon a compelling trajectory, encompassing a definitive scope that encompasses two meticulously choreographed wells. The anticipated duration of this rendezvous is calculated at 151 days, accompanied by a monetary valuation that resonates with a resounding $25.1 million, encapsulating the intricate ballet of mobilization and demobilization dynamics. The rhythmic cadence of this engagement is poised to commence its performance in December 2023, seamlessly dovetailing with the Thor’s existing contractual overture, unfurling a narrative of unbroken continuity.
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