Borr Drilling Secures $168M in New Contracts, Reactivates 6 Rigs | BORR Stock News

Borr Drilling (NYSE: BORR) has announced significant contract updates for its premium jack-up rigs. The company has secured new awards for rigs 'Thor', 'Gerd', and 'Norve' with a combined duration of 774 days and estimated contract revenues of $120 million, excluding mobilization fees.

Three previously suspended rigs in Mexico ('Galar', 'Grid', and 'Gersemi') have received re-mobilization notices and will resume operations in Q2 2025. Additionally, rigs 'Arabia I' and 'Vali' have commenced their long-term contracts, enabling the company to invoice approximately $48 million in lump-sum mobilization revenues.

With these developments, six rigs that were idle during Q1 2025 will resume operations, positioning the company for improved utilization, revenue, and EBITDA starting Q2 2025.

Borr Drilling (NYSE: BORR) ha annunciato aggiornamenti significativi sui contratti per le sue piattaforme jack-up di alta qualità. L'azienda ha ottenuto nuovi contratti per le piattaforme 'Thor', 'Gerd' e 'Norve' con una durata complessiva di 774 giorni e ricavi contrattuali stimati di 120 milioni di dollari, escluse le spese di mobilitazione.

Tre piattaforme precedentemente sospese in Messico ('Galar', 'Grid' e 'Gersemi') hanno ricevuto avvisi di re-mobilitazione e riprenderanno le operazioni nel secondo trimestre del 2025. Inoltre, le piattaforme 'Arabia I' e 'Vali' hanno avviato i loro contratti a lungo termine, consentendo all'azienda di fatturare circa 48 milioni di dollari in ricavi di mobilitazione forfettari.

Con questi sviluppi, sei piattaforme che erano inattive durante il primo trimestre del 2025 riprenderanno le operazioni, posizionando l'azienda per un miglior utilizzo, ricavi ed EBITDA a partire dal secondo trimestre del 2025.

Borr Drilling (NYSE: BORR) ha anunciado actualizaciones significativas sobre los contratos para sus plataformas jack-up premium. La empresa ha asegurado nuevos contratos para las plataformas 'Thor', 'Gerd' y 'Norve' con una duración combinada de 774 días y unos ingresos contractuales estimados de 120 millones de dólares, excluyendo las tarifas de movilización.

Tres plataformas que estaban previamente suspendidas en México ('Galar', 'Grid' y 'Gersemi') han recibido avisos de re-movilización y reanudarán operaciones en el segundo trimestre de 2025. Además, las plataformas 'Arabia I' y 'Vali' han comenzado sus contratos a largo plazo, permitiendo a la empresa facturar aproximadamente 48 millones de dólares en ingresos de movilización a tanto alzado.

Con estos desarrollos, seis plataformas que estaban inactivas durante el primer trimestre de 2025 reanudarán operaciones, posicionando a la empresa para una mejor utilización, ingresos y EBITDA a partir del segundo trimestre de 2025.

Borr Drilling (NYSE: BORR)는 프리미엄 잭업 리그에 대한 중요한 계약 업데이트를 발표했습니다. 이 회사는 'Thor', 'Gerd', 'Norve' 리그에 대한 새로운 계약을 확보했으며, 총 기간은 774일이고, 예상 계약 수익은 약 1억 2천만 달러로, 이동 비용은 제외됩니다.

멕시코에서 이전에 중단된 세 개의 리그('Galar', 'Grid', 'Gersemi')가 재이동 통지를 받았으며, 2025년 2분기부터 운영을 재개할 예정입니다. 또한, 'Arabia I'와 'Vali' 리그는 장기 계약을 시작했으며, 이를 통해 회사는 약 4천8백만 달러의 일시불 이동 수익을 청구할 수 있게 되었습니다.

이러한 발전으로 인해 2025년 1분기 동안 유휴 상태였던 6개의 리그가 운영을 재개하게 되어, 2025년 2분기부터 회사의 사용률, 수익 및 EBITDA 개선이 기대됩니다.

Borr Drilling (NYSE: BORR) a annoncé des mises à jour significatives concernant ses contrats pour ses plateformes jack-up haut de gamme. L'entreprise a obtenu de nouveaux contrats pour les plateformes 'Thor', 'Gerd' et 'Norve' avec une durée totale de 774 jours et des revenus contractuels estimés à 120 millions de dollars, hors frais de mobilisation.

Trois plateformes précédemment suspendues au Mexique ('Galar', 'Grid' et 'Gersemi') ont reçu des avis de re-mobilisation et reprendront leurs opérations au deuxième trimestre 2025. De plus, les plateformes 'Arabia I' et 'Vali' ont commencé leurs contrats à long terme, permettant à l'entreprise de facturer environ 48 millions de dollars en revenus de mobilisation forfaitaires.

Avec ces développements, six plateformes qui étaient inactives au cours du premier trimestre 2025 reprendront leurs opérations, positionnant l'entreprise pour une meilleure utilisation, des revenus et un EBITDA à partir du deuxième trimestre 2025.

Borr Drilling (NYSE: BORR) hat bedeutende Vertragsaktualisierungen für seine Premium-Jack-up-Rigs bekannt gegeben. Das Unternehmen hat neue Aufträge für die Rigs 'Thor', 'Gerd' und 'Norve' mit einer Gesamtdauer von 774 Tagen und geschätzten Vertragsumsätzen von 120 Millionen US-Dollar, ohne Mobilisierungsgebühren, gesichert.

Drei zuvor ausgesetzte Rigs in Mexiko ('Galar', 'Grid' und 'Gersemi') haben Mobilisierungsbenachrichtigungen erhalten und werden im 2. Quartal 2025 den Betrieb wieder aufnehmen. Darüber hinaus haben die Rigs 'Arabia I' und 'Vali' ihre langfristigen Verträge begonnen, was es dem Unternehmen ermöglicht, etwa 48 Millionen US-Dollar an Pauschalmobilisierungsumsätzen zu fakturieren.

Mit diesen Entwicklungen werden sechs Rigs, die im 1. Quartal 2025 stillgelegt waren, den Betrieb wieder aufnehmen, was das Unternehmen für eine verbesserte Auslastung, Einnahmen und EBITDA ab dem 2. Quartal 2025 positioniert.

Borr Drilling's latest operational update represents a significant positive development for the offshore jack-up drilling contractor in a recovering market. The company has secured $120 million in new contract revenues across three rigs with a substantial 774 days of backlog, while also receiving re-mobilization notices for three previously suspended units in Mexico.

The re-activation of six idle rigs in the coming quarter effectively solves Borr's primary near-term challenge - the underutilization that likely hampered Q1 performance. With dayrates for premium jack-ups typically ranging from $100,000 to $150,000, bringing these units back to work represents a meaningful revenue catalyst.

Particularly noteworthy is the $48 million in lump-sum mobilization revenues from the Brazil and Libya contracts. These upfront payments should significantly strengthen Borr's cash position in Q2, addressing potential liquidity concerns that often arise when multiple rigs remain idle.

The Southeast Asia and West Africa contract wins demonstrate Borr's ability to secure work across diverse geographic markets, reducing regional concentration risk. The one-year firm program for "Gerd" and the potential 11-month campaign for "Norve" (pending FID) provide visibility into 2026, though investors should note the conditional nature of the latter contract.

These developments suggest Borr is successfully navigating the jack-up market recovery, with clear signals of improving fundamentals that should translate to stronger financial performance beginning in Q2 2025.

HAMILTON, Bermuda, April 8, 2025 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) is pleased to announce new contract commitments for three of its premium jack-up rigs and additional fleet updates.

Highlights

Contracting Updates

In Southeast Asia, the "Thor" has received a binding Letter of Award from Vietsovpetro in Vietnam.  The award covers a firm scope of three wells, with an anticipated duration of 75 days, and is expected to commence in April 2025. Consequently, the rig's previously announced program, originally set to begin in May will now commence in July, in direct continuation of this Vietsovpetro program. With these adjustments, the rig is now expected to remain under contract through September 2025.

In West Africa, the "Gerd" has secured a binding Letter of Award from Foxtrot in Ivory Coast for a one-year firm program, scheduled to begin in late Q4 2025.

Additionally, in West Africa, the "Norve" has received a Letter of Award from an undisclosed operator for a campaign with an expected duration of 11 months, set to commence in the second half of 2026. The final contract remains subject to the customer's Final Investment Decision (FID), anticipated in Q2 2025.

Fleet Developments

In Mexico, we have received a re-mobilization request from our customer for the rigs "Galar", "Grid" and "Gersemi", with mobilization to their next operating locations expected in mid-April 2025. Operations on these units are anticipated to resume shortly thereafter, within the second quarter of 2025. These three rigs were previously suspended as reported on January 15, 2025 and will continue operations on Pemex assets under the same contractual terms. Notably, the Galar will be deployed in the Bacab-Lum field, which will be developed by an affiliate of our customer under a private investment structure.

Additionally, the rigs "Arabia I" and the newbuild "Vali" have started earning day rate revenues under their long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively. In connection with the commencement of these contracts, the Company will invoice approximately $48 million in lump-sum mobilization revenues.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "will", "expect", "estimate", "anticipate" and similar expressions and include statements relating to contract awards, letter of awards, contract duration and value and expected start and end dates, and other non-historical statements. Such forward looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to contracting, including start dates of such contracts, the risk that contract backlog and revenue potential will not materialize as expected, actual performance under drilling contracts, the risk that backlog may not be realized, the risk that improvement in utilization, revenue and EBITDA starting in Q2 2025 and beyond will not materialise and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward -looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---contracting-and-fleet-updates,c4132272

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--contracting-and-fleet-updates-302422901.html

SOURCE Borr Drilling Limited