Borr Drilling wins pair of jack-up contract extensions

Norwegian jack-up rig owner Borr Drilling has secured contract extensions for its Norve and Prospector 1 jack-up drilling rigs.

The first extension was awarded by BW Energy and will see the Norve rig carry on its work offshore Gabon.

The rig has been with BW Energy for some time now and the current deal for the rig was agreed in December 2021. It started in December 2022 and the initial deal was for four firm wells. It was set to work for BW Energy for 240 days.

The contract was set to keep the 2011-built premium rig busy until November 2023. This latest extension for the jack-up will keep the rig with BW Energy until January 2024. The company still has options to extend the deal.

The second extension, for the 2013-built jack-up Prospector 1, was awarded by Neptune. The rig has been working for the company since March 2022 and was supposed to end in August 2023. It was operating offshore the UK and the Netherlands.

The extension for the rig will keep it with Neptune from September to October 2023. It will be operating off the coast of the Netherlands.

Borr added in its fleet status report that one of its customers in West Africa cancelled previously exercised options for the Gerd rig.

This allowed the company to immediately secure new work for the rig in the Middle East at “even more favourable” economics. The change of contract for this rig will lead to some idle time before it begins its new contract in December 2023.

The new contract for the jack-up is for a firm scope of 270 days and one unpriced optional scope of 60 days. The firm scope has an estimated contract value of $47.7m, including mobilization and demobilisation.

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