Norway’s Borr Drilling has confirmed four firm contracts for its jack-up rigs in Malaysia, Gabon and Mexico, and is optimistic about the improving market.
In addition, it has secured three provisional contracts.
The four firm contracts are:
⦁ The Norve will work for Vaalco Energy offshore Gabon between December 2021 and April 2022. The rig is currently working for BW Energy off the coast of Gabon.
⦁ The Saga has secured a contract with Hess for work offshore Malaysia between September 2021 and August 2022; the rig has previously worked for PTTEP in Malaysia.
⦁ PTTEP has exercised options for the Gunnlod from September 2021 until October 2021, while Borr said an unnamed customer has awarded it a letter of intent for the Gunnlod between October 2021 and February 2022.
⦁ Wintershall has signed a firm contract to use a jack-up offshore Mexico between July and November 2022. The rig selection will be in late 2021.
The two remaining provisional contracts apply to the jack-ups Frigg and Natt.
The Frigg will be used by an undisclosed client offshore West Africa from December 2021 or January 2022 to December 2022. The Natt is assigned to an undisclosed client off West Africa from November 2021 to October 2022.
Chief executive Patrick Schorn said: “We have seen a steady improvement in operations during the second quarter of 2021, with 13 rigs working at quarter-end.
“Following our significant contract wins year to date, we have added approximately $542 million in revenues to our backlog. In our fleet we have an additional 10 delivered rigs that can be deployed in an improving market, and a further five rigs still to be delivered by the Keppel Fels shipyard.”
The company expects to have 17 rigs operating and generating revenue by the end of this year.
“Against a backdrop of elevated oil prices, rig demand reverting to and outpacing pre-pandemic levels and rig supply naturally reducing, we are well positioned to benefit from the current environment, and on the way to having all of our 23 delivered rigs working by the end of 2022,” Schorn said.