UAE operator Mubadala Petroleum has lined up Borr Drilling’s jack-up drilling rig Mist for a 2023 drilling campaign offshore Thailand.
The Letter of Award confirmed on Friday will see the Mist deployed for an estimated 210 days on a charter worth an estimated $25.2 million to Bermuda-headquartered drilling contractor Borr.
The start-date for premium jack-up Mist’s latest confirmed charter is January next year.
The KFels Super B Bigfoot Class jack-up Mist, which can operate in water depths of up to 300 feet, is currently working for PTTEP offshore its native Thailand until at least October. The kingdom’s national upstream company has already extended the 2013-built rig’s charter.
Borr this week confirmed it had reached agreements in principle with secured creditors to refinance the majority of its secured debt and extend most of this debt to 2025. The refinancing will be partially enabled by equity, which the drilling contractor plans to raise after 11 August when it will report its second quarter results.
The proceeds of the potential equity raise are expected to be used to partially paydown certain secured facilities. Borr is targeting to raise up to $250 million in the offering which could be reduced if syndication of facilities, additional asset sales or joint ventures at attractive prices could be realised.