BORR DRILLING SELLS TWO AGING JACKUPS

May 04, 2020

A wholly owned subsidiary of Borr Drilling Limited has on April 30, 2020, sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020. The Company will continue to operate the rigs under a services agreement which will ensure continuity for our customer. The rigs are unencumbered, and the liquidity effect for the Company is equal to the sales proceeds. The Company expects to record a gain of approximately $11.5 million.
The sale of the rigs is in line with the Company’s long term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.
Dhabi II and Paragon B152 are two Baker Marine BMC-150-IC jackup capable to drill in 150 ft of water. The units were built in 1981 and 1982 at PPL Shipyard in Singapore and Baker Marine I Ingleside, Tx, respectively. According to the InfieldRigs database the two jackups are drilling offshore Abu Dhabi for ADOC.
(Source: Borr Drilling/InfieldRigs)