BVORR DRILLING REPORTS NEW CONTRACTS AND LETTERS OF INTEND

Borr Drilling announced in its fleet status report today that it has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity in the jack-up market troughed in March / April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of around USD 40/bbl.
Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.
• Saga - Signed Contract (from LOA): Sep 2020 to Sep 2021, PTTEP, Malaysia.
• Gunnlod - Signed Contract (from LOA): Sep 2020 to Mar 2021, PTTEP, Malaysia.
• Gerd - Exxon elected to rescind the Notice of Early Termination previously issued and replace it with a Suspension Notice. Suspension payout is applicable pursuant to Contract provisions.
• Groa - Exxon elected to rescind the Notice of Early Termination previously issued and replace it with a Suspension Notice. Suspension payout is applicable pursuant to Contract provisions.
• Mist - ROC Oil rescinded previously announced Notice of Termination and replaced it with Suspension Notice. Operations are scheduled to start around Sep 2020 - Oct 2020 in Malaysia.
• Ran - Received a Notice of Termination of Contract from Centrica Storage effective July 2020.
• Norve - LOI: Q1 2021, West Africa
• Prospector 1 - LOI: Oct 2020 to Jan 2021, North Sea
(Source: Borr Drilling - Image: Borr Drilling rigs idle at PPL shipyard in Singapore)

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