March 20, 2017

Oslo based Borr Drilling announced the signing of a Letter of Intent with Transocean for the acquisition of 15 high-specification jackup rigs. The transaction consists of the entire jackup fleet of Transocean, comprising 10 units in the actual Transocean fleet and 5 newbuilds under construction at Keppel FELS shipyard in Singapore.
Total consideration for the transaction is expected to be approximately USD 1.35 billion and include remaining contract backlog and remaining yard instalments to Keppel FELS for the 5 newbuilds. The board of directors of Keppel FELS has pre-approved the novation of the New-building contracts. A deposit has in line with what has been agreed between the parties been paid from Borr to Transocean. Borr has secured financing for the transaction through a private placement of equity securities. The completion of the transaction is expected to take place before the end of May 2017.
Borr Drilling Previouly Magnus Drilling acquired in December 2016, two newbuild jackups from Hercules Offshore, Hecules Triumph and Resilience named Borr Drilling Frigg and Borr Drilling Ran. The two units are today ready stacked. (Source: Borr Drilling)

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