Borr Wins APAC Jack-up Contracts

Posted on | by Trainor Consulting Web Content

As reported on Rigzone on the 15th of April 2020, original article here.

Borr Drilling Limited reported Monday that it has secured letters of award for work in the Asia Pacific region for two of its premium jack-ups, one of which is a newbuild undergoing activation.

In a written statement on its website, Borr estimates that one contract will run for 365 days and the other contract 200 days. The firm, which noted the estimated contract durations do not include options, stated that it expects the rig contracts to commence during the third quarter of this year.

Borr also reported that it has received early contract termination notices from Exxon Mobil Corp. for the Gerd and Groa rigs, which are working offshore Nigeria under contracts originally committed until April 2021 and May 2021, respectively. Noting the contracts for both rigs require 180 days’ notice for early termination, Borr stated it is in talks with ExxonMobil to discontinue rig operations.

Additional operational updates issued Monday by Borr include:

  • It received a notice to stop Norve rig operations. The rig, working in Gabon for BW Energy, finished operations early this month – approximately three months ahead of projections.
  • It received an early termination notice for the MSS1 semi-submersible, which finished its contract one month early on March 25, 2020. Borr’s most recent fleet status report states the customer is TAQA and the rig was operating in the U.K. The drilling contractor added the rig is entitled to an early termination fee.
  • The Prospector 5 rig has safely arrived in Harwich, U.K. following a campaign for Neptune. Follow-on customer Perenco has advised Borr that it will not proceed with the previously announced contract for Prospector 5, which is scheduled to commence operation for CNOOC in the North Sea September to November of this year.

According to Borr, the net impact of the new contracts and the early termination of existing contracts should negatively affect the company’s total revenue backlog by approximately US$16 million.

Borr also stated the Odin and Galar rigs commenced operations for Pemex during the first quarter of this year, adding that the Njord should start operations for Pemex soon. Moreover, the drilling contractor noted the Saga rig commenced operation for Eni in Vietnam this past February.

Source:
https://www.rigzone.com/news/borr_wins_apac_jackup_contracts-15-apr-2020-161760-article/


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