Brief: Borr Drilling Announces New Contract, Extensions

Borr Drilling

13/02/2023 12:10

Feb 13 (Reuters) - Borr Drilling Ltd  BORR.N :
    * ANNOUNCEMENT OF NEW CONTRACT AND EXTENSIONS
    * BORR DRILLING LIMITED ANNOUNCES IT HAS BEEN AWARDED NEW
CONTRACT, TWO EXTENSIONS FOR ITS PREMIUM JACK-UP DRILLING RIGS
"RAN", "GERD", "NATT"
    * CONTRACT IS EXPECTED TO COMMENCE IN JUNE 2023, IN DIRECT
CONTINUATION OF RIG'S ONGOING CONTACT
    * PREMIUM JACK-UP DRILLING RIG "RAN" HAS SECURED A CONTRACT
WITH
FIELDWOOD ENERGY FOR WORK IN MEXICO
    * THIS CONTRACT WILL COVER A FIRM SCOPE OF TWO WELLS WITH AN
ESTIMATED DURATION OF 50 DAYS, AND ONE OPTIONAL WELL WITH AN
ESTIMATED DURATION OF 75 DAYS
    * FIRM WORK HAS AN ESTIMATED CONTRACT VALUE OF $7.5 MILLION,
EXCLUDING MOBILISATION AND DEMOBILISATION
    * CONTRACT IS EXPECTED TO COMMENCE IN JUNE 2023, IN DIRECT
CONTINUATION OF RIG'S ONGOING CONTACT, AND IS EXPECTED TO KEEP
RIG CONTRACTED UNTIL Q4 2023 WHEN IT WILL START ITS SUBSEQUENT
CONTRACT, AS PREVIOUSLY DISCLOSED BY COMPANY
    * PREMIUM JACK-UP DRILLING RIG "GERD" HAD CERTAIN PRICED AND
UNPRICED OPTIONS EXERCISED BY ADDAX, EXTENDING CONTRACT BY A
TOTAL PERIOD OF TEN MONTHS
    * THIS EXTENSION IS EXPECTED TO MAINTAIN RIG CONTRACTED
UNTIL END
OF JANUARY 2024 AND HAS AN ESTIMATED CONTRACT VALUE OF $40
MILLION
    * NO FURTHER OPTIONS ARE AVAILABLE UNDER THIS CONTRACT
    * LASTLY, PREMIUM JACK-UP DRILLING RIG "NATT" HAD THREE WELL
OPTIONS EXERCISED BY ENI, EXTENDING HE CONTRACT BY AN ESTIMATED
PERIOD OF 270 DAYS
    * THIS EXTENSION IS EXPECTED TO MAINTAIN RIG CONTRACTED
UNTIL Q1
2024 AND HAS AN ESTIMATED CONTRACT VALUE OF $22.7 MILLION

Source text for Eikon:  ID:nWkr76r9tf 
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