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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Borr Drilling Limited | NYSE:BORR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.145 | -2.27% | 6.255 | 6.395 | 6.24 | 6.36 | 370,214 | 17:30:45 |
|
BORR DRILLING LIMITED
|
|
Date: November 16, 2023
|
By:
|
/s/ Mi Hong Yoon
|
|
Name:
|
Mi Hong Yoon
|
|
Title:
|
Director
|
• |
Total operating revenues of $191.5 million, an increase of $4.0 million or 2% compared to the second quarter of 2023.
|
• |
Net income of $0.3 million, a decrease of $0.5 million compared to the second quarter of 2023.
|
•
|
Adjusted EBITDA1 of $88.2 million, an increase of $4.2 million or 5% compared to the second quarter of 2023.
|
•
|
Total contract revenue backlog as at September 30, 2023 of $1.86 billion.
|
•
|
Issued $1,540 million of aggregate principal amount of senior secured notes, raising total gross proceeds of $1,501.5 million and replacing all of the Company's existing secured debt
|
• |
Entered into the Super Senior Revolving Credit Facility Agreement of aggregate principal amount of $180 million, including $30 million relating to a guarantee facility
|
• |
Conducted a private placement of new shares in Norway for gross proceeds of $50.0 million, by issuing 7,522,838 shares at a price of NOK 74 per share
|
• |
2023 year to date, we have been awarded twelve new contracts and ten extensions to existing contracts, representing 4,510 days and $728 million of potential revenue
|
• |
The Board intends to implement a regular quarterly dividend with an initial dividend of $0.05 per share subject to required approvals in a Special General Meeting (“SGM”) to be held 22 December 2023 described below.
|
In $ million
|
Q3 2023
|
Q2 2023
|
Change ($)
|
Change (%)
|
||||||||||||
Total operating revenues
|
191.5
|
187.5
|
4.0
|
2%
|
||||||||||||
Rig operating and maintenance expenses
|
(85.8)
|
|
(89.5)
|
|
3.7
|
(4)%
|
|
|||||||||
Total operating expenses
|
(127.8)
|
(127.8)
|
|
—
|
—%
|
|
||||||||||
Operating income
|
63.8
|
59.9
|
3.9
|
7%
|
||||||||||||
Total financial expenses, net
|
(50.0)
|
|
(49.6)
|
|
(0.4)
|
|
1%
|
|
||||||||
Income tax expense
|
(14.6)
|
(13.4)
|
|
(1.2)
|
|
9%
|
|
|||||||||
Net profit
|
0.3
|
0.8
|
(0.5)
|
|
(63)%
|
|
||||||||||
Adjusted EBITDA
|
88.2
|
84.0
|
4.2
|
5%
|
|
Cash and cash equivalents
|
94.4
|
83.8
|
10.6
|
13%
|
|
|||||||||||
Total equity
|
918.1
|
906.2
|
11.9
|
1%
|
|
(in US$ millions)
|
Q3 2023
|
Q2 2023
|
||||||
Net income
|
0.3
|
0.8
|
||||||
Depreciation of non-current assets
|
30.4
|
28.0
|
||||||
Income from equity method investments
|
(1.1)
|
|
(3.9)
|
|
||||
Total financial expense, net
|
50.0
|
49.6
|
||||||
Income tax expense
|
14.6
|
13.4
|
||||||
Amortization of deferred mobilization and contract preparation costs
|
8.0
|
11.2
|
||||||
Amortization of deferred mobilization and demobilization revenue
|
(14.0)
|
|
(15.1)
|
|
||||
Adjusted EBITDA
|
88.2
|
84.0
|
(in US$ millions)
|
Q3 2023
|
Q2 2023
|
||||||
Net income
|
2.1
|
7.6
|
||||||
Depreciation of non-current assets
|
0.5
|
0.4
|
||||||
Financial expense/(income)
|
2.1
|
(4.8)
|
|
|||||
Income tax (income)/expense
|
(4.4)
|
|
0.0
|
|||||
Amortization of deferred costs
|
2.6
|
2.5
|
||||||
Amortization of deferred revenue
|
(2.6)
|
|
(2.6)
|
|
||||
Adjusted EBITDA
|
0.3
|
3.1
|
Three months
ended September
30, 2023
|
Three months
ended September
30, 2022
|
Nine months ended
September 30,
2023
|
Nine months ended
September 30,
2022
|
||||||||||||||
Operating revenues
|
|||||||||||||||||
Dayrate revenue
|
160.4
|
90.5
|
457.2
|
241.5
|
|||||||||||||
Related party revenue
|
31.1
|
17.4
|
93.8
|
53.7
|
|||||||||||||
Total operating revenues
|
191.5
|
107.9
|
551.0
|
295.2
|
|||||||||||||
Gain / (loss) on disposals
|
0.1
|
(0.1
|
)
|
0.4
|
0.6
|
||||||||||||
Operating expenses
|
|||||||||||||||||
Rig operating and maintenance expenses
|
(85.8
|
)
|
(60.4
|
)
|
(260.8
|
)
|
(181.5
|
)
|
|||||||||
Depreciation of non-current assets
|
(30.4
|
)
|
(29.2
|
)
|
(86.6
|
)
|
(88.2
|
)
|
|||||||||
Impairment of non-current assets
|
—
|
(7.3
|
)
|
—
|
(131.7
|
)
|
|||||||||||
General and administrative expenses
|
(11.6
|
)
|
(7.0
|
)
|
(34.3
|
)
|
(25.8
|
)
|
|||||||||
Total operating expenses
|
(127.8
|
)
|
(103.9
|
)
|
(381.7
|
)
|
(427.2
|
)
|
|||||||||
Operating income / (loss)
|
63.8
|
3.9
|
169.7
|
(131.4
|
)
|
||||||||||||
Other non-operating income
|
—
|
—
|
—
|
2.0
|
|||||||||||||
Income / (loss) from equity method investments
|
1.1
|
(0.2
|
)
|
7.4
|
(0.2
|
)
|
|||||||||||
Financial income (expenses), net
|
|||||||||||||||||
Interest income
|
0.1
|
0.8
|
4.2
|
4.7
|
|||||||||||||
Interest expense
|
(39.1
|
)
|
(34.8
|
)
|
(114.3
|
)
|
(92.5
|
)
|
|||||||||
Other financial expenses, net
|
(11.0
|
)
|
(20.1
|
)
|
(30.0
|
)
|
(38.5
|
)
|
|||||||||
Total financial expenses, net
|
(50.0
|
)
|
(54.1
|
)
|
(140.1
|
)
|
(126.3
|
)
|
|||||||||
Income / (loss) before income taxes
|
14.9
|
(50.4
|
)
|
37.0
|
(255.9
|
)
|
|||||||||||
Income tax expense
|
(14.6
|
)
|
(4.5
|
)
|
(43.3
|
)
|
(15.6
|
)
|
|||||||||
Net income / (loss) attributable to shareholders of Borr Drilling Limited
|
0.3
|
(54.9
|
)
|
(6.3
|
)
|
(271.5
|
)
|
||||||||||
Total comprehensive income / (loss) attributable to shareholders of Borr Drilling Limited
|
0.3
|
(54.9
|
)
|
(6.3
|
)
|
(271.5
|
)
|
||||||||||
Basic loss per shares
|
0.00
|
(0.30
|
)
|
(0.03
|
)
|
(1.68
|
)
|
||||||||||
Diluted loss per share
|
0.00
|
(0.30
|
)
|
(0.03
|
)
|
(1.68
|
)
|
||||||||||
Weighted-average shares outstanding - basic
|
245,754,679
|
185,622,430
|
241,811,304
|
161,376,006
|
|||||||||||||
Weighted-average shares outstanding - diluted
|
250,171,209
|
185,622,430
|
241,811,304
|
161,376,006
|
September 30, 2023
|
December 31, 2022
|
||||||||
ASSETS
|
Unaudited
|
Audited
|
|||||||
Current assets
|
|||||||||
Cash and cash equivalents
|
94.4
|
108.0
|
|||||||
Restricted cash
|
0.1
|
2.5
|
|||||||
Trade receivables, net
|
58.6
|
43.0
|
|||||||
Prepaid expenses
|
14.3
|
9.6
|
|||||||
Deferred mobilization and contract preparation costs
|
36.9
|
38.4
|
|||||||
Accrued revenue
|
54.2
|
57.4
|
|||||||
Due from related parties
|
90.3
|
65.6
|
|||||||
Other current assets
|
28.4
|
25.4
|
|||||||
Total current assets
|
377.2
|
349.9
|
|||||||
Non-current assets
|
|||||||||
Non-current restricted cash
|
—
|
8.0
|
|||||||
Property, plant and equipment
|
3.6
|
3.9
|
|||||||
Newbuildings
|
3.5
|
3.5
|
|||||||
Jack-up drilling rigs, net
|
2,590.1
|
2,589.1
|
|||||||
Equity method investments
|
18.2
|
20.6
|
|||||||
Other non-current assets
|
51.7
|
26.7
|
|||||||
Total non-current assets
|
2,667.1
|
2,651.8
|
|||||||
Total assets
|
3,044.3
|
3,001.7
|
|||||||
LIABILITIES AND EQUITY
|
|||||||||
Current liabilities
|
|||||||||
Trade payables
|
77.3
|
47.7
|
|||||||
Accrued expenses
|
71.6
|
80.8
|
|||||||
Short-term accrued interest and other items
|
92.1
|
77.7
|
|||||||
Short-term debt
|
116.3
|
445.9
|
|||||||
Short-term deferred mobilization, demobilization and other revenue
|
54.8
|
57.3
|
|||||||
Other current liabilities
|
43.7
|
36.2
|
|||||||
Total current liabilities
|
455.8
|
745.6
|
|||||||
Non-current liabilities
|
|||||||||
Long-term accrued interest and other items
|
15.8
|
29.7
|
|||||||
Long-term debt
|
1,515.7
|
1,191.1
|
|||||||
Long -term deferred mobilization, demobilization and other revenue
|
68.2
|
68.7
|
|||||||
Other non-current liabilities
|
16.2
|
14.3
|
|||||||
Onerous contracts
|
54.5
|
54.5
|
|||||||
Total non-current liabilities
|
1,670.4
|
1,358.3
|
|||||||
Total liabilities
|
2,126.2
|
2,103.9
|
|||||||
Shareholders’ Equity
|
|||||||||
Common shares of par value $0.10 per share: authorized 315,000,000 (2022:255,000,000) shares, issued 256,557,553 (2022: 229,263,598) shares and outstanding 245,913,471
(2022: 228,948,087) shares
|
25.7
|
23.0
|
|||||||
Treasury shares
|
(10.9
|
)
|
(9.8
|
)
|
|||||
Additional paid in capital
|
2,290.6
|
2,265.6
|
|||||||
Accumulated deficit
|
(1,387.3
|
)
|
(1,381.0
|
)
|
|||||
Total equity
|
918.1
|
897.8
|
|||||||
Total liabilities and equity
|
3,044.3
|
3,001.7
|
Three months
ended September
30, 2023
|
Three months
ended September 30, 2022
|
Nine months
ended September
30, 2023
|
Nine months
ended September
30, 2022
|
||||||||||||||
Cash flows from operating activities
|
|||||||||||||||||
Net income / (loss)
|
0.3
|
(54.9
|
)
|
(6.3
|
)
|
(271.5
|
)
|
||||||||||
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
|
|||||||||||||||||
Non-cash compensation expense related to stock based employee and directors' compensation
|
1.3
|
0.5
|
3.9
|
1.0
|
|||||||||||||
Depreciation of non-current assets
|
30.4
|
29.2
|
86.6
|
88.2
|
|||||||||||||
Impairment of non-current assets
|
—
|
7.3
|
—
|
131.7
|
|||||||||||||
Amortization of deferred mobilization and contract preparation costs
|
8.0
|
6.3
|
32.8
|
23.1
|
|||||||||||||
Amortization of deferred mobilization, demobilization and other revenue
|
(14.0
|
)
|
(2.8
|
)
|
(44.5
|
)
|
(9.3
|
)
|
|||||||||
(Gain) / loss on disposal of assets
|
(0.1
|
)
|
0.1
|
(0.4
|
)
|
(0.6
|
)
|
||||||||||
Amortization of deferred finance charges
|
2.6
|
1.6
|
7.6
|
4.8
|
|||||||||||||
Bank commitment, guarantee and other fees
|
—
|
7.5
|
0.3
|
7.5
|
|||||||||||||
Effective interest rate adjustments
|
0.5
|
(0.3
|
)
|
(2.7
|
)
|
5.6
|
|||||||||||
(Income) / loss from equity method investments
|
(1.1
|
)
|
0.2
|
(7.4
|
)
|
0.2
|
|||||||||||
Deferred income tax
|
(1.2
|
)
|
(1.0
|
)
|
(0.4
|
)
|
—
|
||||||||||
Change in assets and liabilities:
|
|||||||||||||||||
Amounts due to/from related parties
|
(8.5
|
)
|
(9.8
|
)
|
(24.7
|
)
|
(28.3
|
)
|
|||||||||
Accrued expenses
|
(16.4
|
)
|
(4.3
|
)
|
(18.0
|
)
|
81.3
|
||||||||||
Accrued interest
|
7.0
|
33.1
|
(0.5
|
)
|
(14.1
|
)
|
|||||||||||
Other current and non-current assets
|
(43.9
|
)
|
(26.1
|
)
|
(75.7
|
)
|
(95.0
|
)
|
|||||||||
Other current and non-current liabilities
|
69.6
|
21.6
|
78.1
|
60.4
|
|||||||||||||
Net cash provided by / (used in) operating activities
|
34.5
|
8.2
|
28.7
|
(15.0
|
)
|
||||||||||||
Cash flows from investing activities
|
|||||||||||||||||
Purchase of property, plant and equipment
|
(0.4
|
)
|
(0.6
|
)
|
(1.3
|
)
|
(1.0
|
)
|
|||||||||
Proceeds from sale of fixed assets
|
—
|
—
|
—
|
0.7
|
|||||||||||||
Repayment of loan from equity method investments
|
—
|
—
|
9.8
|
—
|
|||||||||||||
Additions to jack-up drilling rigs
|
(23.4
|
)
|
(19.8
|
)
|
(77.2
|
)
|
(42.8
|
)
|
|||||||||
Net cash used in investing activities
|
(23.8
|
)
|
(20.4
|
)
|
(68.7
|
)
|
(43.1
|
)
|
|||||||||
Cash flows from financing activities
|
|||||||||||||||||
Proceeds from share issuance, net of issuance cost
|
9.6
|
260.4
|
9.6
|
298.1
|
|||||||||||||
Repayment of debt
|
(10.3
|
)
|
—
|
(410.6
|
)
|
—
|
|||||||||||
Debt proceeds, net of issuance costs
|
—
|
—
|
416.3
|
—
|
|||||||||||||
Proceeds from exercise of share options
|
0.7
|
—
|
0.7
|
—
|
|||||||||||||
Net cash provided by financing activities
|
—
|
260.4
|
16.0
|
298.1
|
|||||||||||||
Net increase / (decrease) in cash, cash equivalents and restricted cash
|
10.7
|
248.2
|
(24.0
|
)
|
240.0
|
||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
83.8
|
37.8
|
118.5
|
46.0
|
|||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
94.5
|
286.0
|
94.5
|
286.0
|
|||||||||||||
Supplementary disclosure of cash flow information
|
|
||||||||||||||||
Interest paid
|
(21.6
|
) |
(9.9
|
)
|
(118.2
|
) |
(32.0
|
)
|
|||||||||
Income taxes paid
|
(10.4
|
) |
(3.9
|
)
|
(28.3
|
) |
(10.5
|
)
|
|||||||||
Issuance of long term debt as non-cash settlement of back-stop fee
|
— |
7.5
|
—
|
7.5
|
(In $ millions)
|
September 30, 2023
|
December 31, 2022
|
||||||
Cash and cash equivalents
|
94.4
|
108.0
|
||||||
Restricted cash
|
0.1
|
2.5
|
||||||
Non-current restricted cash
|
—
|
8.0
|
||||||
Total cash and cash equivalents and restricted cash
|
94.5
|
118.5
|
Number of
outstanding shares
|
Common
shares
|
Treasury
shares
|
Additional
paid in capital
|
Accumulated
deficit
|
Total
equity
|
|||||||||||||||||||
Balance as at December 31, 2021
|
136,811,842
|
13.8
|
(13.7
|
)
|
1,978.0
|
(1,088.2
|
)
|
889.9
|
||||||||||||||||
Issue of common shares
|
14,840,323
|
1.5
|
—
|
33.7
|
—
|
35.2
|
||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(1.1
|
)
|
—
|
(1.1
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.3
|
—
|
0.3
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(51.3
|
)
|
(51.3
|
)
|
||||||||||||||||
Balance as at March 31, 2022
|
151,652,165
|
15.3
|
(13.7
|
)
|
2,010.9
|
(1,139.5
|
)
|
873.0
|
||||||||||||||||
Issue of common shares
|
843,010
|
0.1
|
—
|
3.6
|
—
|
3.7
|
||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(0.1
|
)
|
—
|
(0.1
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.2
|
—
|
0.2
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(165.3
|
)
|
(165.3
|
)
|
||||||||||||||||
Balance as at June 30, 2022
|
152,495,175
|
15.4
|
(13.7
|
)
|
2,014.6
|
(1,304.8
|
)
|
711.5
|
||||||||||||||||
Issue of common shares
|
76,363,071
|
7.6
|
—
|
267.3
|
—
|
274.9
|
||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(14.5
|
)
|
—
|
(14.5
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.5
|
—
|
0.5
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(54.9
|
)
|
(54.9
|
)
|
||||||||||||||||
Balance as at September 30, 2022
|
228,858,246
|
23.0
|
(13.7
|
)
|
2,267.9
|
(1,359.7
|
)
|
917.5
|
Number of
outstanding shares
|
Common
shares
|
Treasury
shares
|
Additional
paid in capital
|
Accumulated
deficit
|
Total
equity
|
|||||||||||||||||||
Balance as at December 31, 2022
|
228,948,087
|
23.0
|
(9.8
|
)
|
2,265.6
|
(1,381.0
|
)
|
897.8
|
||||||||||||||||
Issue of common shares
|
15,000,000
|
2.5
|
(1.0
|
)
|
—
|
—
|
1.5
|
|||||||||||||||||
Convertible debt issuance cost
|
—
|
—
|
—
|
10.9
|
—
|
10.9
|
||||||||||||||||||
Share based compensation
|
—
|
—
|
—
|
1.3
|
—
|
1.3
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(7.4
|
)
|
(7.4
|
)
|
||||||||||||||||
Balance as at March 31, 2023
|
243,948,087
|
25.5
|
(10.8
|
)
|
2,277.8
|
(1,388.4
|
)
|
904.1
|
||||||||||||||||
Issue of common shares
|
1,154,645
|
—
|
0.1
|
(0.1
|
)
|
—
|
—
|
|||||||||||||||||
Share based compensation
|
—
|
—
|
—
|
1.3
|
—
|
1.3
|
||||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
—
|
0.8
|
0.8
|
||||||||||||||||||
Balance as at June 30, 2023
|
245,102,732
|
25.5
|
(10.7
|
)
|
2,279.0
|
(1,387.6
|
)
|
906.2
|
||||||||||||||||
Issue of common shares
|
430,437
|
0.2
|
(0.2
|
)
|
9.6
|
—
|
9.6
|
|||||||||||||||||
Share based compensation
|
380,302
|
—
|
—
|
2.0
|
—
|
2.0
|
||||||||||||||||||
Total comprehensive income
|
—
|
—
|
—
|
—
|
0.3
|
0.3
|
||||||||||||||||||
Balance as at September 30, 2023
|
245,913,471
|
25.7
|
(10.9
|
)
|
2,290.6
|
(1,387.3
|
)
|
918.1
|
![]() |
Borr Drilling
Fleet Status Report - 16 November 2023
|
||||
New Contracts / Extensions / Amendments
|
||||
Thor
|
||||
• Contract (from LOA): January 2024 to May 2024, Petronas Carigali, Indonesia
|
||||
Gerd
|
||||
• Contract (from LOA) : December 2023 to August 2024, Bunduq, United Arab Emirates
|
||||
Idun
|
||||
• Contract (from LOI) : January 2024 to January 2026, PTTEP, Thailand
|
||||
Prospector 1
|
||||
• Options exercised : October 2023 to January 2024, Neptune Energy, Netherlands
|
||||
Norve
|
||||
• Options exercised: February 2024 to June 2024, BW Energy, Gabon
|
||||
Skald
|
||||
• Contract extension: July 2024 to September 2025, PTTEP, Thailand
|
||||
Letters of Award / Letters of Intent / Negotiations
|
||||
Gunnlod
|
||||
• Binding LOA: February 2024 to May 2024, Undisclosed, Malaysia
|
||||
Natt
|
||||
• Binding LOA: April 2024 to December 2025, Eni, Congo
|
||||
Prospector 5
|
||||
• Binding LOA: April 2024 to May 2026, Eni, Congo
|
||||
Other Developments
|
||||
Arabia III
|
||||
• Commenced operations with Saudi Aramco, Saudi Arabia in September 2023
|
||||
Hild
|
||||
• Commenced operations with Fieldwood Energy, Mexico in October 2023
|
||||
Ran
|
||||
• Commenced operations with TotalEnergies, Mexico in November 2023
|
||||
This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains
information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
|
||||
![]() |
Borr Drilling
Fleet Status Report - 16 November 2023
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rig Name
|
Rig Design
|
|
Rig Water
Depth (ft)
|
|
Year
Built
|
|
Customer / Status
|
|
Contract Start
|
|
Contract End
|
|
Location
|
|
Comments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contracted Rigs
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arabia I
|
KFELS B Class
|
|
400 ft
|
|
2020
|
|
Saudi Aramco
|
|
October - 2022
|
|
October - 2025
|
|
Saudi Arabia
|
|
Operating with option to extend
|
|
Arabia II
|
KFELS B Class
|
|
400 ft
|
|
2019
|
|
Saudi Aramco
|
|
October - 2022
|
|
October - 2025
|
|
Saudi Arabia
|
|
Operating with option to extend
|
|
Arabia III 1
|
KFELS Super A Class
|
|
400 ft
|
|
2013
|
|
Saudi Aramco
|
|
September - 2023
|
|
September - 2028
|
|
Saudi Arabia
|
|
Operating with option to extend
|
|
Galar
|
PPL Pacific Class 400
|
|
400 ft
|
|
2017
|
|
(Opex Perforadora) PEMEX
|
|
October - 2022
|
|
December - 2025
|
|
Mexico
|
|
Operating
|
|
Gerd
|
PPL Pacific Class 400
|
|
400 ft
|
|
2018
|
|
Bunduq
|
|
October - 2023
|
|
November - 2023
|
|
United Arab Emirates
|
|
Contract Preparations
|
|
|
|
|
|
|
|
|
|
|
December - 2023
|
|
August - 2024
|
|
United Arab Emirates
|
|
Committed with option to extend
|
|
Gersemi
|
PPL Pacific Class 400
|
|
400 ft
|
|
2018
|
|
(Opex Perforadora) PEMEX
|
|
October - 2022
|
|
December - 2025
|
|
Mexico
|
|
Operating
|
|
Grid
|
PPL Pacific Class 400
|
|
400 ft
|
|
2018
|
|
(Opex Perforadora) PEMEX
|
|
October - 2022
|
|
December - 2025
|
|
Mexico
|
|
Operating
|
|
Groa
|
PPL Pacific Class 400
|
|
400 ft
|
|
2018
|
|
Qatar Energy
|
|
April - 2022
|
|
April - 2024
|
|
Qatar
|
|
Operating with option to extend
|
|
Gunnlod
|
PPL Pacific Class 400
|
|
400ft
|
|
2018
|
|
SapuraOMV
|
|
July - 2023
|
|
January - 2024
|
|
Malaysia
|
|
Operating
|
|
|
|
|
|
|
|
|
Undisclosed
|
|
February - 2024
|
|
May - 2024
|
|
Malaysia
|
|
LOA
|
|
Hild
|
KFELS Super B Class
|
|
400 ft
|
|
2020
|
|
Fieldwood Energy
|
|
October - 2023
|
|
October - 2025
|
|
Mexico
|
|
Operating
|
|
Idun
|
KFELS Super B Bigfoot Class
|
|
350 ft
|
|
2013
|
|
Petronas Carigali
|
|
March - 2022
|
|
December - 2023
|
|
Malaysia
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
December - 2023
|
|
January - 2024
|
|
Malaysia/Thailand
|
|
Contract Preparations/ SPS
|
|
|
|
|
|
|
|
|
PTTEP
|
|
January - 2024
|
|
January - 2026
|
|
Thailand
|
|
Committed with option to extend
|
|
Mist
|
KFELS Super B Bigfoot Class
|
|
350 ft
|
|
2013
|
|
Valeura Energy
|
|
January - 2023
|
|
November - 2023
|
|
Thailand
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
December - 2023
|
|
August - 2024
|
|
Thailand
|
|
Committed with option to extend
|
|
Natt
|
PPL Pacific Class 400
|
|
400 ft
|
|
2018
|
|
ENI
|
|
January - 2022
|
|
March - 2024
|
|
Congo
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
April - 2024
|
|
December - 2025
|
|
Congo
|
|
LOA
|
|
Njord
|
PPL Pacific Class 400
|
|
400 ft
|
|
2019
|
|
(Opex Perforadora) PEMEX
|
|
October - 2022
|
|
December - 2025
|
|
Mexico
|
|
Operating
|
|
Norve
|
PPL Pacific Class 400
|
|
400 ft
|
|
2011
|
|
BW Energy
|
|
December - 2022
|
|
June - 2024
|
|
Gabon
|
|
Operating
|
|
Odin
|
KFELS Super B Bigfoot Class
|
|
350 ft
|
|
2013
|
|
(Opex Perforadora) PEMEX
|
|
October - 2022
|
|
December - 2025
|
|
Mexico
|
|
Operating
|
|
Prospector 1 1
|
F&G, JU2000E
|
|
400 ft
|
|
2013
|
|
Neptune Energy
|
|
September - 2023
|
|
January - 2024
|
|
Netherlands
|
|
Operating with option to extend
|
|
Prospector 5 1
|
F&G, JU2000E
|
|
400 ft
|
|
2014
|
|
ENI
|
|
November - 2022
|
|
March - 2024
|
|
Congo
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
April - 2024
|
|
May - 2026
|
|
Congo
|
|
LOA
|
|
Ran 1
|
KFELS Super A Class
|
|
400 ft
|
|
2013
|
|
TotalEnergies
|
|
November - 2023
|
|
May - 2024
|
|
Mexico
|
|
Operating with option to extend
|
|
|
|
|
|
|
|
|
Undisclosed
|
|
June - 2024
|
|
August - 2024
|
|
Mexico
|
|
Committed
|
|
Saga
|
KFELS Super B Bigfoot Class
|
|
400 ft
|
|
2019
|
|
Brunei Shell Petroleum
|
|
November - 2022
|
|
November - 2026
|
|
Brunei
|
|
Operating with option to extend
|
|
Skald
|
KFELS Super B Bigfoot Class
|
|
400 ft
|
|
2018
|
|
PTTEP
|
|
June - 2021
|
|
June - 2024
|
|
Thailand
|
|
Operating
|
|
|
|
|
|
|
|
|
|
|
July - 2024
|
|
September - 2025
|
|
Thailand
|
|
Committed with option to extend
|
|
Thor
|
KFELS Super B Bigfoot Class
|
|
400 ft
|
|
2019
|
|
CPOC
|
|
July - 2022
|
|
December - 2023
|
|
Malaysia-Thailand JDA
|
|
Operating
|
|
|
|
|
|
|
|
|
Petronas Carigali
|
|
January - 2024
|
|
May - 2024
|
|
Indonesia
|
|
Committed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available Rigs
|
||||||||||||||||
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under Construction Rigs
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vale
|
|
KFELS Super B Bigfoot Class
|
|
400 ft
|
|
|
|
Under Construction
|
|
|
|
|
|
KFELS shipyard, Singapore
|
|
Delivery in October - 2024
|
Var
|
|
KFELS Super B Bigfoot Class
|
|
400 ft
|
|
|
|
Under Construction
|
|
|
|
|
|
KFELS shipyard, Singapore
|
|
Delivery in January - 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - HD/HE Capability.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating / Committed
|
|
Available
|
|
Cold Stacked
|
|
Under Construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fleet
|
|
24
|
|
22
|
|
0
|
|
0
|
|
2
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
![]() |
Borr Drilling
Fleet Status Report - 16 November 2023
|
|||||||||||||||||||
Rig Name
|
Location
|
2023
|
2024
|
2025
|
2026
|
||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Premium Jack-Ups
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Asia
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Thor
|
Malaysia-Thailand JDA / Indonesia
|
CPOC
|
Petronas Carigali
|
||||||||||||||||||||||||||||||||||||||||||||||||
Gunnlod
|
Malaysia
|
PTTEP
|
Petra
|
Prep
|
Sapura OMV
|
Undisclosed
|
|||||||||||||||||||||||||||||||||||||||||||||
Idun
|
Malaysia / Thailand
|
Petronas Carigali
|
PTTEP
|
Option
|
|
![]() |
|||||||||||||||||||||||||||||||||||||||||||||
Mist
|
Thailand
|
Valeura Energy
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Saga
|
Brunei
|
Brunei Shell Petroleum
|
![]() |
||||||||||||||||||||||||||||||||||||||||||||||||
Skald
|
Thailand
|
PTTEP
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Middle East
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Arabia I
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Arabia II
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Arabia III 1
|
Saudi Arabia
|
Contract Prep/Enroute
|
Saudi Aramco
|
![]() |
|||||||||||||||||||||||||||||||||||||||||||||||
Groa
|
Qatar
|
QatarEnergy
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Gerd
|
United Arab Emirates
|
ADDAX
|
Enroute/Contract Prep
|
Bunduq
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||
Europe and Africa
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Prospector 1 1
|
Netherlands
|
Neptune
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Natt
|
Congo
|
ENI
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Norve
|
Gabon
|
BWE
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Prospector 5 1
|
Congo
|
ENI
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Mexico
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Ran 1
|
Mexico
|
Wintershall
|
Fieldwood Energy
|
TotalEnergies
|
Undisclosed
|
Option
|
|||||||||||||||||||||||||||||||||||||||||||||
Galar
|
Mexico
|
Opex Perforadora (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Gersemi
|
Mexico
|
Opex Perforadora (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Grid
|
Mexico
|
Opex Perforadora (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Njord
|
Mexico
|
Opex Perforadora (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Odin
|
Mexico
|
Opex Perforadora (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Hild
|
Mexico
|
Warm Stacked
|
Contract Prep/Enroute
|
Fieldwood Energy
|
|||||||||||||||||||||||||||||||||||||||||||||||
Jack-Ups Under Construction
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Vale
|
KFELS shipyard, Singapore
|
Delivery in October 2024
|
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Var
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KFELS shipyard, Singapore
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Delivery in January 2025
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Firm |
Option |
Available |
Under Construction |
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1 - HD/HE Capability
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Borr Drilling
Fleet Status Report - 16 November 2023
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Additional information regarding this Fleet Status Report
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This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
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Forward Looking Statements:
The statements described in this status report that are not historical facts are "Forward Looking Statements".
Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult
to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the
Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day
rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.
No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.
We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except
as otherwise may be required by law.
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1 Year Borr Drilling Chart |
1 Month Borr Drilling Chart |
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