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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 | |
---|---|---|---|---|---|---|---|---|
0.045 | 0.67% | 6.795 | 6.839 | 6.61 | 6.78 | 1,966,333 | 20:05:08 |
Press Release
|
|
99.2 | Borr Drilling Limited Q1 2024 Earnings Release |
99.3 | Borr Drilling Limited Fleet Status Report 23 May 2024 |
|
BORR DRILLING LIMITED
|
|
Date: May 23, 2024
|
By:
|
/s/ Mi Hong Yoon
|
|
Name:
|
Mi Hong Yoon
|
|
Title:
|
Director
|
•
|
Total operating revenues of $234.0 million, an increase of $13.4 million or 6% compared to the fourth quarter of 2023
|
•
|
Net income of $14.4 million, a decrease of $14.0 million compared to the fourth quarter of 2023
|
•
|
Adjusted EBITDA of $116.8 million, an increase of $5.3 million or 5% compared to the fourth quarter of 2023
|
•
|
Raised $200 million of additional principal amount of debt under the 2028 Senior Secured Notes
|
•
|
Year to date of report, the Company has been awarded eleven new contract commitments, representing 1,743 days and $318 million of potential contract revenue, including five new contract commitments signed after the end of the first
quarter of 2024.
|
•
|
On May 22, 2024, the Board declared an increase in cash dividend to $0.10 per share for the first quarter of 2024 to be paid on or about June 17, 2024.
|
• |
Total operating revenues of $234.0 million, an increase of $13.4 million or 6% compared to the fourth quarter of 2023
|
• |
Net income of $14.4 million, a decrease of $14.0 million compared to the fourth quarter of 2023
|
• |
Adjusted EBITDA1 of $116.8 million, an increase of $5.3
million or 5% compared to the fourth quarter of 2023
|
• |
Raised $200 million of additional principal amount of debt under the 2028 Senior Secured Notes
|
• |
Year to date of report, the Company has been awarded eleven new contract commitments, representing 1,743 days and $318 million of potential contract revenue, including five new contract commitments signed after the end of the first
quarter of 2024.
|
• |
On May 22, 2024, the Board declared an increase in cash dividend to $0.10 per share for the first quarter of 2024 to be paid on or about June 17, 2024.
|
In $ million
|
Q1 2024
|
Q4 2023
|
Change ($)
|
Change (%)
|
Total operating revenues
|
234.0
|
220.6
|
13.4
|
6%
|
Total operating expenses
|
(149.2)
|
(140.1)
|
(9.1)
|
6%
|
Operating income
|
85.0
|
80.7
|
4.3
|
5%
|
Income before income taxes
|
32.6
|
19.1
|
13.5
|
71%
|
Net income
|
14.4
|
28.4
|
(14.0)
|
(49)%
|
Adjusted EBITDA
|
116.8
|
111.5
|
5.3
|
5%
|
Cash and cash equivalents
|
282.7
|
102.5
|
180.2
|
176%
|
Total equity
|
989.6
|
984.0
|
5.6
|
1%
|
(in US$ millions)
|
Q1 2024
|
Q4 2023
|
Net income
|
14.4
|
28.4
|
Depreciation of non-current assets
|
31.8
|
30.8
|
Income from equity method investments
|
(5.4)
|
2.5
|
Total financial expense, net
|
57.8
|
59.1
|
Income tax (credit)/expense
|
18.2
|
(9.3)
|
Adjusted EBITDA
|
116.8
|
111.5
|
Three months ended
March 31, 2024
|
Three months ended
March 31, 2023
|
|||||||
Operating revenues
|
||||||||
Dayrate revenue
|
198.3
|
141.7
|
||||||
Related party revenue
|
24.4
|
30.3
|
||||||
Bareboat charter revenue
|
11.3
|
—
|
||||||
Total operating revenues
|
234.0
|
172.0
|
||||||
Gain on disposals
|
0.2
|
0.1
|
||||||
Operating expenses
|
||||||||
Rig operating and maintenance expenses
|
(104.0
|
)
|
(85.5
|
)
|
||||
Depreciation of non-current assets
|
(31.8
|
)
|
(28.2
|
)
|
||||
General and administrative expenses
|
(13.4
|
)
|
(12.4
|
)
|
||||
Total operating expenses
|
(149.2
|
)
|
(126.1
|
)
|
||||
Operating income
|
85.0
|
46.0
|
||||||
Income from equity method investments
|
5.4
|
2.4
|
||||||
Financial income (expenses), net
|
||||||||
Interest income
|
1.4
|
2.4
|
||||||
Interest expense
|
(49.0
|
)
|
(38.6
|
)
|
||||
Other financial expenses, net
|
(10.2
|
)
|
(4.3
|
)
|
||||
Total financial expenses, net
|
(57.8
|
)
|
(40.5
|
)
|
||||
Income before income taxes
|
32.6
|
7.9
|
||||||
Income tax expense
|
(18.2
|
)
|
(15.3
|
)
|
||||
Net income / (loss) attributable to shareholders of Borr Drilling Limited
|
14.4
|
(7.4
|
)
|
|||||
Total comprehensive income / (loss) attributable to shareholders of Borr Drilling Limited
|
14.4
|
(7.4
|
)
|
|||||
Basic income / (loss) per share
|
0.06
|
(0.03
|
)
|
|||||
Diluted income / (loss) per share
|
0.06
|
(0.03
|
)
|
|||||
Weighted-average shares outstanding - basic
|
252,718,525
|
234,781,420
|
||||||
Weighted-average shares outstanding - diluted
|
256,565,237
|
234,781,420
|
March 31, 2024
|
December 31, 2023
|
|||||||
ASSETS
|
Unaudited
|
Audited
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
282.7
|
102.5
|
||||||
Restricted cash
|
0.3
|
0.1
|
||||||
Trade receivables, net
|
61.3
|
56.2
|
||||||
Prepaid expenses
|
15.5
|
11.0
|
||||||
Deferred mobilization and contract preparation costs
|
38.9
|
39.4
|
||||||
Accrued revenue
|
108.6
|
73.7
|
||||||
Due from related parties
|
98.2
|
95.0
|
||||||
Other current assets
|
28.5
|
32.0
|
||||||
Total current assets
|
634.0
|
409.9
|
||||||
Non-current assets
|
||||||||
Property, plant and equipment
|
3.4
|
3.5
|
||||||
Newbuildings
|
12.9
|
5.4
|
||||||
Jack-up drilling rigs, net
|
2,556.9
|
2,578.3
|
||||||
Equity method investments
|
21.1
|
15.7
|
||||||
Other non-current assets
|
60.8
|
67.3
|
||||||
Total non-current assets
|
2,655.1
|
2,670.2
|
||||||
Total assets
|
3,289.1
|
3,080.1
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
39.0
|
35.5
|
||||||
Accrued expenses
|
66.8
|
77.0
|
||||||
Short-term accrued interest and other items
|
84.3
|
42.3
|
||||||
Short-term debt
|
97.8
|
82.9
|
||||||
Short-term deferred mobilization, demobilization and other revenue
|
56.1
|
59.5
|
||||||
Other current liabilities
|
52.2
|
63.2
|
||||||
Total current liabilities
|
396.2
|
360.4
|
||||||
Non-current liabilities
|
||||||||
Long-term debt
|
1,799.0
|
1,618.8
|
||||||
Long-term deferred mobilization, demobilization and other revenue
|
44.3
|
56.6
|
||||||
Other non-current liabilities
|
5.5
|
5.8
|
||||||
Onerous contracts
|
54.5
|
54.5
|
||||||
Total non-current liabilities
|
1,903.3
|
1,735.7
|
||||||
Total liabilities
|
2,299.5
|
2,096.1
|
Shareholders’ Equity
|
||||||||
Common shares of par value $0.10 per share: authorized 315,000,000 (2023:315,000,000) shares, issued 264,080,391 (2023: 264,080,391) shares and outstanding 252,996,439
(2023: 252,582,036) shares
|
26.5
|
26.5
|
||||||
Treasury shares
|
(8.8
|
)
|
(8.9
|
)
|
||||
Additional paid in capital
|
340.2
|
337.2
|
||||||
Contributed surplus
|
1,976.2
|
1,988.1
|
||||||
Accumulated deficit
|
(1,344.5
|
)
|
(1,358.9
|
)
|
||||
Total equity
|
989.6
|
984.0
|
||||||
Total liabilities and equity
|
3,289.1
|
3,080.1
|
Three months ended
March 31, 2024
|
Three months ended
March 31, 2023
|
|||||||
Cash flows from operating activities
|
||||||||
Net income / (loss)
|
14.4
|
(7.4
|
)
|
|||||
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
|
1.8
|
1.3
|
||||||
Depreciation of non-current assets
|
31.8
|
28.2
|
||||||
Amortization of deferred mobilization and contract preparation costs
|
14.7
|
13.6
|
||||||
Amortization of deferred mobilization, demobilization and other revenue
|
(26.2
|
)
|
(15.4
|
)
|
||||
Gain on disposal of assets
|
(0.2
|
)
|
(0.1
|
)
|
||||
Amortization of debt discount
|
1.7
|
—
|
||||||
Amortization of debt premium
|
(0.1
|
)
|
—
|
|||||
Amortization of deferred finance charges
|
2.7
|
1.8
|
||||||
Effective interest rate adjustments
|
—
|
(1.7
|
)
|
|||||
Income from equity method investments
|
(5.4
|
)
|
(2.4
|
)
|
||||
Deferred income tax
|
(3.1
|
)
|
(0.1
|
)
|
||||
Change in assets and liabilities:
|
||||||||
Amounts due to/from related parties
|
(3.2
|
)
|
(6.6
|
)
|
||||
Accrued expenses
|
(9.3
|
)
|
(1.7
|
)
|
||||
Accrued interest
|
35.1
|
14.5
|
||||||
Other current and non-current assets
|
(45.8
|
)
|
(18.3
|
)
|
||||
Other current and non-current liabilities
|
15.0
|
(13.9
|
)
|
|||||
Net cash provided by / (used in) operating activities
|
23.9
|
(8.2
|
)
|
|||||
Cash flows from investing activities
|
||||||||
Purchase of property, plant and equipment
|
(0.2
|
)
|
(0.2
|
)
|
||||
Additions to newbuildings
|
(3.3
|
)
|
—
|
|||||
Additions to jack-up drilling rigs
|
(15.2
|
)
|
(28.8
|
)
|
||||
Net cash used in investing activities
|
(18.7
|
)
|
(29.0
|
)
|
||||
Cash flows from financing activities
|
||||||||
Repayment of debt
|
(10.6
|
)
|
(213.9
|
)
|
||||
Cash dividends paid
|
(23.8
|
)
|
—
|
|||||
Debt proceeds, gross of premium / (net of discount) and issuance costs
|
208.3
|
391.3
|
||||||
Proceeds from exercise of share options
|
1.3
|
—
|
||||||
Net cash provided by financing activities
|
175.2
|
177.4
|
||||||
Net increase in cash, cash equivalents and restricted cash
|
180.4
|
140.2
|
||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
102.6
|
118.5
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
283.0
|
258.7
|
||||||
Supplementary disclosure of cash flow information
|
||||||||
Interest paid
|
(6.3
|
)
|
(29.5
|
)
|
||||
Income taxes paid
|
(12.8
|
)
|
(10.0
|
)
|
||||
(In $ millions)
|
March 31, 2024 |
December 31, 2023
|
||||||
Cash and cash equivalents | 282.7 |
102.5 |
||||||
Restricted cash
|
0.3 |
0.1 |
||||||
Total cash and cash equivalents and restricted cash
|
283.0 |
102.6 |
Number of
outstanding
shares
|
Common
shares
|
Treasury
shares
|
Additional
paid in
capital
|
Contributed
Surplus
|
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
|
Number of outstanding shares
|
Common
shares
|
Treasury
shares
|
Additional
paid in
capital
|
Contributed
Surplus
|
Accumulated
deficit
|
Total equity
|
||||||||||||||||||||||
Balance as at December 31, 2023
|
252,582,036
|
26.5
|
(8.9
|
)
|
337.2
|
1,988.1
|
(1,358.9
|
)
|
984.0
|
|||||||||||||||||||
Issue of common shares
|
3,067
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||
Share based compensation
|
411,336
|
—
|
0.1
|
3.0
|
—
|
—
|
3.1
|
|||||||||||||||||||||
Distribution to shareholders
|
—
|
—
|
—
|
—
|
(11.9
|
)
|
—
|
(11.9
|
)
|
|||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
—
|
14.4
|
14.4
|
|||||||||||||||||||||
Balance as at March 31, 2024
|
252,996,439
|
26.5
|
(8.8
|
)
|
340.2
|
1,976.2
|
(1,344.5
|
)
|
989.6
|
Borr Drilling
Fleet Status Report - 23 May 2024
|
||||
New Contracts / Extensions / Amendments
|
||||
Prospector 1
|
||||
• Contract: March 2024 to October 2024, ONE-Dyas, United Kingdom / Netherlands
|
||||
• Contract (from LOA): November 2024 to January 2025, Undisclosed, Netherlands
|
||||
Gunnlod
|
||||
• Contract: May 2024 to July 2024, Undisclosed, Southeast Asia
|
||||
Thor
|
||||
• Contract (from LOA): July 2024 to November 2024, Undisclosed, Southeast Asia
|
||||
Norve
|
||||
• Contract extension: August 2024 to October 2024, BW Energy, Gabon
|
||||
• Contract: February 2025 to May 2025, Undisclosed, Africa
|
||||
Groa
|
||||
• Options exercised: May 2024 to April 2025, Qatar Energy, Qatar
|
||||
Letters of Award / Letters of Intent / Negotiations
|
||||
Rig TBD
|
||||
• LOA: October 2024 to April 2025, Undisclosed, Africa
|
||||
Rig TBD
|
||||
• LOA: Q4 2024/Q1 2025 to Q1 2026/Q2 2026, Undisclosed,
Africa
|
||||
Other Developments
|
||||
Prospector 1
|
||||
• Concluded operations with Neptune Energy, Netherlands and
commenced operations with ONE-Dyas, United Kingdom in direct continuation in late March 2024
|
||||
Gunnlod
|
||||
• Concluded operations with ROC Oil, Malaysia and commenced
operations with an undisclosed customer, Southeast Asia in direct continuation in early May 2024
|
||||
Arabia I
|
||||
• Received Notice of Suspension from Saudi Aramco, Saudi
Arabia in March 2024. Suspension commenced in early May 2024
|
||||
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 - 23 May 2024
|
||||||||||||||||
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
|
Committed with option to extend
|
||||||||
May - 2024
|
April - 2025
|
Bahrain
|
Suspension Period
|
|||||||||||||
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
|
PEMEX 2
|
April - 2024
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Gerd
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Bunduq
|
December - 2023
|
August - 2024
|
United Arab Emirates
|
Operating with option to extend
|
||||||||
Gersemi
|
PPL Pacific Class 400
|
400 ft
|
2018
|
PEMEX 2
|
January - 2024
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Grid
|
PPL Pacific Class 400
|
400 ft
|
2018
|
PEMEX 2
|
January - 2024
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Groa
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Qatar Energy
|
April - 2022
|
April - 2025
|
Qatar
|
Operating with option to extend
|
||||||||
Gunnlod
|
PPL Pacific Class 400
|
400ft
|
2018
|
Undisclosed
|
May - 2024
|
July - 2024
|
Southeast Asia
|
Operating
|
||||||||
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
|
PTTEP
|
February - 2024
|
February - 2026
|
Thailand
|
Operating with option to extend
|
||||||||
Mist
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Valeura Energy
|
December - 2023
|
August - 2024
|
Thailand
|
Operating
|
||||||||
September - 2024
|
August - 2025
|
Thailand
|
Committed with option to extend
|
|||||||||||||
Natt
|
PPL Pacific Class 400
|
400 ft
|
2018
|
ENI
|
January - 2022
|
July - 2024
|
Congo
|
Operating
|
||||||||
August - 2024
|
December - 2025
|
Congo
|
LOA
|
|||||||||||||
Njord
|
PPL Pacific Class 400
|
400 ft
|
2019
|
PEMEX 2
|
April - 2024
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Norve
|
PPL Pacific Class 400
|
400 ft
|
2011
|
BW Energy
|
December - 2022
|
July - 2024
|
Gabon
|
Operating
|
||||||||
BW Energy
|
August - 2024
|
October - 2024
|
Gabon
|
Committed
|
||||||||||||
Undisclosed
|
February - 2025
|
May - 2025
|
Africa
|
Committed
|
||||||||||||
Odin
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
PEMEX 2
|
April - 2024
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Prospector 1 1
|
F&G, JU2000E
|
400 ft
|
2013
|
ONE-Dyas
|
March - 2024
|
October - 2024
|
United Kingdom / Netherlands
|
Operating with option to extend
|
||||||||
Undisclosed
|
November - 2024
|
January - 2025
|
Netherlands
|
Committed
|
||||||||||||
Prospector 5 1
|
F&G, JU2000E
|
400 ft
|
2014
|
ENI
|
April - 2024
|
May - 2026
|
Congo
|
Operating
|
||||||||
Ran 1
|
KFELS Super A Class
|
400 ft
|
2013
|
TotalEnergies
|
November - 2023
|
September - 2024
|
Mexico
|
Operating with option to extend
|
||||||||
Wintershall
|
October - 2024
|
December - 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
|
Petronas Carigali
|
January - 2024
|
June - 2024
|
Indonesia
|
Operating
|
||||||||
Undisclosed
|
July - 2024
|
November - 2024
|
Southeast Asia
|
Committed
|
||||||||||||
TBD
|
Undisclosed
|
October - 2024
|
April - 2025
|
Africa
|
LOA
|
|||||||||||
TBD
|
Undisclosed
|
Q4 2024/Q1 2025
|
Q1 2026/Q2 2026
|
Africa
|
LOA
|
|||||||||||
Available Rigs
|
||||||||||||||||
None
|
||||||||||||||||
Under Construction Rigs
|
||||||||||||||||
Vali
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Available in October - 2024
|
|||||||||||
Var
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Available in January - 2025
|
|||||||||||
1 - HD/HE Capability
2 - Rigs provided by Borr Drilling through a bareboat charter arrangement and services provided by our Mexican Joint Venture or by Borr Drilling, with ultimate customer being PEMEX
|
||||||||||||||||
Operating / Committed
|
Available
|
Cold Stacked
|
Under Construction
|
|||||||||||||
|
Total Fleet
|
24
|
22
|
0
|
0
|
2
|
||||||||||
Borr Drilling
Fleet Status Report - 23 May 2024
|
|||||||||||||||||||||||||||||||||||||||
Rig Name
|
Location
|
2024
|
2025
|
2026
|
|||||||||||||||||||||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||||||||||||||||||||||
Premium Jack-Ups
|
|||||||||||||||||||||||||||||||||||||||
Southeast Asia
|
|||||||||||||||||||||||||||||||||||||||
Thor
|
Indonesia / Southeast Asia
|
Petronas Carigali
|
Undisclosed
|
||||||||||||||||||||||||||||||||||||
Gunnlod
|
Malaysia / Southeast Asia
|
ROC Oil
|
Undisclosed
|
||||||||||||||||||||||||||||||||||||
Idun
|
Thailand
|
Prep
|
PTTEP
|
Option
|
|||||||||||||||||||||||||||||||||||
Mist
|
Thailand
|
Valeura Energy
|
Option
|
||||||||||||||||||||||||||||||||||||
Saga
|
Brunei
|
Brunei Shell Petroleum
|
|||||||||||||||||||||||||||||||||||||
Skald
|
Thailand
|
PTTEP
|
Option
|
||||||||||||||||||||||||||||||||||||
Middle East
|
|||||||||||||||||||||||||||||||||||||||
Arabia I
|
Saudi Arabia / Bahrain
|
Saudi Aramco
|
Suspension
|
Option
|
|||||||||||||||||||||||||||||||||||
Arabia II
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
||||||||||||||||||||||||||||||||||||
Arabia III 1
|
Saudi Arabia
|
Saudi Aramco
|
|||||||||||||||||||||||||||||||||||||
Groa
|
Qatar
|
QatarEnergy
|
Option
|
||||||||||||||||||||||||||||||||||||
Gerd
|
United Arab Emirates
|
Bunduq
|
Option
|
||||||||||||||||||||||||||||||||||||
Europe and Africa
|
|||||||||||||||||||||||||||||||||||||||
Prospector 1 1
|
United Kingdom / Netherlands
|
Neptune
|
ONE-Dyas
|
Undisclosed
|
Option
|
||||||||||||||||||||||||||||||||||
Natt
|
Congo
|
ENI
|
|||||||||||||||||||||||||||||||||||||
Norve
|
Gabon / Africa
|
BWE
|
Undisclosed
|
||||||||||||||||||||||||||||||||||||
Prospector 5 1
|
Congo
|
ENI
|
|||||||||||||||||||||||||||||||||||||
TBD
|
Africa
|
Undisclosed
|
|||||||||||||||||||||||||||||||||||||
TBD
|
Africa
|
Undisclosed
|
|||||||||||||||||||||||||||||||||||||
Mexico
|
|||||||||||||||||||||||||||||||||||||||
Ran 1
|
Mexico
|
TotalEnergies
|
Wintershall
|
Option
|
|||||||||||||||||||||||||||||||||||
Galar
|
Mexico
|
PEMEX 2
|
|||||||||||||||||||||||||||||||||||||
Gersemi
|
Mexico
|
PEMEX 2
|
|||||||||||||||||||||||||||||||||||||
Grid
|
Mexico
|
PEMEX 2
|
|||||||||||||||||||||||||||||||||||||
Njord
|
Mexico
|
PEMEX 2
|
|||||||||||||||||||||||||||||||||||||
Odin
|
Mexico
|
PEMEX 2
|
|||||||||||||||||||||||||||||||||||||
Hild
|
Mexico
|
Fieldwood Energy
|
|||||||||||||||||||||||||||||||||||||
Jack-Ups Under Construction
|
|||||||||||||||||||||||||||||||||||||||
Vali
|
KFELS shipyard, Singapore
|
Available in October 2024 |
|||||||||||||||||||||||||||||||||||||
Var
|
KFELS shipyard, Singapore
|
Available in January 2025 |
|||||||||||||||||||||||||||||||||||||
Firm/LOA |
Option |
Available |
UnderConstruction |
||||||||||||||||||||||||||||||||||||
1 - HD/HE Capability
2 - Rigs provided by Borr Drilling through a bareboat charter arrangement and services provided by our Mexican Joint Venture or by Borr Drilling, with ultimate customer being PEMEX
|
Borr Drilling
Fleet Status Report - 23 May 2024 |
|||||
Additional information regarding this 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.
|
|||||
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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