The Hamilton, Bermuda headquartered and New York-listed offshore shallow-water drilling contractor Borr Drilling Limited (Borr) has announced contract extensions for three of its premium jack-up rigs. The company also provided an update on collections in Mexico.
The rigs Galar and Gersemi have each been awarded two-year firm contract extensions that will commence in direct continuation of their existing contracts in Mexico. The extensions also include two one-year unpriced options and improved commercial and payment terms.
Borr also informs that the rig Njord has received a contract extension through April 2026.
The company provides the rigs to its customer on a fixed-rate bareboat charter, however, the contract value in this release of the extensions is approximately $213m, excluding options and is adjusted to a gross dayrate-equivalent basis.
Meanwhile, Borr mentions that it is in active discussions with its customer in Mexico regarding long-term extensions for contracts that expire in the second quarter of 2026.
