Borr Drilling : Announcement of binding LOI for jack-up drilling rig - Form 6-K
August 05, 2022 at 11:16 am EDT
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Borr Drilling Limited - Announcement of binding LOI for jack-up drilling rig
Hamilton, Bermuda, 4 August 2022:
Borr Drilling Limited (NYSE and OSE: "BORR") is pleased to announce it has received a binding Letter of Intent ("LOI") for the premium jack-up drilling rig "Prospector 5" from an undisclosed operator in West Africa. The 6-well firm program is expected to commence during Q4 2022 and has an estimated duration of fourteen months plus options. This LOI, which is expected to be converted into a contract shortly, has an estimated total contract value of $68.9 million (excluding options).
Forward looking statements
This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expect", "estimated" and similar expressions and include statements relating to rig contracting and options including the duration of such contracts and extensions and backlog, and other non-historical statements. Such forward -looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to actual performance under drilling contracts, the risk that backlog may not be realized, the number of rigs that will be in operation and rates that are achieved, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
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Borr Drilling Ltd. published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 15:15:07 UTC.
Borr Drilling Limited is an offshore shallow-water drilling contractor providing offshore drilling services to the oil and gas industry. The Companyâs primary business is the ownership, contracting and operation of jack-up rigs for operations in shallow-water areas (in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production customers. It owns approximately 22 rigs with an additional two jack-up rigs. Its rigs include Skald, Groa, Idun, Thor, Norve, Gerd, Natt, Ran, Odin, Gersemi, Grid, Galar, Njord, Prospector 1, Saga, Prospector 5, Mist, Gunnlod, Frigg, Gyme, Hermod, Heimdal and Hild. It operates in significant oil-producing geographies throughout the world, including the North Sea, Mexico, West Africa, Southeast Asia, and the Middle East. The Company contracts its jack-up rigs primarily on a daily rate basis to drill wells for its customers.