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Borr Drilling Limited Announces New Contract Commitments for Two Premium Jack-up Rigs, Boosting Revenue Backlog to Over $43 Million
ByAinvest
Sunday, Aug 31, 2025 12:22 am ET1min read
Borr Drilling Limited (BORR) has announced new contract commitments for two of its premium jack-up rigs, including a 30-day commitment with Dana Petroleum and a 210-day commitment with ONE-Dyas, both in the North Sea. In West Africa, the Natt secured a contract with New Age in Congo with a 60-day anticipated duration. The new commitments include a combined duration of 300 days and $43 million in contract revenue backlog.
Borr Drilling Limited (BORR) has announced new contract commitments for two of its premium jack-up rigs, bolstering its backlog and ensuring continued operations in key offshore markets. The company's Prospector 1 rig has received Letters of Award from Dana Petroleum and ONE-Dyas in the Netherlands, while the Natt rig has secured a contract with New Age in Congo.The Prospector 1 rig has been awarded a 30-day contract by Dana Petroleum, scheduled to commence in November 2025, and a 210-day commitment by ONE-Dyas, expected to start in December 2025. The ONE-Dyas contract includes options for an additional 210 days, providing potential for extended work. The Natt rig has secured a 60-day contract with New Age in Congo, also set to commence in November 2025.
These new commitments cover a combined duration of 300 days, representing over $43 million in contract revenue backlog, excluding options, mobilization, and demobilization compensation. Additionally, the previously announced Letter of Award (LOA) for the Odin rig in Mexico has been converted into a firm contract, with operations now underway.
The diversification of these contracts across the North Sea and West African markets helps mitigate regional operational risks. The extension options with ONE-Dyas also provide potential for additional backlog if exercised. These contracts reinforce Borr Drilling's market position as a provider of premium jack-up drilling services in a gradually improving offshore drilling market.
References:
[1] https://www.worldoil.com/news/2025/8/28/borr-drilling-lands-new-contracts-for-north-sea-west-africa/
[2] https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3KO0XT:0-borr-drilling-gains-after-receiving-new-contracts/
[3] https://www.ainvest.com/news/borr-drilling-secures-contracts-premium-jack-rigs-2508/
[4] https://www.stocktitan.net/news/BORR/borr-drilling-limited-contracting-z1z05bjuxedw.html
[5] https://www.offshore-energy.biz/borr-drillings-hat-trick-north-sea-duo-for-one-jack-up-and-west-african-job-for-another-rig/
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