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Borr Drilling Secures New Contracts for Two Premium Jack-Up Rigs
ByAinvest
Wednesday, Aug 27, 2025 8:15 am ET1min read
Borr Drilling has secured new contracts for two premium jack-up rigs in the North Sea and West Africa. The Prospector 1 has received Letters of Award from Dana Petroleum and ONE-Dyas for one and three wells, respectively, with total anticipated duration of 240 days. The Natt has secured a contract with New Age in Congo for one well with an anticipated duration of 60 days. These new commitments cover a combined duration of 300 days and will commence in November 2025.
Borr Drilling Limited (NYSE: 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.
[1] https://www.prnewswire.com/news-releases/borr-drilling-limited--contracting-updates-302539949.html
[2] https://www.tradingview.com/news/reuters.com,2025-08-27:newsml_Wkr3dlB3V:0-borr-drilling-limited-contracting-updates/
[3] https://www.stocktitan.net/news/BORR/borr-drilling-limited-contracting-z1z05bjuxedw.html
[4] https://www.marketscreener.com/news/borr-drilling-limited-contracting-updates-ce7c50dedc8bfe24
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