Odin
Posted: Wed Oct 26, 2022 12:52 pm
Borr Drilling Limited – New 3-year contracts for 5 jack-up drilling rigs in Mexico
20 October 2022
Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce that its joint venture company in Mexico (Perfomex) has entered into new contracts for the Company’s five premium jack-up rigs “Galar”, “Gersemi”, “Grid”, “Njord” and “Odin” with OPEX Perforadora S.A. de C.V. and Perforadora Profesional Akal I S.A. de C.V, providers of integrated well services to Pemex.
The contracts are effective from October 20, 2022 and will maintain all five rigs contracted until December 31, 2025 for a combined contract value of $715 million, including upfront cash payments of $33 million in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business.
Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.
20 October 2022
Borr Drilling Limited (NYSE and OSE: “BORR”) is pleased to announce that its joint venture company in Mexico (Perfomex) has entered into new contracts for the Company’s five premium jack-up rigs “Galar”, “Gersemi”, “Grid”, “Njord” and “Odin” with OPEX Perforadora S.A. de C.V. and Perforadora Profesional Akal I S.A. de C.V, providers of integrated well services to Pemex.
The contracts are effective from October 20, 2022 and will maintain all five rigs contracted until December 31, 2025 for a combined contract value of $715 million, including upfront cash payments of $33 million in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business.
Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.