Fleet Status Report

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escveritas
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Fleet Status Report

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Borr Drilling Limited – Fleet status report

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce in its fleet status report today that it has entered into a new contract, an extension and received an LOA, adding USD 35.1 million over approximately 480 days to the total backlog, with good prospects for additional backlog on these units.

The previously announced LOI for the Norve, which is currently warm stacked, has been converted into a contact for two wells plus one option with BW Energy which is expected to commence operations in Gabon during April 2021.

In Asia, the Idun has been awarded an LOA to commence operations in the first quarter of 2021, increasing the number of active rigs for the Company in Asia to a total of four. The contract’s estimated duration, excluding options, is for a period up to 12 months.

We are also pleased to announce a contract amendment on the Prospector 1 with the existing customer, One Dyas, for three optional wells, of which one has already been exercised.

In addition the Prospector 1 has received an LOI for four wells plus options for operations in the North Sea, which has an estimated period of seven months.

The recent awards will bring the total number of committed and contracted rigs up to 13, and we are encouraged about this increased activity in the shallow water jack-up drilling market. Borr has four additional warm stacked rigs that can be brought into operation without significant activation capex.

We are negotiating terms with Pemex for an extension to the current contract covering five rigs contracted under the Integrated Well Services business model, with an aim to secure incremental work throughout 2021 in Mexico. It is however important for the JV and Borr Drilling that the working capital situation in Mexico improves, which is a key point in the negotiations on further work.

11 January 2021
escveritas
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Posts: 3181
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Re: Fleet Status Report

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Borr Drilling Limited – Announcement of new contracts and extensions for jack-up drilling rigs

Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce it has been awarded new contracts and extensions for 5 of its premium jack-up drilling rigs. These awards increase the company’s backlog by approximately 2,530 days, excluding optional periods.

The premium jack-up drilling rig “Gunnlod” has secured a contract with an undisclosed operator in Southeast Asia. This contract is expected to commence in direct continuation of its current contract. The work will cover 11 wells with an anticipated duration of 186 days plus options.

The premium jack-up drilling rig “Mist” had options exercised by PTTEP for a total duration of approximately 3.5 months and it is now expected to remain contracted with the customer until Q4 2022.

The premium jack-up drilling rig “Saga” has secured a contract with an undisclosed operator in Southeast Asia. This contract will commence in direct continuation of its current contract and the work will cover a 1-well program with an anticipated duration of 45 days.

Additionally, the Company has secured long-term contracts in the Middle East with an undisclosed operator for 2 of its premium jack-up drilling rigs. The contracts have a firm duration of 3 years plus options each and are expected to commence in the second half of 2022.

These awards increase the company’s contracted fleet to 20 rigs out of a total of 23 delivered rigs.

Borr Drilling remains in constructive discussions with its lenders in relation to the deferral or refinancing of its debt maturing in 2023 and expects such discussions to be successfully concluded on or before June 30th, 2022.
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