Borr Drilling sells two standard jack-up drilling rigs

Source: press release, 30 April 2020

Borr Drilling, a drilling contractor that owns and operates jack-up rigs of modern and high-specification designs, provides drilling services to the oil and gas exploration and production industry worldwide
Borr Drilling, a drilling contractor that owns and operates jack-up rigs of modern and high-specification designs, provides drilling services to the oil and gas exploration and production industry worldwide (photo: Borr Drilling)

A wholly owned subsidiary of Borr Drilling Limited has on April 30, 2020, sold two standard jack-up drilling rigs, the Dhabi II and the Paragon B152, for total cash proceeds of USD 15.8 million, including the associated backlog effective from April 1, 2020.

The company will continue to operate the rigs under a services agreement which will ensure continuity for its customer. The rigs are unencumbered, and the liquidity effect for the company is equal to the sales proceeds. Borr Drilling expects to record a gain of approximately USD 11.5 million.

The sale of the rigs is in line with the company’s long-term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.