Borr Drilling Limited has announced in its fleet status report that it has entered into a new contract and LoIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units.
The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity in the jack-up market troughed in March/April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of around $40/bbl.
Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.
The updated Fleet Status Report can be found on the https://borrdrilling.com.