Borr Drilling receives LoI for jack-up drilling rig

Source: press release, 4 August 2022

photo: Borr Drilling
photo: Borr Drilling

Borr Drilling Limited has announced it has received a binding letter of intent (LoI) for the premium jack-up drilling rig Prospector 5 from an undisclosed operator in West Africa.

The 6-well firm program is expected to commence during Q4 2022 and has an estimated duration of 14 months plus options.

This LoI, which is expected to be converted into a contract shortly, has an estimated total contract value of USD 68.9 million (excluding options).