Borr Drilling Limited has announced 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 31 December 2025 for a combined contract value of USD 715 million, including upfront cash payments of USD 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.
