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Borr Drilling Secures $129M In New Contracts For 4 Rigs, Boosting 2025 Fleet Coverage To 84% At $144K Average Day Rate

Benzinga·07/02/2025 20:28:26
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https://www.sec.gov/Archives/edgar/data/1715497/000114036125024523/ef20051509_ex99-1.htm

Borr Drilling Limited (NYSE: "BORR") is pleased to announce new contract commitments for four of its premium jack-up rigs, bringing the total number of contracted rigs to 23 out of its fleet of 24.

The new awards have a combined duration of approximately 1,300 days, including fixed priced options, and an estimated contract revenue of more than $129 million1. In line with our strategy to optimize near term fleet utilization, these new commitments provide strengthened revenue visibility and increase our contract coverage to 84%2 at an average dayrate of $144,000 for 2025 and 45%2 at an average dayrate of $141,000 for 2026.