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Borr Drilling Intends to Acquire 15 High-Specification Jack-Up Rigs from Transocean

Source: www.gulfoilandgas.com 3/20/2017, Location: North America

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Borr Drilling Limited is pleased to announce the signing of a letter of intent with transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean’s entire jack-up fleet, comprising 10 rigs in Transocean’s fleet and 5 new-builds under construction at keppel fels limited.

Total consideration for the transaction is expected to be approximately USD 1.35 Bn and includes remaining contract backlog and remaining yard instalments to keppel fels for the five new-builds. The board of directors of keppel fels has pre-approved the novation of the new-building contracts.

A deposit has in line with what has been agreed between the parties been paid from Borr to transocean. Borr has secured financing for the transaction through a private placement of equity securities. The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies. The completion of the transaction is expected to take place before the end of May 2017.

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