Gulf Oil and Gas accountACCOUNT

Activation of 4 Additional Jack-up Drilling Rigs

Source: www.gulfoilandgas.com 10/3/2018, Location: Europe

Following its recent board meeting, Borr Drilling Limited (“Borr”) has decided to start the activation of four additional newbuild jack-ups. This decision is made on the back of Borr’s previously announced success in securing commitments for three of its newbuild units and its North Sea based jack-up “Ran”, all of which are currently undergoing (re)activation and have been awarded LOIs. These rigs are expected to commence work in the first half of 2019.

Supported by the strong increase in direct customer requests and the material increase in tender activity of approximately 50% year to date, the Board has decided to initiate the activation without having secured firm employment for the four rigs. However, the Board sees several interesting opportunities for employment at attractive rates. Additionally, the delivery time for critical equipment is increasing and are currently around six months. We believe we have seen the trough in equipment prices and as activity is coming back we also expect a tightening of the labor market.

Given the improving jack-up market outlook, we are increasingly positive about future contracting opportunities for our modern rigs but emphasize our continued disciplined approach to contracting with focus on opportunities that generate significant positive cash return after activation cost.

Rigs >>

Rigs News in Norway >>

Nigeria >>  12/10/2018 - San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa, announced on 25 September 2018 that Eroton, th...
Cameroon >>  12/7/2018 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa, is pleased to announce that its wholly owned subsidiary, Tower Resou...

Saudi Arabia >>  12/3/2018 - ADES International Holding Ltd., a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), has complet...
Indonesia >>  11/26/2018 - Japan Drilling Co., Ltd. (JDC) is pleased to announce that its subsidiary company "P.T. Japan Drilling Indonesia" together with a shipping company in ...

Norway >>  11/23/2018 - Equinor has exercised two options of two months each for jack-up rig Maersk Intrepid. As a result, the rig is now contracted to Equinor until the end ...
Nigeria >>  11/20/2018 - Shelf Drilling, Ltd. has secured a one-year extension on the Trident XIV jack-up rig in direct continuation of its current contract for workover opera...

Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.