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 >>

Azerbaijan >>  4/16/2019 - Turan Drilling & Engineering Company LLC (A KCA Deutag and SOCAR AQS Company) has been awarded its first contract, which is with BP Exploration (Caspi...
Mongolia >>  4/16/2019 - Petro Matad Limited has signed contracts for two rigs for its upcoming 2019 four well drilling programme. ...

United Kingdom >>  4/15/2019 - Equinor has extended the Floatel Superior charter at the Martin Linge Field Development in the Norwegian sector of the North Sea with four months unti...
Norway >>  4/11/2019 - MHWirth, a company owned by Akastor ASA, signed a contract with Keppel FELS for delivery of one drilling equipment package for a new mid water semisub...

Scotland >>  4/9/2019 - Well-Safe Solutions has agreed to acquire the Ocean Guardian semi-submersible drilling unit sparking another jobs boost for the company. The asset, cu...
United Kingdom >>  4/9/2019 - i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to provide the following operational update for the...

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 | 27 |

More News

Related Links

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