Borr Drilling Enters into LoI for the Sale of Three Jack-Ups

Source: www.gulfoilandgas.com 6/27/2022, Location: South America

In order to sell the "Tivar," "Huldra," and "Heidrun" (collectively referred to as the "Transaction Rigs"), three high-specification units being built at the Keppel FELS shipyard, Borr Drilling Limited ("BORR") has signed a legally binding agreement of intent with an unnamed third party.

The sale transaction is subject to customary closing conditions and procedures and is expected conclude within 30 days. The Transaction Rigs are expected to be employed by the prospective owner in a captive market and represent limited competition to Borr Drilling’s fleet.

The total consideration for the transaction is USD 320 million, which will be used to pay the delivery instalments of the three rigs and eliminates the associated activation costs that would have applied in the future.

This transaction forms an integral part of the refinancing and optimization of the capital structure of the Company which the Company is working to complete as it significantly reduces the Company’s capital commitments. The company continues to actively engage with its creditors with a view to completing its refinancing and expects to update the market further on the progress in the coming days.

Upon conclusion of the sale of the Transaction Rigs, the Company’s fleet will be composed of 23 delivered rigs (of which 20 are currently contracted) and two rigs under construction with Keppel FELS. We confirm our ambition of having all 23 delivered rigs contracted by the end of 2022, benefiting from the fast-improving jack-up market.


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