Offshore drilling rig operator Borr Drilling announced that four of its jack-up drilling rigs have been awarded new contracts and will be deployed in the Middle East, Southeast Asia, and Mexican waters, meaning that 23 of Borr Drilling’s 24 drilling rigs have now been awarded contracts.
The total term of the new contracts is approximately 1,300 days, including fixed price options, and the estimated contract revenue is more than $129 million. With the finalization of the new contract, Borr Drilling’s contract coverage rate this year has increased to 84%, with an average day rate of $144,000; the contract coverage rate in 2026 has increased to 45%, with an average day rate of $141,000.
In the Middle East, the Arabia II, a 2016-built drilling rig, has received a binding letter of award from an undisclosed customer. The contract will start in September 2025 and is expected to have a fixed term of 500 days with an additional 200 days of unpriced options. The contract also includes additional performance-based incentive clauses.
In Southeast Asia, the rigs Thor and Gunnlod, built in 2019 and 2018 respectively, have received contracts from an undisclosed customer. The former will carry out a well-grounded project with an estimated duration of 240 days starting in October 2025, while the latter will start a 100-day project in September 2025 after completing the current contract. Both contracts include a fixed-price option well, each expected to be 80 days.
In the Mexican waters, Borr Drilling has been awarded a 60-day contract from a Mexican independent oil company, which is expected to start in July. The agreement includes pricing options for drilling works that can extend the contract period of the drilling rig to the second quarter of 2026. With this winning bid, four of the company’s seven drilling rigs in Mexico have been booked by independent customers.
Borr Drilling has been awarded 13 contracts through 2025, representing 3,010 potential contract days and $366 million in potential contract revenue, including fixed-term and pricing options.