Press Release
|
|
BORR DRILLING LIMITED
|
|
Date: February 16, 2022
|
By:
|
/s/ Georgina Sousa
|
|
Name:
|
Georgina Sousa
|
|
Title:
|
Director
|
• |
Total operating revenues of $69.1 million, a decrease of $3.9 million (5%) compared to the third quarter of 2021
|
• |
Net loss of $46.1 million, an increase of $13.5 million compared to the loss in the third quarter of 2021
|
• |
Cash and cash equivalents of $34.9 million and restricted cash of $11.1 million at the end of the fourth quarter of 2021, a decrease of $22.9 million from the end of the third quarter of 2021
|
• |
Adjusted EBITDA1 of $25.0 million, an increase of $5.0 million (25%) compared to the third quarter of 2021
|
• |
Agreement with shipyards to defer $1.4 billion of debt and instalments from 2023 to 2025 subject to certain conditions
|
• |
Completed $30 million equity raise in January 2022 at a price of $2.25 per share
|
• |
Secured a new contract for “Prospector 5” increasing the contracted and committed fleet to 18 rigs
|
• |
Converted the previously announced LOA/LOIs for the rigs “Norve” and “Gerd” into contracts
|
• |
Tor Olav Trøim appointed Chairman of the Board, replacing Pål Kibsgaard who remains a Director
|
In $ million
|
Q4 - 2021
|
Q3 - 2021
|
Change ($)
|
Change (%)
|
||||||||||||
Total operating revenues
|
69.1
|
73.0
|
(3.9
|
)
|
(5
|
)%
|
||||||||||
Rig operating and maintenance expenses
|
(38.7
|
)
|
(45.6
|
)
|
6.9
|
(15
|
)%
|
|||||||||
General and administrative expenses
|
(7.5
|
)
|
(7.7
|
)
|
0.2
|
(3
|
)%
|
|||||||||
Total operating expenses
|
(82.6
|
)
|
(81.7
|
)
|
(0.9
|
)
|
1
|
%
|
||||||||
Adjusted EBITDA
|
25.0
|
20.0
|
5.0
|
25
|
%
|
|||||||||||
Other non-operating income
|
—
|
3.6
|
(3.6
|
)
|
(100
|
)%
|
||||||||||
Income / (loss) from equity method investments
|
2.0
|
3.8
|
(1.8
|
)
|
(47
|
)%
|
||||||||||
Net loss
|
(46.1
|
)
|
(32.6
|
)
|
(13.5
|
)
|
41
|
%
|
Cash and cash equivalents
|
34.9
|
68.9
|
(34.0
|
)
|
(49
|
)%
|
||||||||||
Restricted cash
|
11.1
|
—
|
11.1
|
100
|
%
|
|||||||||||
Total equity
|
889.9
|
935.8
|
(45.9
|
)
|
(5
|
)%
|
(in US$ millions)
|
Q4 - 2021
|
Q3 - 2021
|
||||||
Net loss
|
(46.1
|
)
|
(32.6
|
)
|
||||
Depreciation of non-current assets
|
36.4
|
28.4
|
||||||
Loss/(Income) from equity method investments
|
(2.0
|
)
|
(3.8
|
)
|
||||
Financial expense
|
31.4
|
26.6
|
||||||
Income tax expense
|
3.7
|
4.7
|
||||||
Amortization of mobilization costs
|
3.4
|
1.7
|
||||||
Amortization of mobilization revenue
|
(1.8
|
)
|
(1.4
|
)
|
||||
Gain on sale of investments in joint ventures
|
0.0
|
(3.6
|
)
|
|||||
Adjusted EBITDA
|
25.0
|
20.0
|
(in US$ millions)
|
Q4 - 2021
|
Q3 - 2021
|
||||||
Net income
|
4.5
|
7.3
|
||||||
Depreciation of non-current assets
|
0.6
|
0.0
|
||||||
Financial expense
|
0.0
|
3.0
|
||||||
Income tax (income)/expense
|
(3.8
|
)
|
2.8
|
|||||
Amortization of mobilization costs
|
0.2
|
0.5
|
||||||
Adjusted EBITDA
|
1.5
|
13.6
|
3 months ended December 31, 2021
|
3 months ended December 31, 2020
|
12 months ended December 31, 2021
|
12 months ended December 31, 2020
|
|||||||||||||
Operating revenues
|
||||||||||||||||
Dayrate revenue
|
51.4
|
52.3
|
205.8
|
265.2
|
||||||||||||
Related party revenue
|
17.7
|
7.9
|
39.5
|
42.3
|
||||||||||||
Total operating revenues
|
69.1
|
60.2
|
245.3
|
307.5
|
||||||||||||
Gain on disposal
|
0.5
|
5.9
|
1.2
|
19.0
|
||||||||||||
Operating expenses
|
||||||||||||||||
Rig operating and maintenance expenses
|
(38.7
|
)
|
(53.9
|
)
|
(180.5
|
)
|
(270.4
|
)
|
||||||||
Depreciation of non-current assets
|
(36.4
|
)
|
(29.1
|
)
|
(119.6
|
)
|
(117.9
|
)
|
||||||||
Impairment of non-current assets
|
—
|
—
|
—
|
(77.1
|
)
|
|||||||||||
General and administrative expenses
|
(7.5
|
)
|
(8.5
|
)
|
(34.7
|
)
|
(49.1
|
)
|
||||||||
Total operating expenses
|
(82.6
|
)
|
(91.5
|
)
|
(334.8
|
)
|
(514.5
|
)
|
||||||||
Operating loss
|
(13.0
|
)
|
(25.4
|
)
|
(88.3
|
)
|
(188.0
|
)
|
||||||||
Other non-operating income
|
—
|
—
|
3.6
|
—
|
||||||||||||
Income from equity method investments
|
2.0
|
(7.1
|
)
|
16.1
|
9.5
|
|||||||||||
Financial income (expenses), net
|
||||||||||||||||
Interest income
|
—
|
—
|
—
|
0.2
|
||||||||||||
Interest expense, net of amounts capitalized
|
(24.3
|
)
|
(22.4
|
)
|
(92.9
|
)
|
(87.4
|
)
|
||||||||
Other financial expenses, net
|
(7.1
|
)
|
(1.0
|
)
|
(21.8
|
)
|
(35.7
|
)
|
||||||||
Total financial expenses, net
|
(31.4
|
)
|
(23.4
|
)
|
(114.7
|
)
|
(122.9
|
)
|
||||||||
Loss before income taxes
|
(42.4
|
)
|
(55.9
|
)
|
(183.3
|
)
|
(301.4
|
)
|
||||||||
Income tax expense
|
(3.7
|
)
|
(3.2
|
)
|
(9.7
|
)
|
(16.2
|
)
|
||||||||
Net loss attributable to shareholders of Borr Drilling Limited
|
(46.1
|
)
|
(59.1
|
)
|
(193.0
|
)
|
(317.6
|
)
|
||||||||
Total comprehensive loss attributable to shareholders of Borr Drilling Limited
|
(46.1
|
)
|
(59.1
|
)
|
(193.0
|
)
|
(317.6
|
)
|
||||||||
Basic and diluted loss per share*
|
(0.34
|
)
|
(0.56
|
)
|
(1.43
|
)
|
(4.22
|
)
|
||||||||
Weighted-averages shares outstanding
|
136,811,842
|
104,704,311
|
134,726,336
|
75,177,352
|
December 31, 2021
|
December 31, 2020
|
|||||||
ASSETS
|
Unaudited
|
Audited
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
34.9
|
19.2
|
||||||
Restricted cash
|
3.3
|
—
|
||||||
Trade receivables
|
28.5
|
22.9
|
||||||
Jack-up drilling rigs held for sale
|
—
|
4.5
|
||||||
Prepaid expenses
|
6.6
|
6.4
|
||||||
Deferred mobilization and contract preparation costs
|
17.2
|
5.7
|
||||||
Accrued revenue
|
20.2
|
20.3
|
||||||
Tax retentions receivable
|
1.9
|
10.5
|
||||||
Due from related parties
|
48.6
|
34.9
|
||||||
Other current assets
|
15.0
|
16.4
|
||||||
Total current assets
|
176.2
|
140.8
|
||||||
Non-current assets
|
||||||||
Non-current restricted cash
|
7.8
|
—
|
||||||
Property, plant and equipment
|
3.7
|
5.6
|
||||||
Jack-up rigs
|
2,730.8
|
2,824.6
|
||||||
Newbuildings
|
135.5
|
135.5
|
||||||
Equity method investments
|
19.4
|
62.7
|
||||||
Other non-current assets
|
6.9
|
1.9
|
||||||
Total non-current assets
|
2,904.1
|
3,030.3
|
||||||
Total assets
|
3,080.3
|
3,171.1
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
34.7
|
20.4
|
||||||
Accrued expenses
|
60.9
|
51.7
|
||||||
Other current liabilities
|
22.3
|
23.9
|
||||||
Total current liabilities
|
117.9
|
96.0
|
||||||
Non-current liabilities
|
||||||||
Long-term debt
|
1,915.9
|
1,906.2
|
||||||
Other liabilities
|
15.2
|
19.7
|
||||||
Long-term accrued interest and other items
|
70.1
|
41.1
|
||||||
Onerous contracts
|
71.3
|
71.3
|
||||||
Total non-current liabilities
|
2,072.5
|
2,038.3
|
||||||
Total liabilities
|
2,190.4
|
2,134.3
|
Shareholders’ Equity
|
||||||||
Common shares of par value $0.10 per share: authorized 180,000,000 (2020: 119,326,923) shares, issued 137,218,175 (2020: 110,159,352) shares and outstanding 136,811,842 (2020: 109,429,494)
shares
|
13.8
|
11.0
|
||||||
Additional paid in capital
|
1,978.0
|
1,947.2
|
||||||
Treasury shares
|
(13.7
|
)
|
(26.2
|
)
|
||||
Accumulated deficit
|
(1,088.2
|
)
|
(895.2
|
)
|
||||
Total equity
|
889.9
|
1,036.8
|
||||||
Total liabilities and equity
|
3,080.3
|
3,171.1
|
3 months ended December 31, 2021
|
3 months ended December 31, 2020
|
12 months ended December 31, 2021
|
12 months ended December 31, 2020
|
|||||||||||||
Cash Flows from Operating Activities
|
||||||||||||||||
Net loss
|
(46.1
|
)
|
(59.1
|
)
|
(193.0
|
)
|
(317.6
|
)
|
||||||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Non-cash compensation expense related to stock options
|
0.2
|
(0.3
|
)
|
1.3
|
0.7
|
|||||||||||
Depreciation of non-current assets
|
36.4
|
29.1
|
119.6
|
117.9
|
||||||||||||
Impairment of non-current assets
|
—
|
—
|
—
|
77.1
|
||||||||||||
Gain on disposal of assets
|
(0.5
|
)
|
(5.9
|
)
|
(4.8
|
)
|
(19.0
|
)
|
||||||||
Amortization of deferred finance charges
|
1.6
|
1.2
|
6.1
|
3.6
|
||||||||||||
Effective interest rate adjustments
|
1.5
|
1.4
|
3.6
|
3.5
|
||||||||||||
Change in fair value of financial instruments
|
—
|
—
|
—
|
27.4
|
||||||||||||
Loss/(income) from equity method investments
|
(2.0
|
)
|
7.1
|
(16.1
|
)
|
(9.5
|
)
|
|||||||||
Deferred income tax
|
0.2
|
(0.2
|
)
|
(0.5
|
)
|
1.1
|
||||||||||
Change in assets and liabilities:
|
||||||||||||||||
Amounts due to/from related parties
|
(7.5
|
)
|
(1.6
|
)
|
(13.7
|
)
|
(18.0
|
)
|
||||||||
Accrued expenses
|
(3.7
|
)
|
(8.2
|
)
|
10.3
|
3.0
|
||||||||||
Long-term accrued interest
|
(4.2
|
)
|
9.9
|
29.0
|
9.9
|
|||||||||||
Other current and non-current assets
|
(19.6
|
)
|
8.9
|
(11.4
|
)
|
59.1
|
||||||||||
Other current and non-current liabilities
|
19.4
|
(20.7
|
)
|
10.7
|
6.0
|
|||||||||||
Net cash used in operating activities
|
(24.3
|
)
|
(38.4
|
)
|
(58.9
|
)
|
(54.8
|
)
|
||||||||
Cash Flows from Investing Activities
|
||||||||||||||||
Purchase of plant and equipment
|
(0.1
|
)
|
—
|
(0.1
|
)
|
—
|
||||||||||
Proceeds from sale of fixed assets
|
0.5
|
16.9
|
2.7
|
37.7
|
||||||||||||
Purchase of marketable securities
|
—
|
—
|
—
|
(92.5
|
)
|
|||||||||||
Investments in equity method investments
|
6.3
|
(0.9
|
)
|
46.5
|
(25.5
|
)
|
||||||||||
Disposal of equity method investments
|
—
|
—
|
10.6
|
—
|
||||||||||||
Proceeds from sale of marketable securities
|
—
|
—
|
—
|
3.0
|
||||||||||||
Additions to newbuildings
|
—
|
(0.1
|
)
|
—
|
(5.0
|
)
|
||||||||||
Additions to jack-up rigs
|
(5.3
|
)
|
(2.2
|
)
|
(18.8
|
)
|
(37.4
|
)
|
||||||||
Net cash from/(used in) investing activities
|
1.4
|
13.7
|
40.9
|
(119.7
|
)
|
|||||||||||
Cash Flows from Financing Activities
|
||||||||||||||||
Proceeds from share issuance, net of issuance cost
|
—
|
31.4
|
44.8
|
60.2
|
||||||||||||
Proceeds, net of deferred loan cost, from issuance of long-term debt
|
—
|
—
|
—
|
5.0
|
||||||||||||
Net cash provided by financing activities
|
—
|
31.4
|
44.8
|
65.2
|
||||||||||||
|
|
|
|
|||||||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash
|
(22.9
|
)
|
6.7
|
26.8
|
(109.3
|
)
|
||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
68.9
|
12.5
|
19.2
|
128.5
|
||||||||||||
Cash, cash equivalents and restricted cash at the end of period
|
46.0
|
19.2
|
46.0
|
19.2
|
Supplementary disclosure of cash flow information
|
|
|
||||||||||||||
Interest paid, net of capitalized interest
|
(22.8
|
)
|
(10.5
|
)
|
(57.2
|
)
|
(40.1
|
)
|
||||||||
Income taxes refunded (paid), net
|
(2.0
|
)
|
(0.9
|
)
|
0.8
|
(8.6
|
)
|
|||||||||
Issuance of long-term debt as non-cash settlement for newbuild delivery installment
|
—
|
—
|
—
|
181.8
|
In millions of $
|
Number of outstanding
shares (1)
|
Common
shares
|
Treasury
shares
|
Additional
paid in
capital
|
Accumulated
Deficit
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||
Balance as at December 31, 2019
|
55,409,175
|
5.6
|
(26.2
|
)
|
1,891.2
|
(576.7
|
)
|
0.2
|
1,294.1
|
|||||||||||||||||||
ASU 2016-13 - Measurement of credit losses
|
—
|
—
|
—
|
—
|
(2.9
|
)
|
—
|
(2.9
|
)
|
|||||||||||||||||||
Adjusted balance at January 1, 2020
|
55,409,175
|
5.6
|
(26.2
|
)
|
1,891.2
|
(579.6
|
)
|
0.2
|
1,291.2
|
|||||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.6
|
—
|
—
|
0.6
|
|||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(87.0
|
)
|
—
|
(87.0
|
)
|
|||||||||||||||||||
Other, net
|
—
|
—
|
—
|
—
|
1.5
|
—
|
1.5
|
|||||||||||||||||||||
Balance as at March 31, 2020
|
55,409,175
|
5.6
|
(26.2
|
)
|
1,891.8
|
(665.1
|
)
|
0.2
|
1,206.3
|
|||||||||||||||||||
Issue of common shares
|
23,076,923
|
2.3
|
—
|
27.7
|
—
|
—
|
30.0
|
|||||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(1.2
|
)
|
—
|
—
|
(1.2
|
)
|
|||||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.2
|
—
|
—
|
0.2
|
|||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(109.6
|
)
|
—
|
(109.6
|
)
|
|||||||||||||||||||
Other, net
|
—
|
—
|
—
|
—
|
(1.1
|
)
|
—
|
(1.1
|
)
|
|||||||||||||||||||
Balance as at June 30, 2020
|
78,486,098
|
7.9
|
(26.2
|
)
|
1,918.5
|
(775.8
|
)
|
0.2
|
1,124.6
|
|||||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.2
|
—
|
—
|
0.2
|
|||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(61.9
|
)
|
—
|
(61.9
|
)
|
|||||||||||||||||||
Other, net
|
—
|
—
|
—
|
—
|
1.5
|
—
|
1.5
|
|||||||||||||||||||||
Balance as at September 30, 2020
|
78,486,098
|
7.9
|
(26.2
|
)
|
1,918.7
|
(836.2
|
)
|
0.2
|
1,064.4
|
|||||||||||||||||||
Issue of common shares
|
30,943,396
|
3.1
|
—
|
29.7
|
—
|
—
|
32.8
|
|||||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(1.4
|
)
|
—
|
—
|
(1.4
|
)
|
|||||||||||||||||||
Stock based compensation
|
—
|
—
|
—
|
(0.3
|
)
|
—
|
—
|
(0.3
|
)
|
|||||||||||||||||||
Other, net
|
—
|
—
|
—
|
—
|
(59.1
|
)
|
—
|
(59.1
|
)
|
|||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
0.5
|
0.1
|
(0.2
|
)
|
0.4
|
||||||||||||||||||||
Balance as at December 31, 2020
|
109,429,494
|
11.0
|
(26.2
|
)
|
1,947.2
|
(895.2
|
)
|
—
|
1,036.8
|
In millions of $
|
Number of
outstanding
shares (1)
|
Common
shares
|
Treasury
shares
|
Additional
paid in
capital
|
Accumulated
Deficit
|
Non-
controlling
interest
|
Total
equity
|
|||||||||||||||||||||
Balance as at December 31, 2020
|
109,429,494
|
11.0
|
(26.2
|
)
|
1,947.2
|
(895.2
|
)
|
—
|
1,036.8
|
|||||||||||||||||||
Issue of common shares
|
27,058,823
|
2.8
|
—
|
43.2
|
—
|
—
|
46.0
|
|||||||||||||||||||||
Equity issue costs
|
—
|
—
|
—
|
(1.2
|
)
|
—
|
—
|
(1.2
|
)
|
|||||||||||||||||||
Share based compensation
|
275,132
|
—
|
10.4
|
(9.7
|
)
|
—
|
—
|
0.7
|
||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(54.4
|
)
|
—
|
(54.4
|
)
|
|||||||||||||||||||
Balance as at March 31, 2021
|
136,763,449
|
13.8
|
(15.8
|
)
|
1,979.5
|
(949.6
|
)
|
—
|
1,027.9
|
|||||||||||||||||||
Share based compensation
|
—
|
—
|
—
|
0.2
|
—
|
—
|
0.2
|
|||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(59.9
|
)
|
—
|
(59.9
|
)
|
|||||||||||||||||||
Balance as at June 30, 2021
|
136,763,449
|
13.8
|
(15.8
|
)
|
1,979.7
|
(1,009.5
|
)
|
—
|
968.2
|
|||||||||||||||||||
Share based compensation
|
48,393
|
—
|
2.1
|
(1.9
|
)
|
—
|
—
|
0.2
|
||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(32.6
|
)
|
—
|
(32.6
|
)
|
|||||||||||||||||||
Balance as at September 30, 2021
|
136,811,842
|
13.8
|
(13.7
|
)
|
1,977.8
|
(1,042.1
|
)
|
—
|
935.8
|
|||||||||||||||||||
Share based compensation
|
—
|
0.2
|
—
|
—
|
0.2
|
|||||||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(46.1
|
)
|
—
|
(46.1
|
)
|
|||||||||||||||||||
Balance as at December 31, 2021
|
136,811,842
|
13.8
|
(13.7
|
)
|
1,978.0
|
(1,088.2
|
)
|
—
|
889.9
|
![]() |
Borr Drilling
Fleet Status Report - 16th February 2022 |
|
|
|
|
New Contracts / Extensions / Amendments
|
|
|
Idun
|
• Signed Contract (from LOA): March 2022 to May 2023, Petronas Carigali Sdn Bhd (PCSB), Malaysia
|
|
Groa
|
|
|
• Signed Contract (from LOA): March 2022 to March 2024, QatarEnergy, Qatar
|
|
Norve
|
|
• Signed Contract: September 2022 to April 2023, BWE, Gabon
|
Natt
|
|
• Signed Contract (from LOA): January 2022 to January 2023, ENI Congo
|
|
|
Prospector 5
|
|
• Signed Contract: April 2022 to May 2022, Dana Petroleum, Netherlands
|
Ran
|
|
• Signed Contract: August 2022 to January 2023, Wintershall, Mexico
|
|
Letters of Award / Letters of Intent / Negotiations
|
|
Thor
|
|
• LOA: June 2022 to May 2023, Undisclosed, Southeast Asia
|
|
Other Developments
|
|
Gunnlod
|
|
• Concluded operations with PTTEP Malaysia in November 2021 and commenced its subsequent contract with IPC, Malaysia in December 2021
|
|
Idun
|
|
• Well based contract with Petronas Malaysia ended in December 2021 and is currently under preparation for its subsequent contract
|
|
Mist
|
|
• Commenced operations with PTTEP, Thailand in November 2021
|
|
Norve
|
|
• Commenced operations with Vaalco Energy, Gabon in December 2021
|
|
Natt
|
|
• Commenced operations with ENI, Congo in January 2022
|
|
Gerd
|
|
• Commenced operations with Addax, Cameroon in February 2022
|
|
Prospector 5
|
|
• Well based contract with CNOOC, UK concluded in December 2021
|
|
Rigs Under Construction
|
|
• Delivery dates postponed to 2025 (subject to completion of yard and refinancing agreements)
|
|
|
|
|
|
This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of
intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
|
|
![]() |
Borr Drilling
Fleet Status Report - 16th February 2022
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rig Name
|
Rig Design
|
Rig Water Depth (ft)
|
Year Built
|
Customer / Status
|
Contract Start
|
Contract End
|
Location
|
Comments
|
||||||||
Contracted Rigs
|
||||||||||||||||
Gunnlod
|
PPL Pacific Class 400
|
400 ft
|
2018
|
IPC
|
December - 2021
|
March - 2022
|
Malaysia
|
Operating
|
||||||||
Idun
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Available
|
January - 2022
|
February - 2022
|
Malaysia
|
Contract Preparations
|
||||||||
Petronas Carigali
|
March - 2022
|
May - 2023
|
Malaysia
|
Committed with option to extend
|
||||||||||||
Mist
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
PTTEP
|
November - 2021
|
June - 2022
|
Thailand
|
Operating with option to extend
|
||||||||
Saga
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
Hess
|
September - 2021
|
August - 2022
|
Malaysia
|
Operating
|
||||||||
Skald
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
PTTEP
|
June - 2021
|
June - 2024
|
Thailand
|
Operating with option to extend
|
||||||||
Thor
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
|
December - 2021
|
May - 2022
|
Singapore
|
Contract Preparations
|
||||||||
Undisclosed
|
June - 2022
|
May - 2023
|
Southeast Asia
|
LOA
|
||||||||||||
Gerd
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Addax
|
February - 2022
|
March - 2023
|
Cameroon
|
Operating with option to extend
|
||||||||
Natt
|
PPL Pacific Class 400
|
400 ft
|
2018
|
ENI
|
January - 2022
|
January - 2023
|
Congo
|
Operating with option to extend
|
||||||||
Norve
|
PPL Pacific Class 400
|
400 ft
|
2011
|
Vaalco
|
December - 2021
|
April - 2022
|
Gabon
|
Operating with option to extend
|
||||||||
BW Energy
|
September - 2022
|
April - 2023
|
Gabon
|
Committed with option to extend
|
||||||||||||
Groa
|
PPL Pacific Class 400
|
400 ft
|
2018
|
|
Q4 - 2021
|
Q1 - 2022
|
Cameroon
|
Contract Preparations
|
||||||||
Qatar Energy
|
March - 2022
|
March - 2024
|
Qatar
|
Committed with option to extend
|
||||||||||||
Prospector 1 1
|
F&G, JU2000E
|
400 ft
|
2013
|
Kistos
|
July - 2021
|
February - 2022
|
Netherlands
|
Operating
|
||||||||
Neptune
|
March - 2022
|
August - 2022
|
Netherlands
|
Committed with option to extend
|
||||||||||||
Prospector 5 1
|
F&G, JU2000E
|
400 ft
|
2014
|
Available
|
January - 2022
|
March - 2022
|
United Kingdom
|
Contract Preparations
|
||||||||
Dana Petroleum
|
April - 2022
|
May - 2022
|
Netherlands
|
Committed
|
||||||||||||
Ran 1
|
KFELS Super A
|
400 ft
|
2013
|
Petrofac
|
February - 2022
|
June - 2022
|
United Kingdom
|
Committed with option to extend
|
||||||||
Wintershall
|
August - 2022
|
January - 2023
|
Mexico
|
Committed
|
||||||||||||
Galar
|
PPL Pacific Class 400
|
400 ft
|
2017
|
PEMEX
|
April - 2020
|
December - 2022
|
Mexico
|
Operating
|
||||||||
Gersemi
|
PPL Pacific Class 400
|
400 ft
|
2018
|
PEMEX
|
August - 2019
|
December - 2022
|
Mexico
|
Operating
|
||||||||
Grid
|
PPL Pacific Class 400
|
400 ft
|
2018
|
PEMEX
|
August - 2019
|
December - 2022
|
Mexico
|
Operating
|
||||||||
Njord
|
PPL Pacific Class 400
|
400 ft
|
2019
|
PEMEX
|
June - 2020
|
December - 2022
|
Mexico
|
Operating
|
||||||||
Odin
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
PEMEX
|
March - 2020
|
December - 2022
|
Mexico
|
Operating
|
||||||||
Available Rigs
|
||||||||||||||||
Frigg 1
|
KFELS Super A
|
400 ft
|
2013
|
Available
|
Cameroon
|
Warm Stacked
|
||||||||||
Gyme
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Available
|
|
|
Singapore
|
Warm Stacked
|
||||||||
Hermod
|
KFELS B Class
|
400 ft
|
2019
|
Available
|
Singapore
|
Warm Stacked
|
||||||||||
Heimdal
|
KFELS B Class
|
400 ft
|
2020
|
Available
|
|
|
Singapore
|
Warm Stacked
|
||||||||
Hild
|
KFELS Super B Class
|
400 ft
|
2020
|
Available
|
Singapore
|
Warm Stacked
|
||||||||||
Under Construction Rigs
|
||||||||||||||||
Tivar
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Rig Delivery in May - 2025
|
|||||||||||
Vale
|
KFELS Super B Bigfoot Class
|
400 ft
|
|
Under Construction
|
|
|
KFELS shipyard, Singapore
|
Rig Delivery in July - 2025
|
||||||||
Var
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Rig Delivery in September - 2025
|
|||||||||||
Huldra
|
KFELS Bigfoot B Class
|
400 ft
|
|
Under Construction
|
|
|
KFELS shipyard, Singapore
|
Rig Delivery in October - 2025
|
||||||||
Heidrun
|
KFELS Bigfoot B Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Rig Delivery in December - 2025
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 - HD/HE Capability.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating / Committed
|
Available
|
Cold Stacked
|
Under Construction
|
||||||||
|
|
|||||||||||||||
Total Fleet
|
28
|
18
|
5
|
0
|
5
|
![]() |
Borr Drilling
Fleet Status Report - 16th February 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Rig Name
|
Location
|
2021
|
2022
|
2023
|
2024
|
||||||||||||||||||||||||||||||||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Premium Jack-Ups
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Thor
|
Southeast Asia
|
Warm Stacked
|
|
|
|
|
|
|
LOA
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Gunnlod
|
Malaysia
|
PTTEP
|
|
IPC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Idun
|
Malaysia
|
|
|
Vestigo
|
Petronas Carigali
|
|
|
Petronas Carigali
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Mist
|
Thailand
|
ROC Oil
|
Warm Stacked
|
PTTEP
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Saga
|
Malaysia
|
|
|
JX Nippon
|
PTTEP
|
Hess
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Skald
|
Thailand
|
|
|
|
|
|
|
PTTEP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option
|
|
||||||||||||
Gerd
|
Cameroon
|
Warm Stacked
|
|
ADDAX
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Natt
|
Congo
|
First E&P
|
Oriental
|
ENI
|
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Norve
|
Gabon
|
|
|
|
|
BWE
|
|
|
Vaalco
|
Option
|
BWE
|
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Groa
|
Qatar
|
|
Warm Stacked
|
|
|
|
QatarEnergy
|
|
|
Option
|
|
![]() |
|
||||||||||||||||||||||||||||||||||||||
Prospector 1 1
|
Netherlands
|
One-Dyas
|
Neptune
|
Kistos
|
|
Neptune
|
|
Option
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Prospector 5 1
|
United Kingdom / Netherlands
|
|
CNOOC
|
|
|
|
Dana
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Ran 1
|
United Kingdom / Mexico
|
|
Warm Stacked
|
|
|
Petrofac
|
|
Mob
|
Wintershall
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Galar
|
Mexico
|
|
PEMEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Gersemi
|
Mexico
|
PEMEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Grid
|
Mexico
|
|
PEMEX
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Njord
|
Mexico
|
|
PEMEX
|
|
|
|
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Odin
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Mexico
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PEMEX
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Frigg 1
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Cameroon
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Warm Stacked
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Gyme
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Singapore
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Warm Stacked
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Heimdal
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Singapore
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Warm Stacked
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Hermod
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Singapore
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Warm Stacked
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Hild
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Singapore
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Warm Stacked
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Jack-Ups Under Construction
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Tivar
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KFELS shipyard, Singapore
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Rig Delivery in May - 2025
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Vale
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KFELS shipyard, Singapore
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Rig Delivery in July - 2025
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Var
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KFELS shipyard, Singapore
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Rig Delivery in September - 2025
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Huldra
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KFELS shipyard, Singapore
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Rig Delivery in October - 2025
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Heidrun
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KFELS shipyard, Singapore
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Rig Delivery in December - 2025
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![]() |
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|||||||||||
Firm | Option | Available | Under Construction |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
1 - HD/HE Capability
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
![]() |
Borr Drilling
Fleet Status Report - 16th February 2022
|
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Additional information regarding this Fleet Status Report
|
|||||
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This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an
actual drilling contract.
|
|||||
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Forward Looking Statements:
The statements described in this status report that are not historical facts are "Forward Looking Statements". Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally. No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. |
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