Borr Drilling enters into letter of intent for the sale of three jack-ups
Borr Drilling Limited has signed a binding letter of intent with an undisclosed third party for the sale of 3 high-specification units under construction with Keppel FELS shipyard – namely “Tivar”, “Huldra” and “Heidrun”, according to the company’s release.
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.
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.
Borr Drilling Limited has signed a binding letter of intent with an undisclosed third party for the sale of 3 high-specification units under construction with Keppel FELS shipyard – namely “Tivar”, “Huldra” and “Heidrun”, according to the company’s release.
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.
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.
