Big Board-listed offshore driller builds on strong first half performance with new contracts in Dutch North Sea and Congo
Borr Drilling secured new contract commitments for two of its premium jack-up rigs, adding US$43M and 300 days in backlog, excluding options, mobilisation and demobilisation compensation. One commitment is for the Dutch North Sea, and another for West Africa. The Big Board-listed driller’s Odin was firmly fixed and is now working in Mexico, following the conversion of a letter of award (LOA).
Borr had reported in July thatOdin had received a notice of a 30-day temporary suspension from Pemex effective early June. In the wake of the suspension, the company had signed a letter of intent (LOI) with an independent oil company in Mexico for a 60-day accommodation programme that was expected to commence in July. The company’s latest fleet status report indicated an LOI for a period from September to November 2025.
In the Dutch North Sea,Prospector 1 received separate binding LOAs from Dana Petroleum and ONE-Dyas in the Netherlands.
Dana Petroleum’s deal is for one well, with an anticipated duration of 30 days, scheduled to start in November 2025. The ONE-Dyas commitment covers a period of three wells, with an anticipated duration of 210 days, and is expected to commence in December 2025, in direct continuation of the previous contract. The ONE-Dyas award includes options that may extend the work by an additional 210 days.
In West Africa,Natt has secured a contract with New Age in Congo. The firm scope of one well has an anticipated duration of 60 days scheduled to commence November 2025.
Like other offshore drillers, Borr has undergone a leadership transition and has made some refinancing changes to solidify its balance sheet.
Offshore drilling veteran Bruno Morand became chief executive on 1 September, succeeding Patrick Schorn. Mr Schorn has transitioned to executive chairman of the board of directors, with Tor Olav Trøim now serving as a director of the board. Additionally, Dan Rabun (former chief executive and chairman at Ensco) has become lead independent director.
Borr Drilling showed a marked improvement in results for the second quarter, noted Mr Schorn when discussing the company’s earnings while still chief executive. “Our second-quarter results were strong, with technical utilisation of 99.6% and economic utilisation of 97.8%. As anticipated, our activity rebounded in the second quarter, with 22 out of 24 rigs active. Revenue increased by US$51.1M this quarter, and EBITDA rose by US$37.1M to US$133.2M, up by 39.0% versus the first quarter of this year, underscoring the profitability of the revenue.”
During H1 2025, Borr Drilling added 2,500+ days and US$318.0M in revenue to its backlog, with an average day rate of US$123,000, according to a company presentation.
