Borr Drilling, listed in Oslo and New York, has recently signed a new contract for the jack-up rig Idun and also extended the contract for the rig Bestla.
Details of the Idun Rig Contract
The jack-up rig Idun, built in 2013, has signed a new contract with an undisclosed operator in Vietnam. This campaign, which includes three wells, is expected to commence in the fourth quarter of 2026 with a duration of 130 days, directly following the current rig contract. This contract reflects Borr Drilling's efforts to expand its operations in international markets.
Extension of the Bestla Rig Contract
Eni, one of the major Italian companies, has exercised the nine-month option it had for the rig Bestla (built in 2008), extending the contract until September 2027. Eni also has a fixed-price option to extend the contract for another nine months. Borr Drilling expects to take over the operational management of this rig in the fourth quarter of 2026, following the completion of the bareboat charter with the previous owner.
Odin Rig Operations in Texas
Additionally, the rig Odin, which was moved to Texas waters in mid-August for acceptance testing, has begun work under its contract. This contract is with an undisclosed operator and is expected to conclude in December 2026. Furthermore, this rig has plans to work with Cantium from February to July 2027.
Overall, these developments indicate Borr Drilling's desire to expand its operations and enhance its capabilities in the global drilling market. By signing these contracts, the company can effectively engage in new projects and expand its activities in various marine regions.
