Borr Drilling Locks In Three Rig Commitments, Extending Backlog Into 2027
BORR sits 61% above its 52-week low of $2.44.
Summary
Borr Drilling secured new commitments for three jack-up rigs, extending contracted work for the Norve and Natt into 2027 and adding a shorter-term assignment for the Joro. The Norve received a binding letter of award for a 245-day program starting mid-December 2026, with options for 175 additional days. Shell Nigeria exercised a one-well option for the Natt, keeping it contracted into early August 2027. The Joro got a 60-day accommodation contract in the UK starting mid-October, with options for 56 more days. These commitments add to the company's contracted backlog and improve revenue visibility through much of 2027, though day rates and total value were not disclosed. This follows the recent divestiture of Mexican JV stakes and insider buying by director Troim Tor Olav, signaling continued operational momentum.
Updates
· SEC 6-K — Borr Drilling filed a 6-K with the press release detailing the three rig commitments.
At the time of this announcement, BORR was trading at $3.93 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $2.44 to $6.66. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.