Borr Drilling(BORR) Prnewswire·2025-04-08 05:00Core Viewpoint - Borr Drilling Limited has announced new contract commitments for three premium jack-up rigs and provided updates on its fleet operations, indicating a positive outlook for revenue and utilization in the upcoming quarters [1][8]. Contracting Updates - The "Thor" rig has received a binding Letter of Award from Vietsovpetro in Vietnam for three wells, with a duration of 75 days, starting in April 2025, and extending its contract through September 2025 [3]. - The "Gerd" rig secured a one-year contract from Foxtrot in Ivory Coast, set to begin in late Q4 2025 [4]. - The "Norve" rig has received a Letter of Award for an 11-month campaign from an undisclosed operator, expected to start in the second half of 2026, pending Final Investment Decision in Q2 2025 [4]. Fleet Developments - In Mexico, the company has received re-mobilization requests for the "Galar," "Grid," and "Gersemi" rigs, with operations expected to resume in Q2 2025 after being suspended [5]. - The "Arabia I" and newbuild "Vali" rigs have commenced earning day rate revenues under long-term contracts with Petrobras in Brazil and Mellitah Oil and Gas in Libya, respectively, leading to approximately 120 million, excluding mobilization and demobilization fees [8]. - With the resumption of operations for six previously idle rigs, the company anticipates significant improvements in utilization, revenue, and EBITDA starting in Q2 2025 and beyond [8].