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2024-12-10 22:22
Borr Drilling (NYSE:BORR) +2.7% pre-market Tuesday after saying it won a new contract for its premium jackup rig Norve in West Africa by an undisclosed repeat customer.
The rig will go on contract at a ~$181,250 dayrate for a 320-day assignment, starting in Q3 2025, according to UpstreamOnline.com.
The contract is for five wells firm, plus up to five optional wells at mutually agreed prices.
Borr (BORR) said the contract adds $58M in contract revenue backlog, excluding options, mobilization and demobilization compensation.
The Norve rig is currently working for BW Energy in Gabon and is expected to wrap up its deal in February, followed by work with Marathon Oil from February to June next year.