Archives

Home   >   Archives   

Borr 1st Q update holds 17 new contracts, extensions, exercised options and LOAs/LOIs

Rig Lynx
  • By Rig Lynx
  • May 31, 2021
  • Category : Archives
  • Views : 373

 

Borr published their financial and fleet status update for the first quarter of 2021, which included 17 new contracts, extensions, exercised options and LOAs/LOIs.

 

Total operating revenues of $48.4 million, net loss of $58.1 million and Adjusted EBITDA of $(10.6) million for the first quarter of 2021. 


Total operating revenues includes a reduction of related party revenues of $9.2 million recorded in the first quarter of 2021 relating to prior periods, following an amendment of our Mexican JV agreements regulating the treatment of standby rates charged for our rigs operating in the JVs. Without this reduction for prior periods, the Adjusted EBITDA would have been $(1.4) million for the quarter.


On January 22, 2021, we completed an equity offering raising total proceeds of $46 million. 
In January, the Company finalized the terms and executed agreements with certain of our creditors for the previously announced liquidity improvement plan.

 

New Contracts, Extensions and Amendments

 

Prospector 1:

 

  • Signed Contract (from LOI): May 2021 to August 2021 and December 2021 to March 2022, Neptune, Netherlands

  • Signed Contract: August 2021 to October 2021, Tulip, Netherlands

  • Option Exercised: October 2021 to November 2021, Tulip, Netherlands

 

Norve:

 

  • Option Exercised: August 2021 to September 2021, BWE, Gabon

 

Idun:

 

  • Assignment of Contract: June 2021 to January 2022, Petronas, Malaysia

 

Gunnlod:

 

  • Options Exercised: May 2021 to September 2021, PTTEP, Malaysia

 

Skald:

 

  • Signed Contract (from LOA): June 2021 to June 2024, PTTEP, Thailand

 

Natt:

 

  • Signed Contract : May 2021 to September 2021, Oriental, Nigeria

 

 

Letters of Award, Letter of Intent and Negotiations

 

Norve:

 

  • LOI: December 2021 to April 2022, Undisclosed, Gabon

 

Saga:

 

  • LOA : September 2021 to August 2022, Undisclosed, Malaysia

 

Odin:

 

  • Incremental Work Scope: August 2021 to December 20222, Pemex, Mexico

 

Galar:

 

  • Incremental Work Scope: October 2021 to December 2022, Pemex, Mexico

 

Njord:

 

  • Incremental Work Scope: January 2022 to December 2022, Pemex, Mexico

 

Grid:

 

  • Incremental Work Scope: March 2021 to December 2022, Pemex, Mexico

 

Gersemi

 

  • Incremental Work Scope: March 2021 to December 2022, Pemex, Mexico

 

Source: Borr Drilling

 

Join our mailing list here


We are #1 on Google and Bing for the "Largest Mobile Energy Network"

Come join our community!

Download the Rig Lynx app here

 

Comments (0)

Leave Comment


Check out our other stories

Rig Lynx
Jun 01, 2021

  Naga 7 remains submerged off the coast of Sarawak after the incident on May 3. The incident area is secured while the Group is working with the insurance underwriters and Protection & Indemnity (P&I) Club on the way forward. The rig and other related liabilities are adequately covered under the Hull & Machinery insurance and the P&I Club, respectively. Progressing on the insurance claims, Velesto Drilling Sdn. Bhd, as the insured under the H&M policy has on 31 May 2021 issued a notice of abandonment of the submerged rig, Naga 7 to the H&M insurers, pursuant to the H&M policy and currently await their response.   Source: Velesto    Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Jun 01, 2021

  Aker Energy is looking to sell part of its 50% participating interest in the Deepwater Tano Cape Three Points (DWT/CTP) block in Ghana, which includes the Pecan development project. After being hit by the COVID-19 pandemic, the Norwegian operator has struggled to come up with funding for the Pecan development.   Aker Energy’s interest to fast track the development of the project led to the Ghanaian Government’s amendment of Petroleum Agreements concerning the DWT/CTP and the South Deep Water Tano. The amendment significantly reduced the state’s share of the partnership and snuffed out the involvement of GNPC Explorco, a company that was set up to build the operating capacity of the state hydrocarbon company Ghana National Petroleum Corporation (GNPC).   Aker Energy as far back as February 2020 entered a Letter of Intent with Yinson Holdings Berhad to award a bareboat charter and an operations and maintenance contract for a Floating, Production, Storage and Offloading (FPSO) vessel at the Pecan field, following a competitive tender. The plan was that the contracts would have a firm duration of ten years followed by five-yearly extension options exercisable by Aker Energy as the operator on behalf of the license partners. Once developed and installed, the FPSO will be located over and connect to the state-of-the-art subsea production system located at approximately 2,400 meters below sea level. Aker Energy’s other partners in the DWT/CTP block are Lukoil (38%), Fueltrade (2%) and Ghana National Petroleum Corporation (10%).   Source: Africa ECP   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here  

Rig Lynx
Jun 01, 2021

  Thousands of new oil wells and hundreds of new oilfields will be needed to meet global demand even if it falls sharply towards the middle of the century, Oslo-based consultancy Rystad Energy said on Friday.   Its analysis stands in sharp contrast to the conclusions of the International Energy Agency (IEA), which said last week that investors should not fund new oil, gas and coal projects if the world wants to reach net-zero emissions by mid-century.   The IEA's scenario sees oil demand declining to 24 million barrels per day (bpd) by 2050, while Rystad sees oil demand falling to 36 million bpd by the same time.   "Given that output from oil wells declines by an average of more than 20% per year, the international oil industry will still need to drill thousands of new wells in existing fields, as well as developing around 900 new oilfields with collective resources of about 150 billion barrels of oil," the consultancy said in a note.   Most of these projects were expected to be redevelopment, extensions or tie-backs to existing platforms, meaning the required investments will be moderate as existing infrastructure is reused, it added.   Rystad said developments were needed to deliver about 10 million bpd in 2030s, as it saw a slower fall in demand than the IEA, which the consultancy said was overestimating the impact of biofuel growth and behavioral changes.   Even if oil demand remains at 36 million bpd in 2050, it should be possible to reach the target of limiting the temperature rise to 1.5 degrees Celsius compared to pre-industrial times, it added.   Rystad's analysis is likely to be welcomed by oil companies and oil producing countries, such as Norway, which have questioned the IEA's analysis as it undermines the case for the industry to carry on producing oil in the medium term.   The Organization of the Petroleum Exporting Countries (OPEC) has said a lack of investments in new projects could lead to more volatile prices.   Source: Reuters   Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here