Borr Drilling Ltd.
Borr Drilling Ltd.
08/04/2022 | Press release | Distributed by Public on 08/04/2022 14:38
Borr Drilling Limited - Announcement of LOI for jack-up drilling rig
Tid04.08.2022, 20:32:14
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Borr Drilling Limited - Announcement of LOI for jack-up drilling rig
Hamilton, Bermuda, 4 August 2022:
Borr Drilling Limited (NYSE and OSE: "BORR") is pleased to announce it has
received a binding Letter of Intent ("LOI") for the premium jack-up drilling rig
"Prospector 5" from an undisclosed operator in West Africa. The 6-well firm
program is expected to commence during Q4 2022 and has an estimated duration of
fourteen months plus options. This LOI, which is expected to be converted into a
contract shortly, has an estimated total contract value of $68.9 million
(excluding options).
Forward looking statements
This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as "expect", "estimated"
and similar expressions and include statements relating to rig contracting and
options including the duration of such contracts and extensions and backlog, and
other non-historical statements. Such forward -looking statements are subject to
risks, uncertainties, contingencies and other factors could cause actual events
to differ materially from the expectations expressed or implied by the forward
-looking statements included herein, including risks related to actual
performance under drilling contracts, the risk that backlog may not be realized,
the number of rigs that will be in operation and rates that are achieved, and
other risks and uncertainties described in the section entitled "Risk Factors"
in our most recent annual report on Form 20-F and other filings with the
Securities and Exchange Commission. Such risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from the
expectations expressed or implied by the forward -looking statements included
herein. These forward-looking statements are made only as of the date of this
release. We do not undertake to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.
Borr Drilling Limited (NYSE and OSE: "BORR") is pleased to announce it has
received a binding Letter of Intent ("LOI") for the premium jack-up drilling rig
"Prospector 5" from an undisclosed operator in West Africa. The 6-well firm
program is expected to commence during Q4 2022 and has an estimated duration of
fourteen months plus options. This LOI, which is expected to be converted into a
contract shortly, has an estimated total contract value of $68.9 million
(excluding options).
Forward looking statements
This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as "expect", "estimated"
and similar expressions and include statements relating to rig contracting and
options including the duration of such contracts and extensions and backlog, and
other non-historical statements. Such forward -looking statements are subject to
risks, uncertainties, contingencies and other factors could cause actual events
to differ materially from the expectations expressed or implied by the forward
-looking statements included herein, including risks related to actual
performance under drilling contracts, the risk that backlog may not be realized,
the number of rigs that will be in operation and rates that are achieved, and
other risks and uncertainties described in the section entitled "Risk Factors"
in our most recent annual report on Form 20-F and other filings with the
Securities and Exchange Commission. Such risks, uncertainties, contingencies and
other factors could cause actual events to differ materially from the
expectations expressed or implied by the forward -looking statements included
herein. These forward-looking statements are made only as of the date of this
release. We do not undertake to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise.