Borr Drilling, an offshore drilling player with its corporate base in Bermuda, has lined up multiple new assignments and extensions of existing deals for its rig fleet off the coasts of Vietnam, Malaysia, Côte d’Ivoire (Ivory Coast), and the Netherlands.
Within its latest fleet status report, Borr Drilling reported eight jack-up rig contract commitments, representing over 2,100 days of additional firm work. As a result, the company emphasizes that its 2026 contract coverage is now at 73%, with an average day rate of approximately $134,000 per day and coverage in the second half of the year at 70%.
The Idun rig has secured a new contract, which will last from July 2026 to September 2026, with an undisclosed company offshore Vietnam. The same rig also got a contract from September 2026 to October 2026 with HLHV JOC in the Asian country. The Gunnlod rig won a contract in Vietnam with PVEP-NCS, which is expected to be carried out from August 2026 to April 2027.
The Prospector 1 rig has obtained a contract extension with ONE-Dyas in the Netherlands, which will start in September 2026 and keep the unit busy until April 2027. The Gerd rig has landed a contract extension with Foxtrot, which will keep the jack-up occupied from February 2027 to March 2027 in Ivory Coast.
The Galar rig has received a contract extension with Pemex in Mexico to remain on drilling duty from May 2028 to May 2030.
The Gersemi rig has been awarded a contract extension from May 2028 to May 2030 with the same operator in the North American country. The Mist rig has secured a binding letter of award (LOA) for an assignment from October 2026 to November 2026 with Sarawak Shell in Malaysia.
Meanwhile, the Skald rig started operations with Vestigo Petroleum in Malaysia in late May 2026; the Prospector 5 rig concluded operations with Eni in Congo in late May 2026 and began operations with BW Energy in Gabon in early July 2026; and the Joro rig finished operations with Siemens Energy in Germany in late May 2026; thus, it is warm-stacked in the United Kingdom.
In addition, the Sif rig kicked off operations with Petronas in Suriname in mid-July 2026; the Idun rig commenced operations with an undisclosed operator in Vietnam in mid-July 2026; the Thor rig wrapped up operations with HLHV JOC in Vietnam in late July and embarked on operations with PVEP-Cuulong in direct continuation; and the Odin rig set mobilization activities in motion to undisclosed operator’s first designated location offshore Texas in mid-August 2026.
Borr Drilling reported results for the second quarter of 2026, with total operating revenues of $232.3 million, a decrease of $14.7 million or 6% compared to the first quarter of 2026. The company elaborated that the second quarter of 2026 resulted in technical utilization of 98.4% and economic utilization of 96.4%.
The firm explained that its second-quarter net loss of $241.4 million, compared to a net loss of $29 million in the first quarter of 2026, was primarily driven by a $176.3 million debt extinguishment charge related to the refinancing of its senior secured notes due 2028 and 2030 and convertible bonds due 2028.
After quarter-end, the rig owner completed the acquisition of five premium jack-up rigs via a new 50/50 joint venture for a total purchase price of $287 million.
Bruno Morand, Chief Executive Officer, commented: “Our 50/50 joint venture with our long-term Mexican well construction partner completed the purchase of five premium jack-ups from Fontis at an attractive valuation and with limited equity committed.
“Currently, three of these rigs are contracted, with two of them operating and the third expected to commence operations later in Q3 2026. Our focus now is deploying the remaining rigs and converting the opportunity pipeline into contracted work.”
Borr Drilling’s data shows 21 secured contract commitments year-to-date 2026, representing approximately 4,350 days and $541 million of day rate equivalent backlog.
Morand added: “The Middle East conflict has reduced near-term visibility, delaying tenders, contract start dates, and the region’s recovery. This uncertainty is also affecting several other offshore markets, though not all, making it difficult to provide a crisp outlook for our activity.
“What is clear, however, is that the prolonged disruption in the Strait of Hormuz has driven global inventories to exceptionally low levels. Rebuilding those inventories, even under a moderate demand outlook, will require sustained production drilling, both onshore and offshore.
“We therefore expect the market to strengthen as stability returns. Our priorities are clear: deploy our expanded premium jack-up fleet, use its scale and quality to navigate changing market conditions, and deliver value to shareholders as the cycle improves.”
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