BORR - Borr Drilling announces new contracts and extensions

• Borr Drilling ( NYSE: BORR ) has been awarded a new contract and two extensions for its premium jack-up drilling rigs "Ran", "Gerd" and "Natt".
• These awards increase the company's firm backlog by ~625 days, excluding unexercised optional periods.
• The premium jack-up drilling rig "Ran" has secured a contract with Fieldwood Energy for work in Mexico, estimated contract value of $7.5M, excluding mobilisation and demobilisation, contract is expected to commence in June 2023.
• The premium jack-up drilling rig "Gerd" had certain priced and unpriced options exercised by Addax, extending the contract by a total period of ten months. This extension is expected to maintain the rig contracted until the end of January 2024 and has an estimated contract value of $40M million.
• Lastly, the premium jack-up drilling rig "Natt" had three well options exercised by ENI, extending he contract by an estimated period of 270 days. This extension is expected to maintain the rig contracted until Q1 2024 and has an estimated contract value of $22.7M.

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