BORR - Borr Drilling rises after bagging contracts for jack-up drilling rigs

• Borr Drilling ( NYSE: BORR ) rose ~8% after the company said it has bagged new contracts for two of its jack-up drilling rigs.
• The jack-up drilling rig, Frigg, has secured a $282M five-year plus options contract from an undisclosed customer for work in the Middle East. The contract is expected to commence in Q3'23.
• Another jack-up drilling rig, Gunnlod, has received a binding letter of award from an undisclosed customer for work in Southeast Asia. The work is for an estimated duration of 205 days and is expected to commence in June 2023. The estimated contract value is $27.5M.
• The contracts increase the company's backlog by ~2,030 days, excluding optional periods, and the contracted fleet to 21 rigs out of a total of 22 delivered rigs.
• Source: Press Release

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