Borr Drilling linked to more Keppel jack-ups

Tor Olaf Troim-backed drilling vehicle said to be in discussions with Singapore rig builder.
January 19th, 2018 04:05 GMT
by Dale Wainwright
Published in Offshore

Borr Drilling is reportedly negotiating to purchase more unwanted jack-up drilling rigs from Singapore’s Keppel Corp.

The Tor Olaf Troim-led drilling vehicle is in talks for six drilling rigs for up to $960m, according to Singapore’s The Business Times.
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A spokesperson for Keppel Corp said he was currently unable to comment on the matter when contacted by TradeWinds.

In June last year, Keppel completed a deal to sell five jack-ups originally ordered by Transocean to Borr Drilling for $216m per rig.

As part of the deal Borr Drilling agreed to make a down payment of $275m on the total price take for the rigs of $1.1bn.

In the first week of January 2018 Keppel delivered the first of the rigs to the Oslo-listed company with the remaining units to be delivered by 2020.

Borr Drilling chief executive Simon Johnson recently commented that: “Jack-up utilisation is improving as we recover from the bottom of the business cycle.

“The market preferentially rewards contractors who invest in the latest designs from the best shipyards.

“Our relationship with Keppel FELS is one of several crucial partnerships we are fostering that are focused on improving industry outcomes.”