Borr Drilling sells two jack-up rigs

Published by Nicholas Woodroof, Editor
Oilfield Technology, Friday, 01 May 20

Borr Drilling has sold two standard jack-up drilling rigs, the Dhabi II and the Paragon B152, for total cash proceeds of US$15.8 million, including the associated backlog effective from 1 April 2020.

The company will continue to operate the rigs under a services agreement . The rigs are unencumbered, and the liquidity effect for the company is equal to the sales proceeds. The company expects to record a gain of approximately US$11.5 million.

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