Borr Drilling Ltd 6-K, filed Jan 11, 2021
Borr Drilling Ltd (BORR)
6-K
2021-01-11
For: 2021-01-11
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July 04, 2026
About this 6-K
Borr Drilling Ltd filed this 6-K on January 11, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
January 11, 2021
Commission File Number 001-39007
Borr Drilling Limited
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes ☐ | No ☒ |
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Exhibits
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Press Release
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| 99.2 |
Fleet Status Report
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BORR DRILLING LIMITED
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Date: January 11, 2021
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By:
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/s/ Georgina Sousa
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Name:
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Georgina Sousa
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Title:
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Director
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Exhibit 99.1
Borr Drilling – January fleet status report
Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to announce in its fleet status report today that it has entered into a new contract, an extension and received an LOA, adding USD 35.1 million over approximately 480 days to
the total backlog, with good prospects for additional backlog on these units.
The previously announced LOI for the Norve, which is currently warm stacked, has been converted into a contact for two wells plus one option with BW Energy which is expected to commence operations in Gabon during April 2021.
In Asia, the Idun has been awarded an LOA to commence operations in the first quarter of 2021, increasing the number of active rigs for the Company in Asia to a total of four. The contract’s estimated duration, excluding options, is for a period
up to 12 months.
We are also pleased to announce a contract amendment on the Prospector 1 with the existing customer, One Dyas, for three optional wells, of which one has already been exercised.
In addition the Prospector 1 has received an LOI for four wells plus options for operations in the North Sea, which has an estimated period of seven months.
The recent awards will bring the total number of committed and contracted rigs up to 13, and we are encouraged about this increased activity in the shallow water jack-up drilling market. Borr has four additional warm stacked rigs that can be
brought into operation without significant activation capex.
We are negotiating terms with Pemex for an extension to the current contract covering five rigs contracted under the Integrated Well Services business model, with an aim to secure incremental work throughout 2021 in Mexico. It is however important
for the JV and Borr Drilling that the working capital situation in Mexico improves, which is a key point in the negotiations on further work.
The full fleet status report is enclosed to this release.
11 January 2021
Hamilton, Bermuda
Forward looking statements
This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “continue”,
“expect”, “should”, “will” and similar expressions and include expectations regarding contract backlog and contract terms, contract duration and operation of our jack-up rigs. The forward-looking statements in this announcement are based upon various
assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks,
contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed
or implied by the forward-looking statements included herein. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those
discussed in the forward looking statements are included in our most recent annual report.
The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.
Exhibit 99.2
"Borr Drilling Fleet Status Report - 11thJanuary 2021" New Contracts / Extensions / Amendments Norve • Signed Contract (from LOI): April 2021 to July 2021, BWE, Gabon Prospector 1 • One
Optional Well: Jan 2021 to March 2021, ONE-Dyas, Netherlands. Letters of Intent / Negotiations Idun • LOA: Mar 2021 to Jan 2022, Asia Pacific Prospector 1 • LOI: Q2 2021, Undisclosed, North Sea This summary is provided as a courtesy and is not
intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling
contract. "Forward Looking Statements: The statements described in this status report that are not historical facts are ""Forward Looking Statements"". Forward Looking Statements reflect management’s current expectations and assumptions, and
are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could
differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes
to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated
with international operations generally. No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to
reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law."
Borr Drilling 11th January 2021 Rig Name Rig Design Rig Water Depth (ft)
Year Built Customer / Status Contract Start Contract End Location Comments Premium Jack-Ups Mist KFELS Super B Bigfoot Class 350 ft 2013 Available May - 2020 September - 2020 Malaysia Warm Stacked ROC Oil October - 2020 May - 2021
Malaysia Operating with option to extend Prospector 1 1 F&G, JU2000E 400 ft 2013 Available April - 2020 September - 2020 United Kingdom Warm Stacked One-Dyas October - 2020 March - 2021 Netherlands Operating with option to extend
Undisclosed April - 2021 October - 2021 North Sea LOI Norve PPL Pacific Class 400 400 ft 2011 Available March - 2020 March - 2021 Gabon Warm Stacked BWE April - 2021 July - 2021 Gabon Operating with option to extend Idun KFELS Super B Bigfoot
Class 350ft 2013 Available August - 2020 February - 2021 Malaysia Warm Stacked Undisclosed March - 2021 January - 2022 Asia Pacific LOA Gunnlod PPL Pacific Class 400 400 ft 2018 Mobilization March - 2020 August - 2020 Singapore Contract
Preparations and Mobilization PTTEP September - 2020 March - 2021 Malaysia Operating with option to extend Saga KFELS Super B Bigfoot Class 400 ft 2018 Eni February - 2020 July - 2020 Vietnam Operating PTTEP September- 2020 October - 2021
Malaysia Operating with option to extend Galar PPL Pacific Class 401 400 ft 2017 PEMEX April - 2020 October - 2021 Mexico Operating Njord PPL Pacific Class 401 400 ft 2019 PEMEX June - 2020 December - 2021 Mexico Operating Gersemi PPL Pacific
Class 400 400 ft 2018 PEMEX August - 2019 February - 2021 Mexico Operating Grid PPL Pacific Class 400 400 ft 2018 PEMEX August - 2019 February - 2021 Mexico Operating Odin KFELS Super B Bigfoot Class 350 ft 2013 PEMEX March - 2020 August -
2021 Mexico Operating Prospector 5 1 F&G, JU2000E 400 ft 2014 Available April - 2020 October - 2020 United Kingdom Warm Stacked CNOOC November - 2020 May - 2022 United Kingdom Operating with option to extend Natt PPL Pacific Class 400 400
ft 2018 First E&P April - 2019 April - 2021 Nigeria Operating with option to extend Gyme PPL Pacific Class 400 400 ft 2018 Available Singapore Warm Stacked Skald KFELS Super B Bigfoot Class 400 ft 2018 Available Singapore Warm Stacked
Thor KFELS Super B Bigfoot Class 400 ft 2019 Available Singapore Warm Stacked Hermod KFELS B Class 400 ft 2019 Available Singapore Warm Stacked Heimdal KFELS B Class 400 ft 2020 Available Singapore Warm Stacked Hild KFELS Super B Class 400 ft
2020 Available Singapore Warm Stacked Gerd PPL Pacific Class 400 400 ft 2018 Available Cameroon Warm Stacked Groa PPL Pacific Class 400 400 ft 2018 Available Cameroon Warm Stacked Frigg 1 KFELS Super A 400 ft 2013 Available Cameroon Warm
Stacked Ran 1 KFELS Super A 400 ft 2013 Available United Kingdom Warm Stacked
" Borr Drilling 11th January 2021 " Rig Name Rig Design Rig Water Depth (ft) Year Built Customer / Status Contract Start Contract End Location
Comments Jack-Ups Under Construction Tivar KFELS Super B Bigfoot Class 400 ft Under Construction KFELS shipyard, Singapore Rig Delivery in June - 2022 Vale KFELS Super B
Bigfoot Class 400 ftUnder ConstructionKFELS shipyard, SingaporeRig Delivery in July - 2022 HuldraKFELS Bigfoot B Class400 ftUnder ConstructionKFELS shipyard, SingaporeRig Delivery in August - 2022 HeidrunKFELS Bigfoot B Class400 ftUnder
ConstructionKFELS shipyard, SingaporeRig Delivery in September - 2022 VarKFELS Super B Bigfoot Class400 ftUnder ConstructionKFELS shipyard, SingaporeRig Delivery in September - 2022 1 - HD/HE Capability. 2 - Asset under sales agreement
subject to conditions "Forward Looking Statements: The statements described in this status report that are not historical facts are ""Forward Looking Statements"". Forward Looking Statements reflect management’s current expectations
and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be
correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These
include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling
units; oil and gas prices; and risks associated with international operations generally. No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation
to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. " Operating / CommittedAvailableCold
StackUnder Construction Premium Jack-Ups28131005 Total Fleet28131005
" Borr Drilling Fleet Status Report - 11th January 2021 " Rig Name Location 2020 20212022 2023 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4 Premium Jack-Ups
MistMalaysiaVestigoWarm StackedROC OilOption Prospector 1 1United Kingdom / NetherlandsTotalWarm StackedOne-DyasLOIOption NorveGabon BW EnergyWarm StackedBWEOption IdunMalaysia / Asia PacificHoang LongJVPCWarm StackedLOA GunnlodSingapore /
MalaysiaContract Prep & MobPTTEPOption SagaVietnam / MalaysiaMobEniMobPTTEPJX NipponPTTEPOption GersemiMexicoPEMEX GridMexicoPEMEX NattNigeriaFirst E&POption GalarMexicoMobPEMEX NjordMexicoMobPEMEX OdinMexicoMobPEMEX Prospector 5
1Netherlands / United KingdomNeptuneWarm StackedCNOOCOption GerdCameroonExxonWarm Stacked GroaCameroonExxonWarm Stacked Ran 1United KingdomSpirit EnergyWarm Stacked Frigg 1CameroonShellWarm Stacked GymeSingaporeWarm Stacked
SkaldSingaporeWarm Stacked ThorSingaporeWarm Stacked HermodSingaporeWarm Stacked HeimdalSingaporeWarm Stacked HildSingaporeWarm Stacked Jack-Ups Under Construction TivarKFELS shipyard, SingaporeRig Delivery in June - 2022` ValeKFELS
shipyard, SingaporeRig Delivery in July - 2022 HuldraKFELS shipyard, SingaporeRig Delivery in August - 2022 HeidrunKFELS shipyard, SingaporeRig Delivery in September - 2022 VarKFELS shipyard, SingaporeRig Delivery in September - 2022 "1 -
HD/HE Capability. 2 - Asset under sales agreement subject to conditions." " Forward Looking Statements: The statements described in this status report that are not historical facts are ""Forward Looking Statements"". Forward Looking
Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in
these Forward Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward Looking Statements if one or more of the underlying assumptions or expectations
proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs
under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally. No Forward Looking Statement contained in herein or expressed elsewhere should be relied upon as
predicting future events. We undertake no obligation to update or revise any Forward Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required
by law. "