Borr Drilling Ltd 6-K, filed Aug 3, 2020
Borr Drilling Ltd (BORR)
6-K
2020-08-03
For: 2020-08-03
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April 10, 2026
About this 6-K
Borr Drilling Ltd filed this 6-K on August 3, 2020.
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 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
August 3, 2020
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 ☒ |
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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):
Borr Drilling Limited – Fleet Status Report
Borr Drilling Limited (the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) is pleased to announce in its fleet status report today that it has entered
into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed and
contracted rigs up to 14. The tender activity in the jack-up market troughed in March / April this year caused by the negative development in the oil price. There are now clear signs of increased activity levels, supported by an oil price of
around USD 40/bbl.
Borr has currently three additional warm stacked rigs which can be brought into operation without significant activation capex.
The updated Fleet Status Report can be found on the Company’s website and attached to this release.
August 3, 2020
Hamilton, Bermuda
Exhibits
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Press release
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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:
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August 3, 2020
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By:
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/s/ Svend Anton Maier
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| Name: |
Svend Anton Maier
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| Title: |
Chief Executive Officer
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Exhibit 99.1
Client Enquiries: marketing@borrdrilling.com Investor Enquiries: ir@borrdrilling.com 03rd August
2020 Fleet Status Report
Saga Signed Contract (from LOA): Sep 2020 to Sep 2021, PTTEP, Malaysia. Gunnlod Signed
Contract (from LOA): Sep 2020 to Mar 2021, PTTEP, Malaysia. Gerd Exxon elected to rescind the Notice of Early Termination previously issued and replace it with a Suspension Notice. Suspension payout is applicable pursuant to Contract
provisions. Groa Exxon elected to rescind the Notice of Early Termination previously issued and replace it with a Suspension Notice. Suspension payout is applicable pursuant to Contract provisions. Mist ROC Oil rescinded previously
announced Notice of Termination and replaced it with Suspension Notice. Operations are scheduled to start around Sep 2020 - Oct 2020 in Malaysia. Ran Received a Notice of Termination of Contract from Centrica Storage effective July
2020. Norve LOI: Q1 2021, West Africa Prospector 1 LOI: Oct 2020 to Jan 2021, North Sea. Borr DrillingFleet Status Report - 03rd August 2020 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. Letters of Intent / Negotiations New Contracts / Extensions / Amendments Borr Drilling - Fleet Status
Report - August 2020
Rig Name Rig Design Rig Water Depth (ft) Year Built Customer / Status Contract Start Contract
End Location Comments Premium Jack-Ups 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 Ran 1 KFELS Super A 400 ft 2013 Available United Kingdom Warm Stacked Mist KFELS Super B Bigfoot Class 350 ft 2013 Available May - 2020 September -
2020 Malaysia Warm Stacked ROC Oil September - 2020 March - 2021 Malaysia Committed with option to extend Prospector 1 1 F&G, JU2000E 400 ft 2013 Available April - 2020 September - 2020 United Kingdom Warm
Stacked Undisclosed October - 2020 January - 2021 North Sea LOI Norve PPL Pacific Class 400 400 ft 2011 Available March - 2020 December - 2020 Gabon Warm Stacked Undisclosed January - 2021 March - 2021 West
Africa LOI Gunnlod PPL Pacific Class 400 400 ft 2018 Available March - 2020 August - 2020 Singapore Contract Preparations and Mobilization PTTEP September - 2020 March - 2021 Malaysia Committed with option to
extend Saga KFELS Super B Bigfoot Class 400 ft 2018 Eni February - 2020 July - 2020 Vietnam Operating PTTEP September- 2020 September - 2021 Malaysia Committed with option to extend Idun KFELS Super B Bigfoot
Class 350 ft 2013 Hoang Long November - 2019 May - 2020 Vietnam Operating JVPC May - 2020 August - 2020 Vietnam Committed with option to extend Galar PPL Pacific Class 400 400 ft 2017 Available November - 2019 March
- 2020 Singapore Contract Preparations and Mobilization PEMEX April - 2020 October - 2021 Mexico Operating Njord PPL Pacific Class 400 400 ft 2019 Available November - 2019 May - 2020 Singapore Contract Preparations
and Mobilization PEMEX June - 2020 December - 2021 Mexico Committed 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 Available December - 2019 February - 2020 Mexico Contract Preparations PEMEX March - 2020 August - 2021 Mexico Operating Frigg
1 KFELS Super A 400 ft 2013 Shell December - 2019 December - 2020 Nigeria Operating Prospector 5 1 F&G, JU2000E 400 ft 2014 Neptune May - 2019 April - 2020 Netherlands Operating Available April - 2020 October -
2020 United Kingdom Warm Stacked CNOOC November - 2020 April - 2022 United Kingdom Committed 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 Borr DrillingFleet Status Report - 03rd August 2020 Borr Drilling - Fleet Status Report - August 2020
Rig Name Rig Design Rig Water Depth (ft) Year Built Customer / Status Contract Start Contract
End Location Comments Borr DrillingFleet Status Report - 03rd August 2020 Tivar KFELS Super B Bigfoot Class 400 ft Under Construction KFELS shipyard, Singapore Rig Delivery in June
- 2022 Heidrun KFELS Bigfoot B Class 400 ft Under Construction KFELS shipyard, Singapore Rig Delivery in September - 2022 Vale KFELS Super B Bigfoot Class 400 ft Under Construction KFELS shipyard, Singapore Rig
Delivery in July - 2022 Atla F&G, JU 2000 400 ft 2003 United Arab Emirates Balder F&G, JU 2000 400 ft 2003 Cameroon Eir 2 F&G, Mod VI Universe Class 394 ft 1999 United Kingdom Not
Marketed Huldra KFELS Bigfoot B Class 400 ft Under Construction KFELS shipyard, Singapore Rig Delivery in August - 2022 Var KFELS Super B Bigfoot Class 400 ft Under Construction KFELS shipyard, Singapore Rig Delivery in September -
2022 Total Jack-Ups 31 Semi - Submersible 0 0 Total Fleet 31 14 9 3 5 Jack-Ups Under Construction Cold Stacked Jack-Ups - HD/HE Capability.- Asset under sales agreement subject to
conditionsForward 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 / Committed Available Cold Stack Under Construction Premium Jack-Ups 30 14 9 2 5 Standard
Jack-Ups 1 0 1 2 Borr Drilling - Fleet Status Report - August 2020
Option LOI Option Option Option PEMEX PEMEX Frigg
1 NigeriaGersemi MexicoGrid MexicoNatt NigeriaGalar MexicoNjord MexicoOdin MexicoProspector 5 1 Netherlands / United Kingdom CNOOC Option Balder Mob Mob PEMEX Mob - HD/HE Capability.- 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. PEMEX Neptune PEMEX Shell Warm Stacked First E&P Skald Singapore Warm
StackedThor Singapore Warm StackedHermod Singapore Warm StackedHeimdal Singapore Warm StackedHild Singapore Warm StackedGerd Cameroon Exxon Warm StackedGroa Cameroon Exxon Warm StackedRan 1 United Kingdom Spirit Energy Warm StackedMist
Malaysia Vestigo Warm Stacked ROC OilProspector 1 1 United Kingdom / North Sea Total Warm StackedNorve Gabon / West Africa BW EnergyGunnlod Singapore / Malaysia Contract Prep & Mob PTTEPSaga Vietnam / Malaysia Mob PTTEPIdun Vietnam Hoang
Long JVPC Option Mob Eni Gyme Singapore Warm Stacked Atla Eir 2 Borr DrillingFleet Status Report - 03rd August 2020 Premium Jack-Ups Jack-Ups Under Construction Cold Stacked
Jack-Ups Warm
Stacked LOI Rig
Name Location 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Huldra KFELS
shipyard, Singapore Rig Delivery in August - 2022 ` Tivar KFELS shipyard, Singapore Rig Delivery in June - 2022 Heidrun KFELS shipyard, Singapore Rig Delivery in September - 2022 Vale KFELS
shipyard, Singapore Rig Delivery in July - 2022 Var KFELS shipyard, Singapore Rig Delivery in September - 2022 United Arab Emirates Cameroon United
Kingdom Option Available Under Construction Borr Drilling - Fleet Status Report - August 2020