Borr Drilling Limited confirmed that its Ran jack‑up rig will receive a one‑well extension with ENI in Mexico, adding 75 days of firm work through March 2026 and opening the possibility of an additional 240 days under existing options. The company also secured a contract for its Odin rig to drill two wells, with an optional third well, with an unnamed operator in the United States. The campaign is slated to begin in mid‑2026, with each well expected to last about 60 days, and the new commitment activates a six‑month option for customer Cantium starting in January 2027.
These new commitments increase Borr’s utilization and lock in additional revenue streams, providing greater visibility into the company’s future cash flow. The contracts reinforce Borr’s strategy to capture upside in a tightening shallow‑water market, where demand for modern jack‑up rigs is outpacing supply due to an aging fleet and upcoming retirements. By securing work on both the Ran and Odin rigs, Borr strengthens its backlog and positions itself to benefit from higher dayrates that are expected as the market tightens.
The company’s fleet advantage is underscored by a recent expansion that added five premium jack‑up rigs in December 2025, financed through a mix of equity and debt. Borr’s young, high‑specification fleet allows it to command premium rates, and the new contracts further demonstrate the market’s willingness to pay for its modern rigs. While dayrates for the specific contracts were not disclosed, the overall market trend points to higher pricing power for operators with newer assets.
CEO Bruno Morand highlighted the company’s confidence in the market, noting a “clear inflection in rig demand across key regions” and emphasizing that West Africa remains a hot market. Management has also reiterated its focus on deleveraging and maintaining high technical utilization, signaling a disciplined approach to growth and risk management.
The contracts come amid geopolitical risks that have previously affected Borr’s operations in Mexico, where sanctions led to the termination of contracts with the Odin and Hild rigs in October 2025. The company has navigated these challenges by securing new work with independent operators and by maintaining a diversified portfolio of customers. The unnamed U.S. operator for the Odin contract and the activation of the Cantium option illustrate Borr’s ability to secure work across multiple regions while managing regulatory exposure.
Overall, the new contract wins reinforce Borr Drilling’s position as a leading provider of premium jack‑up rigs in the shallow‑water segment. The added utilization and revenue visibility support the company’s strategic focus on high‑margin operations and strengthen its backlog, positioning Borr to capitalize on the tightening market and sustain growth in the coming years.
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