Borr Drilling Limited (BORR) Announces New Contract Commitments for Two of its Premium Jack-up Rigs

Borr Drilling Limited (NYSE:BORR) is one of the best long-term penny stocks to buy right now. On August 27, Borr Drilling Limited (NYSE:BORR) announced new contract commitments for two of its premium jack-up rigs and offered an additional fleet update.

The company reported that Prospector 1 in the North Sea attained separate binding Letters of Award from Dana Petroleum and ONE-Dyas in the Netherlands.

The Dana Petroleum commitment is for one well that has an expected duration of 30 days, set to commence in November 2025. The ONE-Dyas commitment, in contrast, encompasses a period of three wells and has an expected duration of 210 days. It is anticipated to commence in December 2025, in direct continuation of the previous contract.

Borr Drilling Limited (NYSE:BORR) added that the ONE-Dyas award includes options that may extend the work by an extra 210 days.

Management also announced that in West Africa, the Natt secured a contract with New Age in Congo, adding that the “firm scope of one well has an anticipated duration of 60 days scheduled to commence in November 2025.”

The new commitments include a combined duration of 300 days, representing more than $43 million in “contract revenue backlog, excluding options, mobilization, and demobilization compensation.”

Borr Drilling Limited (NYSE:BORR) also announced that the previously announced LOA for the “Odin” in Mexico has been converted into a contract, with the rig commencing operations under the contract.

Borr Drilling Limited (NYSE:BORR) provides offshore drilling services to the oil and gas industry. It operates through the Dayrate and Integrated Well Services (IWS) segments. The Dayrate segment provides rig charters and ancillary services, while the IWS segment offers integrated well services through Opex and Akal.

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Disclosure: None. This article is originally published at Insider Monkey.