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Borr Drilling, an offshore drilling player with its corporate base in Bermuda, has shed light on operational and contracting activities of its fleet, expecting to witness a boost in rig action.
Borr Drilling has provided operational updates on its fleet, including developments related to the ongoing situation in the Middle East, and announced a new contract commitment.
Regarding the firm’s four rigs deployed in the Middle East, Arabia III resumed operations offshore Saudi Arabia in late March 2026, and resumption notices were received for Groa in Qatar and Arabia II in the UAE.
These rigs are expected to restart operations during April 2026. In addition, the firm’s fourth rig in the region, Forseti , which is operated by a third party under a bareboat charter, is also undergoing preparations to get back to work in Qatar.
Bruno Morand , Borr Drilling’s CEO, commented: “I would like to thank our onshore and offshore teams for their efforts in safely and effectively managing the disruptions experienced due to the geopolitical events in the Middle East.”
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The Odin rig, which was originally expected to start operating in the Gulf of America (U.S. Gulf of Mexico) earlier in the year, experienced delays due to additional maintenance work required in advance of its contract with Cantium. The rig is now slated to begin operations in April 2026.
The Skald rig has received a binding letter of award from an undisclosed operator in Southeast Asia, with the campaign scheduled to commence in the second quarter of 2026 and has an estimated duration of six months.
The rig owner’s contract coverage for full-year 2026 is 70% at an average day rate of approximately $134,000, while the coverage for the first and second halves of the year stands at 78% and 62%, respectively.
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Morand underlined: “The recent events continue to create an environment where elevated commodity prices and renewed focus on energy security are expected to accelerate rig activity.
“Recent discussions with our customers confirm the early signs of this trend as we observe an increased sense of urgency in awarding existing tenders and bringing forward certain drilling programs. Our young and expanded fleet positions us well to service our customers as this trend further develops.”