Borr Drilling Limited says that Perfomex, its joint venture company in Mexico, has entered into new contracts for the company’s five premium jack-up rigs – “Galar”, “Gersemi”, “Grid”, “Njord” and “Odin” – with OPEX Perforadora SA de CV and Perforadora Profesional Akal SA de CV, providers of integrated well services to Pemex.
The contracts are effective from October 20, 2022, and will maintain all five rigs contracted until December 31, 2025, for a combined contract value of $715 million, including upfront cash payments of $33 million in total. Further, these agreements incorporate enhanced terms that are expected to improve the economic efficiency of the business.
Borr Drilling Limited provides the five rigs on a bareboat basis to the joint ventures, with bareboat earnings equivalent to residual cash from the day-rate earnings less payments of operating expenses and other fees in the joint ventures.
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