Borr swoops to add rig to its growing fleet

摘要

OLSO-LISTED Borr Drilling has added another jack-up to its already sizeable shallow-water rig fleet via an opportunistic acquisition. The contractor is paying $122 million to acquire the former Hakuryu 15 - a KFels Super B Big-foot design called Hull B378 - from BOT Lease at a price about half the original order value of $240 million. The 75-foot cantilever rig, with 2.2 million pounds of hook load capacity and significant crane capacity, is suitable for high-pressure, high-temperature wells. It is due to be operationally ready at the yard within about six months, said Borr. Borr characterised the deal as "opportunistic... with the target to acquire a high-specification rig at what we consider a very attractive price". It underlined "the transaction does not indicate that Borr has a strong strategic desire to significantly increase the size of its existing fleet", having built up a fleet of 30 premium jack-ups through an earlier buying spree. "Borr believes the acquired unit is well positioned for contractual work at attractive rates," the buyer said, with the acquisition to be bankrolled through a new financing facility with two Nordic banks.