Borr Drilling Limited (BDRILL) – Completes the Paragon Rationalization
Hamilton, Bermuda 30 April 2018: Borr Drilling is today announcing that it has sold 14 old jack-up rigs en bloc to a non-drilling company. The rigs will be delivered to the new owner over the next 30 days. The disposal is expected to contribute up to USD16 million in profit to Borr’s Q2-2018 results. 13 of the rigs will be demobilised as drilling rigs and will be targeted for MOPU orientated work. The remaining unit is allocated to development work for a specific life of field project. None of the rigs will re-enter the international jack-up drilling market post this transaction.