Borr Drilling Limited Announces Contract Extensions and Collections Update

Borr Drilling Limited (NYSE: BORR) has announced contract extensions for three of its premium jack-up rigs, Galar, Gersemi, and Njord. The extensions include two-year firm contracts for Galar and Gersemi, with two one-year unpriced options and improved commercial and payment terms. Njord's contract has been extended through April 2026. The total contract value of these extensions is approximately $213 million, excluding options. Additionally, the company has received payments of around $19 million for its operations with Pemex in Mexico, indicating a positive trend in payment activity. The company remains in active discussions for long-term extensions for contracts expiring in the second quarter of 2026.