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Tor Olav Trøim has stepped up his ambition in the offshore drilling market with plans to bring forward the delivery of two jackup rigs under construction in Singapore.
Trøim’s Oslo and New York-listed Borr Drilling is in talks with Seatrium, the former Keppel yard, for an expedited delivery of its newbuilds Vale and Var to August and November 2024, respectively.
Delivery of the duo had already been accelerated from July 2025 to October 2024 for the Vale and from September 2025 to January 2025 for the Var, according to the company’s fleet status report.
Utilisation for the rigs built after 2000 has increased to 94.3% at the end of June 2023 and Borr sees 297 of these units contracted, representing an increase of approximately 60 rigs as compared to the lows in late 2020.
The company also counts 16 jackup newbuilds available at the yards, including its pair and said that it expects only a few to be able to enter the market in the near future “due to several being in early stages of completion and increasing supply chain issues”.
“Based on the expected near term awards and future demand visibility, we forecast that market availability of modern jackups will continue to tighten across most regions and utilisation is anticipated to exceed 96% in the coming quarters,” Borr said in its Q2 earnings report.
The company’s current delivered fleet consists of 22 jackups all contracted or committed around the world, with about 60% of units in Southeast Asia and Mexico. The fleet’s contract coverage for 2024 stands at 70%, including firm contracts and priced options, with an average equivalent dayrate of approximately $123,000. |
