Tor Olav Troim’s Borr Drilling is preparing to activate four extra jack-up newbuildings given an improvement in sentiment in the drilling sector.
Oslo-listed Borr has made the move without having contracts in place for the quartet in the wake of commitments for three other new units in the North Sea.
“Supported by the strong increase in direct customer requests and the material increase in tender activity of approximately 50% year to date, the board has decided to initiate the activation without having secured firm employment for the four rigs,” Borr said.
“However, the board sees several interesting opportunities for employment at attractive rates.,” it added.
Borr has built up a fleet of 37 rigs, including 29 premium jack-ups.
Eleven of the units are operating, while three are cold stacked and 12 are listed as available, according to its last fleet status report in August.
It was not possible to reach Borr Drilling officials for further comment at the time of writing on Wednesday.
Sentiment in the offshore drilling space has been rising on the back of increased oil company spending, with Borr noting the North Sea market has seen a run on jack-ups of late.
“Given the improving jack-up market outlook, we are increasingly positive about future contracting opportunities for our modern rigs but emphasize our continued disciplined approach to contracting with focus on opportunities that generate significant positive cash return after activation cost,” Borr said.
