Borr Drilling has shed 14 jack-ups after completing the acquisition of Paragon Offshore.
Tor Olav Troim-led Borr says the disposal will contribute a profit of $16m in the second quarter of 2018.
Svend Anton Maier, chief executive of Borr Drilling, said: “We have, over the last 17 months, been able to build a unique fleet of 24 high specification assets acquired at attractive prices funded by a strong combination of equity and attractive seller financing.
“We see clear signs that the tender activity in the market is increasing, to a large extent, driven by NOCs and major oil companies.
“With the solid operational platform built both organically and through the Paragon acquisition, we are very well positioned for what we see as the start of the next upturn cycle in the jack-up market."
Thirteen of the 14 rigs divested today are set for MOPU orientated work, with the final unit taking specific development work for the life of a field.
None of the rigs will re-enter the international jack-up drilling market post this transaction, Borr stressed.
In total Borr and Paragon have sold 26 rigs this year, all of which have left the jack-up market, a statement said.
