Borr Drilling - Positioning for growth in a difficult market
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Report summary
On the 20th March, Borr Drilling announced its intention to acquire Transocean's entire remaining fleet of 15 high-specification jackups. A move of this magnitude in to such a crowded market is a brave move. On completion of the deal Borr will be one of the leading shallow water drilling contractors, placing it alongside established players such as Maersk Drilling and Rowan Companies. With limited revenue backlog and yard instalments on the new builds, Borr will be hoping for a swift recovery in the jackup sector. Latest indications suggest there may be some green shoots appearing. Global offshore rig counts saw modest month-on-month gains in March, but is this short-term optimism indicative of longer-term prosperity?
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- Borr Drilling - Positioning for growth in a difficult market
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- Jackups included in the transaction
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- Global contracted rigs count
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