Borr Drilling announces $213M contracting extensions and $19M collections

Borr Drilling (BORR) announced contract extensions for three of its premium jack-up rigs and provided an update on collections in Mexico. The rigs Galar and Gersemi have each been awarded two-year firm contract extensions that will commence in direct continuation of their existing contracts in Mexico. The extensions also include two one-year unpriced options and improved commercial and payment terms. In addition, the rig Njord has received a contract extension through April 2026. The contract value of the extensions is approximately $213M, excluding options. The company remains in active discussions with its customer in Mexico regarding long-term extensions for contracts that expire in Q2 2026. Additionally, the company recently received payments of approximately $19M for its operations with Pemex.