Borr Drilling Expects Higher Activity as Rigs Return to Work

(Credit: Borr Drilling)

Offshore drilling contractor Borr Drilling has informed that several of its rigs in the Middle East are returning to operations following recent disruptions, as the company secures a new contract in Southeast Asia.

The company said the Arabia III jack-up rig resumed operations offshore Saudi Arabia in late March, while the Groa in Qatar and Arabia II in the United Arab Emirates are expected to restart during April.

A fourth rig in the region, the Forseti, is also preparing to resume operations in Qatar under a third-party charter.

In the Gulf of America, the Odin rig is now expected to begin its contract with Cantium in April after delays due to additional maintenance work.

In Southeast Asia, Borr Drilling’s Skald rig has received a binding letter of award from an undisclosed operator for a campaign expected to start in the second quarter of 2026 and last around six months.

The company said its contract coverage for full-year 2026 stands at 70% at an average day rate of about $134,000, with coverage of 78% for the first half and 62% for the second half.

“The recent events continue to create an environment where elevated commodity prices and renewed focus on energy security are expected to accelerate rig activity. Recent discussions with our customers confirm the early signs of this trend as we observe an increased sense of urgency in awarding existing tenders and bringing forward certain drilling programs. Our young and expanded fleet positions us well to service our customers as this trend further develops,” said Bruno Morand, Chief Executive Officer of Borr Drilling.