Borr Drilling extends rig contracts and starts Odin operations

Borr Drilling ($BORR) reported that Odin had begun earning its day rate offshore Texas and announced additional work for two other rigs. Idun secured a three-well program in Vietnam expected to last approximately 130 days, beginning in the fourth quarter after its current assignment. Eni exercised a nine-month extension for Bestla, taking the firm contract period into September 2027.

A further nine-month option remains available for Bestla but has not been exercised. Borr expects to take over its operation in the fourth quarter after the existing bareboat charter ends. The update adds visibility over rig employment and confirms an operating milestone; it does not disclose the total value of the new commitments. Odin’s start occurred earlier and was newly reported in this release.

Sources:

• Borr Drilling — operational and contracting update