Borr Drilling seals deals for two jack-ups in the Americas

It was a fast start to the new year for Borr Drilling, which struck deals for two jack-ups for campaigns in the Americas, with one extended in Mexico and the other in the US Gulf.

The Oslo-listed pure-play jack-up contractor reported that, during the first full week of 2026, Ran has received a one-well extension with Eni in Mexico for an estimated 75 days, keeping the rig on a firm contract through March 2026. The remaining options under the contract allow for 240 days of extension beyond the end of the new committed term.

Meanwhile, Odin has secured a contract for two wells plus an optional well with an undisclosed operator in the US. The campaign will commence mid-2026, with an estimated duration of 60 days per well. As a result of Odin’s new firm commitment, an option mechanism in the rig’s previously announced contract for work in the shallow waters of the Gulf of America has been activated, which provides the US-based independent oil company, Cantium, with six monthly options commencing in January 2027.

Overall, Borr has seven of its jack-ups contracted in the Americas.

Rig acquisitions

Borr’s fleet of 24 jack-ups has an average age of 8.1 years, making it one of the youngest in the market. Overall, 23 of the firm’s rigs were active, with an average day rate of US$145,000 in 2025, according to a Borr presentation published in December.

The company has also signed a letter of intent to acquire five jack-ups from Noble for US$360M. These rigs include two Gusto MSC CJ50 design rigs built in 2008, and three Friede & Goldman JU-3000N design rigs built in 2013 and 2014. If completed, the acquisitions would increase the firm’s fleet to 29 rigs with an average age of 9.2 years.

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