The Company will continue to operate the rigs under a services agreement which will ensure continuity for our customer

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Borr Drilling sells two standard jack-up drilling rigs. (Credit: C Morrison from Pixabay)

A wholly owned subsidiary of Borr Drilling has on sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020.

The Company will continue to operate the rigs under a services agreement which will ensure continuity for our customer.

The rigs are unencumbered, and the liquidity effect for the Company is equal to the sales proceeds. The Company expects to record a gain of approximately $11.5 million.

The sale of the rigs is in line with the Company’s long term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.

Source: Company Press Release