Offshore drilling contractor Borr Drilling has secured a contract extension for one of its premium jack-up rigs, which will enable the rig to continue carrying out operations offshore Thailand.
Borr Drilling’s Mist rig was hired by Mubadala Petroleum in July 2022 for an estimated duration of 210 days. With an estimated total contract value of $25.2 million, the assignment was expected to start in January 2023. However, Valeura Energy acquired in March 2023 operated interests in three offshore licences in the Gulf of Thailand from Mubadala Petroleum’s subsidiary, Busrakham Oil and Gas, thus, the rig now works for Valeura.
In an update on Friday, 23 June 2023, Borr Drilling revealed that it had won a contract extension for the Mist jack-up rig with Valeura Energy in Thailand.
Valeura Energy Inc (TSX:VLE) is an upstream oil & gas company, with a clear strategy to add value for shareholders. The Company has a strong balance sheet positioning it for potential inorganic growth opportunities in the near/medium-term, and substantial longer-term upside potential through an operated deep, tight gas play.
