En Español

Very usefull links


News links




Dow Jones

Oil price



Views and News





Borr Drilling USD 1.3 billion in new rigs rig deal could pave way for Mexico contracts -Danske Bank

Jack-up drilling rig from Maersk Drilling.

Reporting by Nerijus Adomaitis and Henrik Stolen

Petroleumworld 10 10 2017

Borr Drilling's acquisition of nine jack-up rigs from Singapore's PPL shipyard could provide it a competitive edge in seeking contracts off Mexico, Danske Bank analysts said.

The company has successfully raised $650 million to partly finance the $1.3 billion deal with Sembcorp Marine Ltd , a unit of PPL Shipyard Pte, by issuing 162.5 million new shares via private placement, the company said on Monday.

The agreed average price of around $140 million per rig represented 67 percent of the original yard turnkey contracts of $209 million, Danske Bank analysts said in a note

While the price was higher compared to what the company paid for jack-up rigs acquired earlier this year from Transocean , the acquisition still made Borr highly cost competitive, helping to enter a growing Mexico market, Danske added

“Obviously, we now have a large fleet and are looking at all the major shallow water basins, including Mexico, but it doesn't signals anything (specific),” the company's Chief Financial Officer Rune Magnus Lundetrae told Reuters

He added the company will consider acquiring more rigs, “if the price is good”, but had no immediate plans to do so.

Reporting by Nerijus Adomaitis and Henrik Stolen, editing by Terje Solsvik and Gwladys Fouche from Reuters.

reuters.com / 10 08 2017

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Nov 13-14 ;
Mexico City, Mexico






Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.