OSLO, Norway, Oct. 28, 2020 /PRNewswire/ -- Borr Drilling
Limited (the "Company") (NYSE: "BORR", OSE: "BDRILL") has entered
into an agreement to sell its cold stacked jack-up drilling rig
"Atla" to an independent operator. The completion of the sale is
expected in the fourth quarter 2020. Together with the previously
announced sale of the standard jack-up drilling rig "Eir", which
has been completed in October, the Company will record total cash
proceeds of USD 13 million.
With the sale of these jack-ups, Borr Drilling continues to
deliver on its fleet strategy of divesting inactive, cold
stacked units and focus on the modern and highly efficient core
fleet of premium jack-up rigs. Following these rig sales, Borr
Drilling will have 28 modern assets built after 2011, and one
remaining older cold stacked rig which is likely to be sold
within the fourth quarter.
28 October 2020
Hamilton, Bermuda
Questions should be directed to:
Magnus Vaaler
VP Investor Relations and Treasury
+47 22 48 30 00
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Forward looking statements:
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expected", "likely" and "will" and similar expressions and include
statements relating to the completion of the sale of rigs, total
cash proceeds and other non-historical matters. Such
forward-looking statements are subject to risks, uncertainties and
other factors could cause actual events to differ materially from
the expectations expressed or implied by the forward-looking
statements included herein and other factors described in the
section entitled "Risk Factors" in our regulatory filings and
periodical reporting. These forward-looking statements are made
only as of the date of this release. We do not undertake to update
or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
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SOURCE Borr Drilling Limited