Norwegian jackup specialist Borr Drilling has secured fresh contracts for two of its rigs, lifting visibility on its 2026 fleet schedule. The 2013 built Sif received a letter of award from an undisclosed operator in Suriname, with work running from July through October 2026.
The 2019 built Thor, currently working for Hoang Long and Hoan Vu Joint Operating Company in Vietnam through June 2026, picked up two consecutive jobs. PVEP Cuulong takes the rig for a two well, 100 day campaign from July to October, after which a separate undisclosed operator has it under contract from October 2026 to March 2027.
The fleet status update was not all positive. The Odin saw the start of its Cantium contract in the US Gulf of Mexico slip to June 2026, finishing in December. The Forseti, on bareboat charter to Noble Corp, was released from QatarEnergy LNG in May. Damage to Qatari LNG facilities during the recent Middle East conflict is expected to weigh on the country's rig demand for three to five years.
CEO Bruno Morand said the company has secured eight contract commitments since its last earnings report, representing over 1,100 days of firm work. Full year 2026 contract coverage has climbed to 71% at an average dayrate near $137,000, with second half coverage at 65%, up from 48% previously. Backlog stands above 2,250 days, worth $1.08bn.
The Borr fleet now numbers 29 modern jackups, all delivered after 2008, of which 24 are contracted or committed. Five sit in Southeast Asia, four in the Middle East and North Africa, five in West Africa, three in Europe, and seven in the Americas. The fresh awards underline a tight market for premium jackups even as Qatari demand softens, with operators in Latin America and Southeast Asia driving incremental day rate gains.