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Borr Drilling Ltd. (BORR) stock rises in the pre-market trading session. Here’s to know why?

Borr Drilling Ltd. (BORR) stock gained by 3.06% at the last trading close while the BORR stock price continued to rise by 4.45% at the last check in the pre-market. As of now, there is no recent news available regarding this rise in BORR stock. Borr Drilling Limited is a global drilling contractor that currently owns new and high-specification jack-up rigs that provide drilling facilities to the oil and gas exploration and development industry in water depths up to 400 feet. Borr Drilling is developed to make a difference, with a low cost base, a professional and experienced organizational culture, and a distinctive capital structure.

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What is happening?

On March 24, BORR announced that they are delighted to report that BORR has stepped into agreements that will add USD 48 million to the backlog over the next 590 days. BORR mentioned that they have received a letter of intent from an unidentified new operator in Nigeria for the rig “Natt” to begin operations in April 2021 for a period of 150 days, which is a clear continuation of its previous contract

Previously,

The previously announced letter of intent for the rig “Prospector 1” has been turned into a contract for four wells with Neptune as an option. Furthermore, Tulip has awarded Prospector 1 a three-well plus choice deal for operations in the Netherlands. As a consequence, the “Prospector 1” will be completely exploited in 2021 on the Dutch Continental Shelf with its carbon limiting SCR scheme, and BORR sees strong prospects for holding the rig going into the third quarter of 2022 if all options are exercised.

PTTEP has granted the rig “Gunnlod” an extension for eight additional wells in Malaysia, which will hold the rig operational until September 2021. The rig only has one more discretionary time to validate, which will hold it operational for the rest of the year.

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