Bassoe: Borr Drilling takes jackup rig hoarding to a new level

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Borr raises $350 million in a matter of minutes as it takes a new bite out of the distressed asset fleet.


Whatever you think of Borr’s latest jackup deal with Keppel FELS, the fact is that they’re eating up the market while everyone else watches.

Yesterday, Borr announced the acquisition of five more premium newbuild jackups for a total price of $720 million, or $144 million per rig ($149 million if you include financing-related costs).

As part of the deal, Borr doesn’t have to take delivery of the rigs until Q4 2019 (one rig per quarter until Q4 2020) and they’ve arranged financing for $432 million of the purchase price which is non-amortizing over a five-year term plus a shorter-term bank facility of $200 million.

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