Borr Drilling Sells Cold-stacked Jack-up Rig


October 28, 2020

Illustration - A Jack-up drilling rig / Credit: Bomboman/AdobeStock

Illustration - A Jack-up drilling rig / Credit: Bomboman/AdobeStock

Offshore drilling contractor Borr Drilling has agreed to sell its 2003-built cold stacked jack-up drilling rig "Atla" to an unnamed 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," Borr Drilling said.

Oslo-listed Borr Drilling said that the sale of the two jack-ups was part of its strategy to focus on the modern jack-up rigs, and divest inactive, cold stacked units 

Following these rig sales, Borr Drilling will have 28 offshore rigs built after 2011, which Borr Drilling considers to be modern. One remaining older cold stacked rig is likely to be sold within the fourth quarter, Borr Drilling said.

The Atla rig that has just been sold, is a Friede & Goldman JU 2000 rig, built at PPL Shipyard in 2003.

The rig was previously owned by Transocean, under the name GSF Constellation I. In 2017, Transocean sold its whole jack-up rig fleet to Borr Drilling in a US$1.35 billion deal, to focus on deepwater ops.

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