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Borr Drilling Gets $213M Contract Extensions For Three Rigs In Mexico

Benzinga·10/27/2025 12:28:12
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Borr Drilling Limited (NYSE: BORR) (the "Company") today announced contract extensions for three of its premium jack-up rigs and provided an update on collections in Mexico.

The rigs Galar and Gersemi have each been awarded two-year firm contract extensions that will commence in direct continuation of their existing contracts in Mexico. The extensions also include two one-year unpriced options and improved commercial and payment terms. In addition, the rig Njord has received a contract extension through April 2026.

The contract value of the extensions is approximately $213 million1, excluding options. The Company remains in active discussions with its customer in Mexico regarding long-term extensions for contracts that expire in the second quarter of 2026.