Borr Drilling signs deal to sell Atla jack-up drilling rig

Bermuda-based drilling contractor Borr Drilling has agreed to sell its cold stacked Atla jack-up drilling rig to an independent operator for an undisclosed price.

However, the drilling contractor said that with the previously announced sale of the Eir jack-up drilling rig, which was wrapped up in October, the company will register $13 million in total cash proceeds.

The sale of the Atla jack-up drilling rig is anticipated to be completed in Q4 2020.

Following the sale of the two jack-ups, Borr Drilling said that it will continue to deliver on its fleet strategy of offloading inactive, cold stacked units and concentrate on the modern and highly efficient core fleet consisting premium jack-up rigs.

Following the sale of the two rigs, the drilling contractor will have 28 modern assets that were built post 2011, and one remaining older cold stacked rig which is expected to be sold within the fourth quarter.