Gyme jack-up drilling rig to be sold by Borr Drilling for $120m

Borr Drilling Limited has signed an agreement with an unrelated third party to divest the Gyme jack-up drilling rig for $120 million.

According to the Bermuda-based drilling contractor, the Gyme drilling rig is a 2018 PPL Pacific Class 400, which is currently in Singapore.

The Gyme rig is yet to be activated and hasn’t been contracted since the time of its delivery, said Borr Drilling.

The drilling contractor to the oil and gas industry said that the sale of the jack-up drilling rig is an undertaking by the firm under its latest refinancing with PPL Shipyard, which was closed earlier this month.

Borr Drilling will use the proceeds from the sale of the Gyme jack-up drilling rig to clear all outstanding amounts owed on the vessel, while the remaining amount will be applied for capitalizing the eight other drilling rigs financed by PPL Shipyard.

The sale of the Gyme drilling rig is likely to close in Q4 2022, said Borr Drilling.