Borr Drilling said that it has been issued a binding letter of intent (LOI) for providing its Prospector 5 jack-up drilling rig for a six-well drilling program in West Africa.

The Bermuda-based drilling contractor did not disclose the name of the operator in West Africa.

According to Borr Drilling, the drilling campaign with its Prospector 5 jack-up drilling rig is likely to begin during the fourth quarter of this year. The estimated duration of the drilling program is 14 months plus options.

The LOI, which is shortly anticipated to be converted into a contract, has an estimated value of $68.9 million with the exclusion of options, said Borr Drilling.

  Bermuda, Borr Drilling, Oil and gas industry news, Oil and gas news, Prospector 5 rig, West Africa