Prospector 5 jack-up drilling rig : Borr Drilling to win $69m contract

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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.

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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.

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