(SeaPRwire) –   HAMILTON, Bermuda, April 13, 2026 — Borr Drilling Limited (listed on NYSE and Euronext Growth Oslo under the ticker BORR) (“Borr Drilling” or the “Company”) today shared operational updates on its fleet—including developments tied to the ongoing situation in the Middle East—and announced a new contract commitment.

In follow-up to the Company’s March 9, 2026 update about its four rigs deployed in the Middle East, the Arabia III restarted operations offshore Saudi Arabia in late March 2026. Additionally, the Company has received notices to resume operations for the Groa in Qatar and the Arabia II in the UAE, and expects these rigs to recommence activity during April 2026. The Company’s fourth rig in the region, the Forseti—operated by a third party under a bareboat charter—is also undergoing preparations to restart operations in Qatar.

In the Gulf of America, the Odin—originally scheduled to start operating earlier this year—faced delays due to additional maintenance work required before commencing its contract with Cantium. The rig is now projected to launch operations in April 2026.

In Southeast Asia, the Skald has received a binding letter of award from an undisclosed operator. The campaign is expected to begin in the second quarter of 2026 and has an estimated duration of six months.

Reflecting these updates and other fleet developments since the Company’s prior earnings report on February 18, 2026, our contract coverage for full-year 2026 stands at 70% with an average dayrate of approximately $134,000. Coverage for the first and second halves of 2026 is 78% and 62%, respectively.

Borr Drilling CEO Bruno Morand said, “I want to thank our onshore and offshore teams for their efforts in safely and effectively managing the disruptions caused by geopolitical events in the Middle East.”

“Meanwhile, we have continued to execute our contracting strategy, securing key near-term coverage for our fleet—now at 70% for full-year 2026. Recent events are creating an environment where elevated commodity prices and renewed focus on energy security are expected to accelerate rig activity. Our recent discussions with customers confirm early signs of this trend, as we see an increased sense of urgency in awarding existing tenders and advancing certain drilling programs. Our young and expanded fleet positions us well to serve our customers as this trend further develops.”

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016. It has been listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker “BORR”. The Company owns and operates modern, high-specification jack-up rigs and provides services focused on the shallow-water segment to the global offshore oil and gas industry. Please visit our website at www.borrdrilling.com.

Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by terms such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “should”, “will”, “likely”, “aim”, “plan”, “guidance” and similar expressions. These statements cover topics like the start or restart of rig operations and their expected timing, new contract commitments (including associated start dates and durations), demand for drilling rig services, projected acceleration of rig activity, tendering activity, drilling programs, contract coverage (including average dayrates), and other non-historical claims. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied herein. These factors include risks related to the expected restart of rig operations and new contract commitments (including their start dates and durations), contract coverage and dayrates, rig performance under contracts, challenges in starting or restarting operations as scheduled, the risk that tender activity and demand for drilling services/programs do not materialize as expected, backlog not meeting expectations, contracts not coming to fruition, market trend risks, and other uncertainties outlined in our annual report on Form 20-F for the year ended December 31, 2025 and other filings with the Securities and Exchange Commission. These risks and factors could lead to actual outcomes differing significantly from the forward-looking statements. These statements are only valid as of the date of this release. We do not undertake to update or revise these forward-looking statements, whether due to new information, future events, or any other reason.

CONTACT:
For inquiries, please reach out to: Magnus Vaaler, Chief Financial Officer, +44 1224 289208

This information is provided by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited—operational-and-contracting-updates,c4333792

SOURCE Borr Drilling Limited