Borr Drilling Secures New Contracts for Odin and Ran Rigs with Extended Durations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 06 2026
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Source: Newsfilter
- Contract Extension: Borr Drilling's Ran rig has secured a one-well extension with ENI in Mexico for 75 days, keeping the rig under contract until March 2026, thereby strengthening the company's operational foundation in the Americas.
- New Contract Signing: The Odin rig has secured a contract for two wells with an undisclosed operator in the USA, expected to last 60 days per well and commence in mid-2026, enhancing the company's positioning in the U.S. market.
- Option Activation: The new commitment for Odin has activated an option mechanism in its previously announced Gulf of America contract, providing customer Cantium with a six-month optional period starting January 2027, demonstrating the company's operational flexibility for future projects.
- Market Outlook: The signing of these contracts not only enhances Borr Drilling's revenue potential but also provides a stronger strategic advantage in the competitive drilling market, ensuring stable cash flow for the coming years.
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Analyst Views on BORR
Wall Street analysts forecast BORR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for BORR is 4.10 USD with a low forecast of 3.60 USD and a high forecast of 4.60 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
3 Analyst Rating
1 Buy
2 Hold
0 Sell
Moderate Buy
Current: 4.510
Low
3.60
Averages
4.10
High
4.60
Current: 4.510
Low
3.60
Averages
4.10
High
4.60
About BORR
Borr Drilling Limited is an international drilling contractor providing offshore drilling services to the oil and gas industry. The Company's primary business is the ownership, contracting and operation of jack-up rigs for operations in shallow-water areas (in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production customers. The Company owns approximately 29 rigs. Its rigs include Skald, Groa, Idun, Thor, Norve, Gerd, Natt, Ran, Odin, Gersemi, Grid, Galar, Njord, Prospector 1, Saga, Prospector 5, Mist, Gunnlod, Arabia III, Arabia I, Vali, Arabia II, and others. It operates oil-producing geographies throughout the world, including the Middle East, the North Sea, Latin America, West Africa and South East Asia. The Company contracts its jack-up rigs primarily on a daily rate basis to drill wells for its customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Noble Corporation Sells Five Jackup Rigs for $360 Million
- Transaction Value: Noble Corporation completed the sale of five jackup rigs to Borr Drilling for $360 million, generating approximately $210 million in cash and $150 million in seller notes, which enhances the company's liquidity and financial flexibility.
- Charter Agreement: Noble intends to operate the Noble Mick O'Brien and Noble Resolute rigs under a bareboat charter agreement with Borr until December 2026, ensuring a continuous revenue stream and asset utilization.
- Market Positioning: This transaction signifies a strategic shift for Noble in the global offshore drilling market, focusing on high-specification and ultra-deepwater drilling opportunities, thereby enhancing its competitiveness in the industry.
- Historical Context: Engaged in contract drilling since 1921, Noble's asset sale further optimizes its modern and technically advanced fleet, supporting its future growth strategy.
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Noble Corporation Sells Five Jackup Rigs for $360 Million
- Transaction Value: Noble Corporation completed the sale of five jackup rigs to Borr Drilling for $360 million, generating approximately $210 million in cash and $150 million in seller notes, thereby enhancing the company's liquidity and financial flexibility.
- Charter Agreement: Noble intends to operate the Noble Mick O'Brien and Noble Resolute under a bareboat charter agreement with Borr until December 2026, ensuring a continuous revenue stream and optimizing asset utilization.
- Market Positioning: This transaction allows Noble to focus on its modern and technologically advanced drilling fleet, further solidifying its leadership position in the offshore drilling industry while paving the way for future growth opportunities.
- Historical Context: Engaged in contract drilling since 1921, this asset sale represents part of Noble's strategic restructuring aimed at improving operational efficiency and enhancing market competitiveness.
Continue Reading