Borr Drilling to buy Transocean’s jack up fleet for $1.35 billion

Borr Drilling Ltd., Hamilton, Bermuda, has agreed to acquire 15 high-specification jack up rigs from Transocean Ltd. for $1.35 billion.

The 15 units comprise 10 of Transocean’s existing jack up fleet and 5 newbuilds under construction by Keppel FELS Ltd. The purchase price includes Transocean’s remaining contract backlog and remaining yard installments to Keppel FELS for the 5 newbuilds.

The deal is expected to close before the end of May.

Borr’s current fleet consists of the Borr Drilling Ran, formerly Hercules Triumph; and Borr Drilling Frigg, formerly Hercules Resilience. The units are KFELS Super A class design, built at Keppel, Singapore, in 2013. Borr took delivery of the units in January.

Excluding its outgoing jack up units, Transocean’s rig fleet comprises 30 ultradeepwater, 7 harsh-environment, 6 midwater, and 3 deepwater rigs.

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