A wholly owned subsidiary of Borr Drilling Limited (the “Company”), (NYSE: “BORR”, OSE: “BDRILL”) has on April 30, 2020, sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, including the associated backlog effective from April 1, 2020. The Company will continue to operate the rigs under a services agreement which will ensure continuity for our customer. The rigs are unencumbered, and the liquidity effect for the Company is equal to the sales proceeds. The Company expects to record a gain of approximately $11.5 million.
The sale of the rigs is in line with the Company’s long term strategy to focus on the operation of its core fleet of modern jack-up drilling rigs.