Borr Drilling said several rigs are moving back into operation as disruption in the Middle East eases and new contract activity adds to its 2026 schedule.
Among the company’s four rigs in the Middle East, Arabia III resumed work offshore Saudi Arabia in late March 2026. Borr Drilling also received restart notices for Groa in Qatar and Arabia II in the UAE. Both rigs are expected to resume operations in April 2026.
The fourth rig in the region, Forseti, is operated by a third party under a bareboat charter. The rig is now being prepared to return to service in Qatar.
Chief executive Bruno Morand said the company’s offshore and onshore teams had managed the interruption caused by geopolitical events in the Middle East in a safe and effective manner.
Outside the region, Odin was due to start work in the Gulf of America, or the U.S. Gulf of Mexico, earlier in the year. That start was pushed back because additional maintenance was required before the rig begins its contract with Cantium. The unit is now expected to start operations in April 2026.
In Southeast Asia, Skald has received a binding letter of award from an undisclosed operator. The campaign is scheduled to begin in Q2 2026 and is expected to run for about six months.
For full-year 2026, Borr Drilling said contract coverage stands at 70% at an average day rate of about $134,000. Coverage is 78% for the first half of the year and 62% for the second half.
Morand said recent events have supported higher commodity prices and renewed attention on energy security, which are expected to speed up rig activity. He added that recent talks with customers show earlier signs of this trend, with more urgency around awarding existing tenders and moving some drilling programs forward.
