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Borr Drilling Limited (BORR) Announces Agreement to Acquire Five Premium Jack-Up Rigs [Yahoo! Finance]

Borr Drilling Limited Common Shares (BORR) 
Company Research Source: Yahoo! Finance
8 that it entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation. These rigs include two Gusto MSC CJ50 design rigs and three Friede & Goldman JU-3000N design rigs for a total purchase price of $360 million. Management reported that the rigs hold complementary geographic footprint and specifications to the company's existing fleet, allowing Borr Drilling Limited (NYSE:BORR) to maximize the value of the assets by leveraging its platform. The acquisition would also position the company to offer a more versatile and larger fleet to its customers, as its fleet size would increase from 24 to 29 rigs after the completion of the acquisition, bolstering its position as the youngest premium jack-up fleet owner across the globe. Borr Drilling Limited (NYSE:BORR) reported that two of the rigs would be chartered back to the seller for 12 months on a bareboat basis, positioning the seller to complete the present drilling contracts for the rigs. In add Show less Read more
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