Borr Drilling enters into new financing arrangement for jackup drilling rig

A Keppel FELS jackup drilling rig from the same series as Tivar (Photo: Keppel)

Borr Drilling has entered into a new financing arrangement for the newbuild jackup rig Tivar, which is scheduled to be delivered from Singapore’s Keppel FELS in July 2020.

The existing US$50 million bank delivery financing for the rig will be replaced with a new US$100 million take out facility maturing on December 31, 2021.

As part of the agreement, the delivery of the jackup rigs Vale and Var are conditional upon full repayment of the facility or can be carried out 180 days after an early repayment of the financing.

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