Borr Drilling announces sale of the jack-up drilling rig
Borr Drilling Limited has entered into an agreement to sell the jack-up drilling rig “Gyme” for a price of $120 million to an unrelated third party. The “Gyme” is a 2018 PPL Pacific Class 400 located in Singapore and has not been activated or contracted since its delivery, according to the company's release.
The sale of the rig is an undertaking by the company under its most recent refinancing with PPL Shipyard which was completed early October 2022. The proceeds from the sale will be applied to all outstanding amounts owed on the rig, and excess amounts will be applied to the capitalised interest for the eight other rigs financed by PPL. The transaction is expected to close in the fourth quarter 2022.
