Saudi Aramco suspends Borr Drilling rig for up to one year
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Borr Drilling (NYSE:BORR) said Wednesday it received a notice of temporary suspension of operation for up to 12 months for its Arabia II rig, which was on charter in Saudi Arabia.
Borr's (BORR) KFELS B Class jack-up Arabia II was working for Saudi Aramco on a firm three-year contract that began in October 2022, with options for potential additional work.
Aramco has suspended the contracts of many of the jack-ups it had on hire this year following Saudi Arabia's decision not to move forward with expansion of its production capacity from 12M bbl/day to 13M bbl/day.
Separately, Borr (BORR) said it initiated a stock buyback program on November 12 for $10M of its common shares on the NYSE and OSE until no later than November 30.
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