Borr Drilling has provided an update on plans to resume operations for several of its rigs in the Middle East that were previously disrupted by regional conflict. The company had evacuated workers from four rigs last month as the war intensified.

Resumption of Middle East Operations

The Arabia III rig has already resumed operations offshore Saudi Arabia in late March 2026. Furthermore, the company has received resumption notices for the Groa rig in Qatar and the Arabia II rig in the United Arab Emirates, with both units expected to recommence operations during April 2026. The fourth affected rig, the Forseti, which is operated by a third party under a bareboat charter, is undergoing preparations to resume operations in Qatar.

Context of Regional Disruption

The disruptions are attributed to geopolitical events in the Middle East, including Iran's retaliatory attacks on regional energy facilities and logistical challenges from the near-closure of the Strait of Hormuz. These events have affected several drilling players, with ADES Holding in Saudi Arabia also reporting suspensions of some of its offshore rigs.

Update on Other Regions and Contracting Strategy

In Southeast Asia, Borr's rig Skald has received a binding letter of award from an undisclosed operator. This campaign is expected to commence in the second quarter of 2026 and has an estimated duration of six months. The company's overall fleet contracting coverage now stands at 70% for the full year 2026.

Market Outlook

The recent events are seen as creating an environment of elevated commodity prices and a renewed focus on energy security, which is expected to accelerate rig activity. Discussions with customers indicate an increased sense of urgency in awarding existing tenders and bringing forward certain drilling programs.