Borr Drilling Limited, the Bermudian-based oilfield services company, has received a binding letter of intent for the premium jack-up drilling rig Prospector 5 from an undisclosed operator in West Africa.

The six-well firm programme is expected to commence during the fourth quarter of the year and has an estimated duration of 14 months plus options.

This LOI, which Borr said was expected to be converted into a contract shortly, had an estimated total contract value of $68.9 million, excluding options.

Borr is an international drilling contractor incorporated in Bermuda in 2016.

The company owns and operates jack-up drilling rigs of modern and high-specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide.