Borr Drilling Ltd, the Bermudian-based oilfield services company, has reported new contract commitments totalling 495 days and $82.2 million in contract revenue for three of its premium jack-up rigs, excluding mobilisation and demobilisation compensation.

The company said BW Energy, whose Bermuda office is one of nine worldwide, has extended the contract for the Norve by approximately two months through July 2024.

The Mist has secured a contract extension from a subsidiary of Valeura Energy in Thailand. It covers a firm term of 12 months starting in direct continuation to the current contract and will maintain the rig contracted through August 2025.

The Thor has received a binding letter of award from an undisclosed customer for work in South-East Asia.

This award will cover a firm scope of two wells, with an anticipated duration of 70 days, and is expected to commence in the third quarter of this year in direct continuation of its current commitment.

Following these new contracts, the company's fleet contract coverage is 87 per cent for 2024, including firm commitments and priced options, Borr said.

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Bermudian-based Cool Company Ltd, the liquefied natural gas shipping company, has entered into a new time charter agreement for one of its tri-fuel diesel electric vessels.

The 12-month time charter is with Santos Shipping Singapore Pte Ltd and is scheduled to commence in the first quarter of this year.

In the third quarter, the vessel is expected to undergo its scheduled dry dock, at which time the company also intends to upgrade the vessel to LNGe specifications.

CoolCo said upgrades include the addition of reliquefaction capability via state-of-the-art sub-coolers, as well as air lubrication systems and a range of optimisations and upgrades intended to enhance efficiency and reduce emissions.

In line with the anticipated enhanced performance profile of the vessel following the LNGe specification upgrades, the company said, the charter includes an innovative commercial mechanism to reward both the charterer and CoolCo.

“We are delighted with this innovative agreement that provides and aligns incentives between the owner and the charterer, which is expected to enhance efficiency and minimise emissions on one of our modern TFDE vessels,” said Richard Tyrrell, CEO of CoolCo.

“This groundbreaking charter is the first to incorporate our LNGe upgrade and our first with Santos. It serves as a model for joint participation in the benefits of our investment in upgrading existing vessels.”

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Bermudian-headquartered Ardmore Shipping Corporation, which owns and operates product and chemical tankers, has taken steps to modernise its fleet.

This month, Ardmore agreed to acquire a 2017 Japanese-built medium-range product tanker for $42 million, and in a separate transaction agreed to sell the 2010-built Ardmore Seafarer for $27.1 million.

Both transactions are expected to conclude in the first quarter of the year.

Also this month, Ardmore time chartered-out one of its chartered-in medium-range tankers for the remainder of its charter-in period at a rate representing a $2.7 million premium over the charter-in rate.