The CEO of Borr Drilling, Patrick Schorn, has expressed concern over the low day-rates that drilling contractors are receiving for leasing their rigs in the North Sea. He noted that the North Sea is currently experiencing lower day-rate levels compared to the rest of the world. As a response to the challenging market conditions, Borr Drilling extended a short-term contract for its Prospector 1 rig in the North Sea, but Schorn referred to this as a "bridge" until more favorable long-term commitments can be secured in other regions.

There has been growing concern within the industry about an exodus of offshore rigs from the UK due to dwindling opportunities and lower rates compared to other regions. Over 30 jack-up rigs have reportedly left Europe, Asia, and the Americas for better opportunities in the Middle East in the past year, according to the North Sea chapter of the International Association of Drilling Contractors (IADC). Some operators, such as Apache, have canceled contracts with rig owners in the UK due to factors like windfall tax.

Borr Drilling revealed that it recently moved one of its vessels to the Middle East after a customer in West Africa canceled previously exercised options for one of their rigs. The company secured new work for the rig in the Middle East with more favorable economics and better long-term prospects.

Despite the challenges, Borr Drilling reported an increase in operating revenue for the second quarter of 2023 compared to the first quarter. The company's total contract revenue backlog stands at $1.65 billion, and they have secured seven new contracts and six extensions so far in the year.

Schorn's comments on the global rig market were part of Borr Drilling's announcement of its second-quarter and six-month results for 2023.