Why Borr Drilling Shares Are Trading Higher

Borr Drilling Ltd BORR shares are trading higher by 10.93% to $5.48 Friday morning after the company announced it has been awarded new contracts for two of its premium jack-up drilling rigs.

The premium jack-up drilling rig "Frigg" has secured long-term contract from an undisclosed customer for work in the Middle East. The estimated contract value of the firm term, including mobilization fee, is $282 million.

The premium jack-up drilling rig "Gunnlod" has received a binding Letter of Award from an undisclosed customer for work in Southeast Asia. The estimated contract value is $27.5 million.

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These awards increase the company's contracted fleet to 21 rigs out of a total of 22 delivered rigs.

According to data from Benzinga Pro, Borr Drilling has a 52-week high of $6.96 and a 52-week low of $1.75.