Borr Drilling (NYSE:BORR) +9.3% pre-market Tuesday after announcing new contract commitments for three of its premium jack-up rigs, with other rigs in its fleet also preparing for drilling jobs.

Borr (NYSE:BORR) said it secured new awards for the rigs Thor, Gerd and Norve, with an expected combined duration of 774 days and estimated contract revenues of ~$120M.

The company also received remobilization notices for the rigs Galar, Grid and Gersemi, which were previously suspended in Mexico by client Pemex.

Also, Borr (BORR) said the start of long-term contracts for the rigs Arabia I and Vali will enable it to invoice $48M in lump-sum mobilization revenues.

"With the above developments, six of our rigs that were idle for part or the whole of first quarter of 2025 are set to resume operations, laying the foundation for a significant improvement in utilization, revenue and EBITDA starting in the second quarter 2025 and beyond," the company said.