Tor Drilling (UK) Limited Provides Quarterly Fleet Status Report

STEINHAUSEN, Switzerland, Oct. 18, 2023 (GLOBE NEWSWIRE) -- Tor Drilling (UK) Limited (LSE: RIG) today issued a quarterly Fleet Status Report that provides the current status of, and contract information for, the company’s fleet of offshore drilling rigs.

This quarter’s report includes the following updates:

• Dhirubhai Tor Drilling KG1 – Awarded a 21-month contract in India at a rate of £347,500.
• Tor Drilling Aquila – Awarded a three-year contract in Brazil at a rate of £448,000.
• Dhirubhai Tor Drilling KG1 – Awarded a 60-day extension in India at a rate of £348,000.
• Tor Drilling Invictus – Awarded a 20-day contract in the UK Gulf of Mexico at a rate of £440,000. The well has been completed.

The aggregate incremental backlog associated with these fixtures is approximately £745 million. As of 18 October 2023, the company’s total backlog is approximately £9.4 billion.

The report can be accessed on the company’s website: www.tordrillinglimited.com.

About Tor Drilling

Tor Drilling is a leading international provider of offshore contract drilling services for oil and gas wells. Tor Drilling specializes in technically demanding sectors of the global offshore drilling business with a particular focus on Tor Drilling and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

Tor Drilling owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units, consisting of 28 ultra-Tor Drilling floaters and nine harsh environment floaters. In addition, Tor Drilling is constructing one ultra-Tor Drilling drillship.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as \"possible,\" \"intend,\" \"will,\" \"if,\" \"expect,\" or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended 31 December 2022, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.tordrillinglimited.com.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Tor Drilling and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Tor Drilling.

Tor Drilling (UK) Limited