Brief: Borr Drilling Preliminary Q2 Adjusted EBITDA Loss $1.9 Million

Borr Drilling

28/08/2020 07:18

Aug 28 (Reuters) - Borr Drilling Ltd  BDRILL.OL :
    * BORR DRILLING Q2 OPERATING REVENUE $84.0 MILLION
    * BORR DRILLING Q2 ADJUSTED EBITDA LOSS $1.9 MILLION
    * BORR DRILLING Q2 NET LOSS $109.6 MILLION
    * WE ESTIMATE THAT COVID-19 IMPACTED OUR MEXICAN JVS
DIRECTLY BY
$5.5 MILLION IN LOST REVENUE AND ADDITIONAL EXPENSES COMBINED
    * OPERATIONS OF OUR MEXICAN JVS HAVE SUFFERED FROM IRREGULAR
PAYMENTS AND DIFFICULTIES WITH FACTORING OF RECEIVABLES, WHICH
IN TURN HAS PUT FURTHER STRAIN ON COMPANY'S LIQUIDITY POSITION
    * MAIN FOCUS FOR 2020 AND 2021 WILL BE TO IMPROVE CASH FLOW
AND
STRENGTHEN THE BALANCE SHEET
    * IS OF THE OPINION THAT THE INTERNATIONAL OIL AND GAS
ACTIVITY
WILL INCREASE IN THE NEXT YEARS, DRIVEN BY LOW COST ONSHORE AND
SHALLOW WATER DEVELOPMENTS
    * AS OIL PRICES CONTINUE TO IMPROVE, AND YEARS OF UNDER
INVESTMENT
NEEDS TO BE CAUGHT UP, CO EXPECTS A SOLID DEMAND FOR ITS UNITS
GOING FORWARD

Source text for Eikon:  ID:nObiT8lP6a 
Further company coverage:  BDRILL.OL 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))