Brief: Borr Drilling Q1 Net Loss At $58.1 Mln

Borr Drilling

31/05/2021 07:08

May 31 (Reuters) - Borr Drilling Ltd  BDRILL.OL :
    * BORR DRILLING LIMITED ANNOUNCES TRADING UPDATE INCLUDING
KEY
FINANCIAL INFORMATION FOR FIRST QUARTER 2021
    * TOTAL OPERATING REVENUES OF $48.4 MILLION, NET LOSS OF
$58.1
MILLION AND ADJUSTED EBITDA OF $(10.6) MILLION FOR Q1 OF 2021
    * WE ARE ENCOURAGED BY SIGNS OF A RECOVERING SHALLOW WATER
RIG
MARKET SO FAR IN 2021
    * YEAR TO DATE, BORR HAS RECEIVED $15 MILLION IN CASH FROM
ITS JVS
WHICH IS A CONSIDERABLE IMPROVEMENT COMPARED TO PREVIOUS PERIODS
    * WE WILL HAVE 13 RIGS OPERATING AT END OF Q2, AND WE ARE
SEEING
HIGH PROBABILITY OF SECURING ADDITIONAL CONTRACTS FOR SEVERAL OF
OUR WARM STACKED RIGS DURING THE SECOND HALF OF THE YEAR

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

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