Btig Upgrades Borr Drilling On Rise In Jack: up rig activity

Borr Drilling

06/01/2023 16:41

(Updates)
    ** U.S.-listed shares  BORR.N  of oilfield services provider
Borr Drilling Ltd up 8.4% at $5.20, biggest daily pct gain in
nearly four months
    ** BTIG upgrades stock to "buy" from "neutral", with a PT of
$7
    ** Brokerage says activity in jack-up rigs increased by 3%
month-on-month in December, especially in the Middle East
    ** BORR's stock will continue to see an upside due to
improving jack-up market and rolling off contracts in 2023 and
2024 - BTIG
    ** Brokerage adds BORR has begun capturing higher pricing,
booking two rigs on long-term contracts above market rates
    ** Company's U.S.-listed shares more than doubled in 2022
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com))