Btig Upgrades Borr Drilling To 'buy' On Rise In Jack: up activity

Borr Drilling

06/01/2023 11:47

** U.S.-listed shares of oilfield services provider Borr
Drilling Ltd  BORR.OL   BORR.N  gain ~2% at $4.9 premarket
    ** BTIG upgrades stock to "buy" from "neutral" with a PT of
$7
    ** Says activity in jack-up rigs increased by 3%
month-on-month in December, driven by the ramping up of activity
in the Middle East
    ** Brokerage says BORR's stock will continue to see an
upside due to improving jack-up market and rolling off contracts
in 2023 and 2024
    ** Adds BORR has begun capturing higher pricing, booking two
rigs on long-term contracts above market rates
    ** Shares of BORR were up 141.2% in 2022
 (Reporting by Shristi Achar A in Bengaluru)
 ((Shristi.AcharA@thomsonreuters.com;))