HAMILTON, Bermuda, Aug. 29, 2019 /PRNewswire/ -- Borr Drilling
Limited ("Borr", "Borr Drilling" or the "Company") announces
unaudited results for the three and six months ended June 30, 2019
Highlights in the second quarter 2019
- Operating revenues of $86.6
million, net loss of $103.2
million and Adjusted EBITDA of negative $4.9 million for the second quarter of 2019
- The results include a $31.5
million mark to market loss related to forward contracts the
Company acquired in Rowan/Ensco (renamed Valaris PLC) in 2018. The
share price of Valaris was as of June 30,
2019 $8.53. This relates to a
total exposure of 4.2 million shares in Valaris which has remained
unchanged in 2019
- Technical utilisation for the operating rigs was 98.8% in the
second quarter and 99.0% for the first six months of 2019
- Completed loan financings in a total amount of $645 million
- Completed the successful activation/reactivation programmes and
commencement of contracts for five premium jack-up drilling
rigs
- Entered into an agreement to sell three standard jack-up rigs
for non-drilling activities with total net cash proceeds of
$9 million, two of which were sold in
May 2019, and the third expected to
be sold early 2020
Subsequent events
- Completed an initial public offering on the New York Stock
Exchange under the ticker BORR, issuing 5,750,000 shares at a price
of $9.30 per share
- Commenced two 18-month contracts for two premium newbuild
jack-up rigs with Pemex in Mexico
in August 2019, under an integrated
services model, bringing the total number of rigs in operation to
15
- We have, since the beginning of 2019 secured nine contracts for
seven rigs with revenue backlog in a total of approximately
$300 million
The full report is available in the enclosed file
August 29, 2019
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Questions should be directed to:
Svend Anton Maier: Chief Executive
Officer, Borr Drilling Management, +47-41427129
Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling
Management, +47-90088411
2nd Quarter 2019 Results
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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SOURCE Borr Drilling Limited