Borr set to benefit from strengthening market
Borr Drilling Limited, the Bermuda-based oilfield services company, has announced a net loss of $32.6 million for the third quarter.
The company said its preliminary unaudited results for the quarter are an improvement of $27.3 million compared to the second quarter of 2021.
Borr reported total operating revenues of $73 million, an increase of $18.2 million (33 per cent) compared to the second quarter.
Cash and cash equivalents at the end of the third quarter was $68.9 million, an increase of $36.5 million from the end of the second quarter.
Borr reported adjusted EBITDA of $20 million, an increase of $16.3 million (441 per cent) compared to the second quarter.
Chief executive officer Patrick Schorn said: "We are pleased with the performance in the third quarter of 2021, marking a significant milestone in the operational turnaround efforts led by our teams around the world.
“Our 13 operating rigs provided solid EBITDA and positive cash flows in the quarter. The cash position is further positively impacted by the sale of our integrated well services joint ventures and streamlining our Mexico operations.”
He added: “Since our last report in August, we have continued adding backlog with currently 17 rigs being contracted or committed which will lead to three additional warm stacked rigs being activated.
“We see stronger customer demand for our rigs through a higher frequency of commercial discussions and tendering in recent months. Coupled with the increase in recent tenders for multiyear, multi-rig contracts, this leads us to expect utilisation levels to improve rapidly.
“Our strong operational performance, customer reach, and fleet availability uniquely places Borr Drilling in a position to benefit from this strengthening market and we remain on track to fully contract our fleet of 23 delivered rigs by 2022.”