Borr Drilling Limited Announces Results for the Second Quarter 2019

Date : 08/29/2019 @ 7:55AM
Source : PR Newswire (US)
Stock : Borr Drilling Limited (BORR)
Quote : 5.89  -0.02 (-0.34%) @ 8:51PM
Borr Drilling share price Chart

Borr Drilling Limited Announces Results for the Second Quarter 2019

Borr Drilling (NYSE:BORR)
Historical Stock Chart

2 Months : From Aug 2019 to Oct 2019

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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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-results-for-the-second-quarter-2019,c2891095

The following files are available for download:

https://mb.cision.com/Public/16983/2891095/9fc9d85c3be9b8a7.pdf

2nd Quarter 2019 Results

Cision View original content:http://www.prnewswire.com/news-releases/borr-drilling-limited-announces-results-for-the-second-quarter-2019-300909004.html

SOURCE Borr Drilling Limited

Copyright 2019 PR Newswire

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