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Borr Drilling Ltd announces results for first quarter 2019

Published by , Digital Editorial Assistant
Oilfield Technology,

Borr Drilling Limited has announced its unaudited results for the first quarter of 2019.


Highlights in the first quarter 2019



  • Operating revenues of US$51.9 million, EBITDA of negative US$15.3 million and net loss of US$56.4 million for the first quarter of 2019.
  • Technical utilisation for the operating rigs was 99.1% in the first quarter of 2019.
  • Purchased a KFELS Super B Bigfoot jack-up newbuild, the ‘Thor’, from BOT Lease Co., Ltd. for a cash consideration of US$122.1 million, financed by a US$120 million bridge loan facility from two commercial banks.
  • Awarded two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico, under an integrated services model with our principal share-holder Schlumberger, with scheduled commencement mid-2019.
  • Secured US$160 million revolving credit and guarantee lines facility from two commercial banks.
  • Took delivery of the premium jack-up rig ‘Njord’ from PPL Shipyard including delivery financing of US$87.0 million.


To access the full report, please click here.

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