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Borr Drilling Ltd announces results for first quarter 2019

Published by
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.

Read the article online at: https://www.oilfieldtechnology.com/special-reports/29052019/borr-drilling-ltd-announces-results-for-first-quarter-2019/

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