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.
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