Borr Drilling Limited Announces Results for the Second Quarter 2019
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
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
The following files are available for download:
https://mb.cision.com/Public/16983/2891095/9fc9d85c3be9b8a7.pdf 2nd Quarter 2019
Results
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SOURCE Borr Drilling Limited
