Edition:
United Kingdom

Borr Drilling Ltd (BDRILL.OL)

BDRILL.OL on Oslo Stock Exchange

84.14NOK
19 Jul 2019
Change (% chg)

kr2.94 (+3.62%)
Prev Close
kr81.20
Open
kr80.28
Day's High
kr84.42
Day's Low
kr79.72
Volume
173,887
Avg. Vol
271,262
52-wk High
kr199.00
52-wk Low
kr67.00

Latest Key Developments (Source: Significant Developments)

Borr Drilling Says LOIs For Saga And Skald Rigs Cancelled By Operator
Thursday, 2 May 2019 

May 2 (Reuters) - Borr Drilling Ltd ::BORR DRILLING SAYS LETTERS OF INTENT FOR SAGA AND SKALD DRILLING RIGS CANCELLED BY OPERATOR.  Full Article

Borr Drilling to buy rig for $122 mln
Monday, 1 Apr 2019 

April 1 (Reuters) - Borr Drilling Ltd ::BORR DRILLING LIMITED (BDRILL) - PURCHASE OF PREMIUM JACK-UP DRILLING RIG.BORR HAS COMPLETED PURCHASE AND TAKEN OWNERSHIP OF JACK-UP NEWBUILDING, HULL NO. B378 (FORMERLY NAMED HAKURYU-15), FOR A TOTAL CONSIDERATION OF USD 122 MILLION FROM BOT LEASE CO., LTD.BORR HAS NOW INCREASED NUMBER OF CONTRACTED AND COMMITTED UNITS FROM ZERO IN BEGINNING OF 2017, TO A TOTAL OF 18.BORR EXPECTS TO, BASED ON HAVING 18 RIGS IN OPERATION, BE GENERATING POSITIVE CASH FLOW AFTER TAKING INTO ACCOUNT OPERATING COST, LAYUP COST FOR REMAINING UNITS AND FINANCING COST.  Full Article

Borr Drilling wins contracts for 2 rigs with Pemex
Friday, 15 Mar 2019 

March 15 (Reuters) - Borr Drilling Ltd ::BORR DRILLING LIMITED (BDRILL) - CONTRACT AWARD FOR TWO PREMIUM JACK-UP.ONE OF ITS SUBSIDIARIES, IN PARTNERSHIP WITH OPEX PERFORADORA S.A. DE C.V., HAS RECEIVED AN OFFICIAL AWARD FROM PETROLEOS MEXICANOS ("PEMEX") FOR DELIVERY OF OFFSHORE WELLS IN MEXICO.WILL DELIVER A TOTAL OF 9 OFFSHORE DEVELOPMENT WELLS TO OUR CUSTOMER UNDER AN INTEGRATED SERVICES MODEL.SCOPE OF SERVICES WILL INCLUDE DEPLOYMENT OF TWO OF COMPANY'S PREMIUM NEW BUILD JACK-UPS, "GRID" AND "GERSEMI", BOTH OF PPL 400 DESIGN WHICH ARE BUILT TO MEET REQUIREMENTS OF PEMEX, FOR PERIOD ESTIMATED TO BE AROUND 18 MONTHS AND EXPECTED COMMENCEMENT IN MID-2019.FURTHER, UNDER THIS PROJECT, BORR WILL LEVERAGE ON ITS STRATEGIC COLLABORATION WITH OUR PARTNER AND MAIN SHAREHOLDER, SCHLUMBERGER, TO PROVIDE COMPREHENSIVE OILFIELD SERVICES AND DELIVER AN END-TO-END WELL SOLUTION TO OUR CUSTOMER.  Full Article

Market for offshore drillers recovering at last -Borr Drilling
Thursday, 28 Feb 2019 

Feb 28 (Reuters) - Borr Drilling Ltd ::BORR DRILLING Q4 REVENUES $53.5 MILLION.BORR DRILLING Q4 EBITDA LOSS $18.7 MILLION.BORR DRILLING Q4 NET LOSS $110.7 MILLION.THE TIGHTENING OF THE MARKET HAS LED TO A LACK OF RIG AVAILABILITY AMONG INCUMBENT DRILLING CONTRACTORS.THE COMPANY HAS IN THE SPACE OF 26 MONTHS GONE FROM HAVING ZERO TO 14 RIGS CONTRACTED. THE COMPANY EXPECTS TO BE CASH-FLOW POSITIVE IN TERMS OF CASH FROM OPERATIONS AT THE END OF THE SECOND QUARTER OF 2019 WHEN ALL OF THESE CONTRACTS HAVE COMMENCED.THIS IS A WATERSHED MOMENT IN THE HISTORY OF BORR COMPARED TO THE CASH-BURN EXPERIENCED IN 2018.: AS OF THE DATE OF THIS REPORT, THE COMPANY HAS ANOTHER 18 UNITS AVAILABLE FOR CONTRACTS, OF WHICH EIGHT ARE UNDER CONSTRUCTION, CREATING A SIGNIFICANT CASH-FLOW POTENTIAL FOR THE COMPANY.: THE BOARD IS OPTIMISTIC THAT BORR WILL HAVE A MAJOR PART OF ITS OPEN MARKETED CAPACITY CONTRACTED OUT AT ATTRACTIVE DAY RATE LEVELS BEFORE YEAR-END 2019.THE BOARD SEES CLEAR EVIDENCE THAT THE OFFSHORE CYCLE HAS TURNED AND HAS STARTED ITS PATH TO A HEALTHY RECOVERY DRIVEN BY OIL COMPANIES’ INCREASED FOCUS ON OFFSHORE.  Full Article

Director Fredrik Halvorsen increases ownership in Borr Drilling
Wednesday, 12 Dec 2018 

OSLO, Dec 12 (Reuters) - Borr Drilling::Fredrik Halvorsen, a director of Borr Drilling Limited (the "Company"), is the direct owner of 6,000,000 shares in the Company.He furthermore controlled 12,271,100 shares held by Ubon Partners AS (where he was a 33,33 pct shareholder).The three shareholders in Ubon Partners AS has, effective on 30 November 2018, agreed to a restructuring of their ownership therein. Mr. Halvorsen and Mr. OJ Winge has thus acquired Mr. Geir L. Olsen's shares whereafter they will own 50 pct each of Ubon Partners AS.Following the restructuring of Ubon Partners AS, Mr Halvorsen's beneficial ownership in Borr Drilling has increased to 11,635,550 shares (from 10,090,367).Consequently, Mr Halvorsen controls 17,271,100 shares directly and indirectly through his ownership in Ubon Partners AS.  Full Article

Borr Drilling Purchases 400,000 Of Own Shares At Average Price Of NOK 27.1632 Per Share
Friday, 30 Nov 2018 

Nov 30 (Reuters) - Borr Drilling Ltd ::PURCHASED 400,000 OF ITS OWN SHARES AT AN AVERAGE PRICE OF NOK 27.1632 PER SHARE.  Full Article

Borr Drilling CEO sees rig market strong despite recent oil price fall
Wednesday, 21 Nov 2018 

Nov 21 (Reuters) - Borr Drilling Ltd Chief Executive Sven Anton Maier told analysts during the third-quarter earnings call: :BORR DRILLING CEO SAYS THE COMPANY DOESN'T EXPECT RECENT SLIPPAGE IN OIL PRICE TO HAVE A SIGNIFICANT IMPACT ON THE DRILLING RIG DEMAND.SAYS MOST OF ONGOING TENDERS FOR SHALLOW WATER RIGS ARE DRIVEN BY DEMAND FROM NATIONAL OIL COMPANIES OR THEY WERE INITIATED AT LOWER OIL PRICE ENVIRONMENT.SAYS GLOBAL UTILIZATION RATES FOR MODERN JACK-UP RIGS ARE CURRENTLY AT 79 PCT, 10 PCT UP FROM THE BOTTOM OF THE CYCLE.SAYS UTILIZATION RATES IN THE NORTH SEA, THE MIDDLE EAST AND WEST AFRICA ARE APPROACHING CRITICAL LEVELS, IMPROVING PRICING POWERS OF RIG FIRMS.SAYS JACK-UP DAY RATES IN THE NORTH SEA ARE APPROACHING OR EXCEEDING THE $100,000 MARK.SAYS DEMAND IN THE NORTH SEA COULD SLOW DOWN OVER THE WINTER PERIOD, BUT WILL ACCELERATE STRONGLY IN Q2 2019.  Full Article

Borr Drilling Q3 net loss $39 mln, eyes contracts, cost cuts
Wednesday, 21 Nov 2018 

Nov 21 (Reuters) - Borr Drilling Ltd ::Q3 OPERATING REVENUES OF $49.7 MILLION, EBITDA OF NEGATIVE $10.3 MILLION AND NET LOSS OF $39.1 MILLION.BORR DRILLING: SUPPORTED BY THE ENQUIRIES WE TODAY SEE IN THE MARKET AND THE STRONG FOCUS ON MODERN EQUIPMENT, WE SEE A GOOD LIKELIHOOD THAT WE IN THE NEXT 6 MONTHS WILL BE ABLE TO CONTRACT THE 4 RIGS CURRENTLY UNDER ACTIVATION AS WELL AS FURTHER UNITS AT ATTRACTIVE RATES.BORR DRILLING: THE INCREASED ACTIVITY WILL TO A LARGE EXTENT BE FOCUSED AROUND MARKETS IN THE MIDDLE EAST, WEST AFRICA, MEXICO AND THE NORTH SEA.BORR DRILLING: BOARD PAYS STRONG ATTENTION TO THE COMPANY’S CURRENT NEGATIVE CASH-FLOW AND WORKS ACTIVELY WITH THE MANAGEMENT TO FURTHER REDUCE THE COST BASE.BORR DRILLING: THE COMPANY HAS A STRONG BALANCE SHEET AND LOW ACQUISITION COST, WHICH GIVES US A GOOD OPPORTUNITY TO BE PATIENCE AND ACT RATIONALLY IN A MARKET, THAT MIGHT SHOW SHORT-TERM VOLATILITY.BORR DRILLING: UNDERLYING RECOVERY OF THE JACK-UP MARKET IS SUPPORTED BY TWO STRONG FUNDAMENTALS.BORR DRILLING: AT THE END OF THE THIRD QUARTER, THE COMPANY HAD US$210.6 MILLION OF AVAILABLE LIQUIDITY. IN ADDITION, THE COMPANY HAS UNENCUMBERED ASSETS COMPRISING 8 PREMIUM RIGS AND 6 STANDARD RIGS, WHEREOF FIVE ARE ON CONTRACT.BORR: IN THE THIRD QUARTER OF 2018, THE COMPANY ANNOUNCED SUCCESSFUL COMMITMENTS FOR THREE OF ITS NEWBUILD JACK-UP RIGS AND ITS NORTH SEA BASED JACK-UP RIG “RAN” FOR ESTIMATED COMMENCEMENT OF OPERATIONS IN THE FIRST QUARTER OF 2019.  Full Article

Borr Drilling Q3 EBITDA Negative of $10.3 Million
Wednesday, 21 Nov 2018 

Nov 21 (Reuters) - Borr Drilling Ltd ::Q3 OPERATING REVENUES OF $49.7 MILLION.Q3 EBITDA OF NEGATIVE $10.3 MILLION.Q3 NET LOSS OF $39.1 MILLION.  Full Article

Borr Drilling initiates share repurchase program of $20 mln
Tuesday, 28 Aug 2018 

Aug 28 (Reuters) - Borr Drilling Ltd ::BORR DRILLING LIMITED (BDRILL) - INITIATION OF SHARE REPURCHASE PROGRAM.THE BOARD OF DIRECTORS IN BORR DRILLING LIMITED (THE “COMPANY”) HAS TODAY APPROVED A SHARE REPURCHASE PROGRAM FOR THE COMPANY’S SHARES, TO BE PURCHASED IN THE OPEN MARKET AND LIMITED TO A TOTAL AMOUNT OF USD 20,000,000.THE SHARE REPURCHASE PROGRAM IS SET TO EXPIRE ON 30 DECEMBER 2018.  Full Article