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Borr Drilling Ltd (BDRILL.OL)

BDRILL.OL on Oslo Stock Exchange

24.00NOK
14 Dec 2018
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Latest Key Developments (Source: Significant Developments)

Director Fredrik Halvorsen increases ownership in Borr Drilling
Wednesday, 12 Dec 2018 01:52am EST 

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 01:45pm EST 

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 12:17pm EST 

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 02:00am EST 

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 02:00am EST 

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 04:55pm EDT 

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

Borr Drilling Says Initiation Of Share Repurchase Program
Tuesday, 28 Aug 2018 04:55pm EDT 

Aug 28 (Reuters) - Borr Drilling Ltd ::BORR DRILLING LIMITED (BDRILL) - INITIATION OF SHARE REPURCHASE PROGRAM.BOARD APPROVED SHARE REPURCHASE PROGRAM FOR CO'S SHARES, TO BE PURCHASED IN OPEN MARKET AND LIMITED TO TOTAL AMOUNT OF $20 MILLION.SHARE REPURCHASE PROGRAM IS SET TO EXPIRE ON 30 DECEMBER 2018.  Full Article

Borr Drilling sees outlook improving as Q2 net loss shrinks
Thursday, 23 Aug 2018 02:01am EDT 

Aug 23 (Reuters) - Borr Drilling Ltd ::BORR DRILLING Q2 NET LOSS $7.4 MILLION VERSUS YEAR-AGO LOSS $11.8 MILLION.OPERATING REVENUES WERE $51.1 MILLION FOR THREE MONTHS ENDED JUNE 30, 2018 (VERSUS ZERO IN Q2 2017).THE FOCUS FOR THE REMAINDER OF THE YEAR WILL BE TO CONTINUE TO DELIVER A HIGH STANDARD OF OPERATIONAL PERFORMANCE, KEEP CONTROL OVER COST AND BE MORE ACTIVE IN THE CHARTERING MARKET.WE ARE OPTIMISTIC THAT WE WITHIN THE NEXT TWO YEARS WILL BE ABLE TO SECURE FINANCIALLY ATTRACTIVE CONTRACTS FOR A HIGH PERCENTAGE OF OUR FLEET OF 29 MODERN JACK UPS.THE INCREASED ACTIVITY WILL TO A LARGE EXTENT BE FOCUSED AROUND MARKETS IN THE MIDDLE EAST, WEST AFRICA, MEXICO AND THE NORTH SEA.RECENT TENDERS AND DISCUSSIONS WITH OPERATORS SHOW A STRONG LIKELIHOOD OF AN ACCELERATED JACK-UP MARKET IMPROVEMENT TOWARDS 2019.EXPECTS TO HAVE TWO NEWLY BUILT RIGS AND A NORTH SEA BASED JACK-UP RIG RAN CONTRACTED AT COMMERCIALLY ATTRACTIVE RATES BEFORE THE END OF THE YEAR.  Full Article

BRIEF-Borr Drilling Q1 net loss widens to $33.8 mln
Thursday, 31 May 2018 02:24am EDT 

Repeats to attach to additional alerts:OPERATING REVENUES WERE US$10.6 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 (US$0 IN Q1 2017).BORR DRILLING Q1 OPERATING LOSS $52.5 VERSUS YEAR-AGO LOSS $4.9 MILLION.BORR DRILLING Q1 NET LOSS $33.8 VERSUS YEAR-AGO LOSS $4.9 MILLION.AS OF MARCH 31, 2018, COMPANY'S CASH AND CASH EQUIVALENTS AMOUNTED TO US$51.5 MILLION.AVAILABLE LIQUIDITY AS OF TODAY, NET OF UP-FRONT PAYMENT TO KEPPEL OF US $288 MILLION, IS IN EXCESS OF US $300 MILLION.OPERATING REVENUES WERE US$10.6 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 (US$ NIL IN Q1 2017.IS CURRENTLY IN DISCUSSIONS WITH SEVERAL OIL MAJORS FOR MULTI-RIG, MULTI-YEAR EMPLOYMENT.COMPETITION ON NEW OPPORTUNITIES REMAIN HIGH AND EXCLUDING NICHE MARKETS, DAYRATE LEVEL REMAIN AROUND OPERATING CASH BREAKEVEN FOR THE INDUSTRY.HAS RECEIVED SEVERAL APPROACHES FROM POTENTIAL BUYERS OF THE NORTH-SEA SEMI-SUBMERSIBLE MSS1.THE COMPANY IS NOW ENTERING A PHASE WHERE THE MARKET FOR ATTRACTIVE ASSETS AND ATTRACTIVE M&A OPPORTUNITIES IS BECOMING LIMITED.RETAINS ITS POSITION TO BE CAUTIOUS ABOUT PURSUING CONTRACT OPPORTUNITIES THAT ARE LONG DATED AT CLOSE TO CASH BREAKEVEN DAY-RATE LEVELS.MANAGEMENT ANTICIPATE TO ENTER INTO SEVERAL MORE RIG CONTRACTS IN 2018, BUT SHAREHOLDERS SHOULD NOT EXPECT SIGNIFICANT UPTICK IN CONTRACTING UNTIL 2019.MARKETED UTILIZATION FOR THE GLOBAL JACK-UP FLEET CURRENTLY STANDS AT 74%, THREE PERCENTAGE POINTS HIGHER THAN AT THE START OF THE YEAR.  Full Article

Borr Drilling Q1 net loss widens to $33.8 mln
Thursday, 31 May 2018 02:24am EDT 

May 31 (Reuters) - Borr Drilling Ltd ::OPERATING REVENUES WERE US$10.6 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 (US$0 IN Q1 2017).BORR DRILLING Q1 OPERATING LOSS $52.5 VERSUS YEAR-AGO LOSS $4.9 MILLION.BORR DRILLING Q1 NET LOSS $33.8 VERSUS YEAR-AGO LOSS $4.9 MILLION.AS OF MARCH 31, 2018, COMPANY'S CASH AND CASH EQUIVALENTS AMOUNTED TO US$51.5 MILLION.AVAILABLE LIQUIDITY AS OF TODAY, NET OF UP-FRONT PAYMENT TO KEPPEL OF US $288 MILLION, IS IN EXCESS OF US $300 MILLION.OPERATING REVENUES WERE US$10.6 MILLION FOR THREE MONTHS ENDED MARCH 31, 2018 (US$ NIL IN Q1 2017.IS CURRENTLY IN DISCUSSIONS WITH SEVERAL OIL MAJORS FOR MULTI-RIG, MULTI-YEAR EMPLOYMENT.COMPETITION ON NEW OPPORTUNITIES REMAIN HIGH AND EXCLUDING NICHE MARKETS, DAYRATE LEVEL REMAIN AROUND OPERATING CASH BREAKEVEN FOR THE INDUSTRY.HAS RECEIVED SEVERAL APPROACHES FROM POTENTIAL BUYERS OF THE NORTH-SEA SEMI-SUBMERSIBLE MSS1.THE COMPANY IS NOW ENTERING A PHASE WHERE THE MARKET FOR ATTRACTIVE ASSETS AND ATTRACTIVE M&A OPPORTUNITIES IS BECOMING LIMITED.RETAINS ITS POSITION TO BE CAUTIOUS ABOUT PURSUING CONTRACT OPPORTUNITIES THAT ARE LONG DATED AT CLOSE TO CASH BREAKEVEN DAY-RATE LEVELS.MANAGEMENT ANTICIPATE TO ENTER INTO SEVERAL MORE RIG CONTRACTS IN 2018, BUT SHAREHOLDERS SHOULD NOT EXPECT SIGNIFICANT UPTICK IN CONTRACTING UNTIL 2019.MARKETED UTILIZATION FOR THE GLOBAL JACK-UP FLEET CURRENTLY STANDS AT 74%, THREE PERCENTAGE POINTS HIGHER THAN AT THE START OF THE YEAR.  Full Article