Borr Drilling Limited - Temporary Suspension Notice

Rhea-AI Summary

Borr Drilling (NYSE: BORR) has received a notice of temporary suspension of operation for its rig 'Arabia II' in Saudi Arabia. The suspension period will last up to 12 months. The customer has yet to confirm the exact commencement date of the suspension.

Positive

• None.

Negative

• Rig Arabia II operations suspended for up to 12 months in Saudi Arabia
• Potential revenue loss during suspension period
• Uncertainty regarding suspension start date

News Market Reaction

-2.03%

1 alert

-2.03% News Effect

On the day this news was published, BORR declined 2.03%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAMILTON, Bermuda, Nov. 19, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) has received a notice of temporary suspension of operation for its rig "Arabia II", operating in Saudi Arabia. The temporary suspension will be for a period of up to 12 months. The commencement date of the suspension is still to be confirmed by the customer.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expected", "intends" and similar expressions and include statements relating to contract duration and suspension start and end dates, and other non-historical statements. Such forward looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to contracting, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---temporary-suspension-notice,c4068811

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SOURCE Borr Drilling Limited

FAQ

Why is Borr Drilling's Arabia II rig being suspended in Saudi Arabia?

The press release does not specify the reason for the temporary suspension of Arabia II rig operations in Saudi Arabia.

How long will Borr Drilling's Arabia II rig suspension last?

The temporary suspension will last for a period of up to 12 months.

When will Borr Drilling's Arabia II rig suspension begin?

The commencement date of the suspension has not yet been confirmed by the customer.

What is the impact of Arabia II rig suspension on Borr Drilling (BORR) operations?

The suspension will affect Borr Drilling's operations in Saudi Arabia, potentially impacting revenue generation from the Arabia II rig for up to 12 months.