Borr Drilling Limited - Temporary Suspension Mexico

Rhea-AI Summary

Borr Drilling (NYSE: BORR) has announced a temporary suspension of operations for three of its rigs - Galar, Gersemi, and Grid - in Mexico. The suspension period extends until March 31, 2025. Based on discussions with their customer, the company indicates that some or all of these rigs may resume operations before the end of the suspension period.

Positive

• Potential early resumption of operations before March 31, 2025

Negative

• Temporary suspension of three rigs in Mexico affecting revenue generation
• Uncertainty regarding exact resumption date of operations

News Market Reaction

-8.38%

1 alert

-8.38% News Effect

On the day this news was published, BORR declined 8.38%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAMILTON, Bermuda, Jan. 16, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE: "BORR") has received a notice of temporary suspension of operation for its rigs "Galar", "Gersemi" and "Grid", operating in Mexico. The temporary suspension will be for a period of up to 31 March 2025. Based on discussions with our customer, it is expected that some or all of these three rigs may be resuming operation prior to this date.

Hamilton, Bermuda
15 January 2025

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-mexico,c4092325

 

 

 

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SOURCE Borr Drilling Limited

FAQ

How long will Borr Drilling's Mexico operations be suspended?

The temporary suspension of operations for Borr Drilling's rigs in Mexico will last until March 31, 2025, though operations may resume earlier.

Which Borr Drilling rigs are affected by the Mexico suspension?

Three rigs are affected by the suspension: Galar, Gersemi, and Grid.

Will BORR's suspended rigs in Mexico resume operations before March 2025?

According to discussions with their customer, some or all of the three suspended rigs may resume operations before March 31, 2025.

How many rigs does Borr Drilling have suspended in Mexico as of January 2025?

Borr Drilling has three rigs suspended in Mexico as of January 2025: Galar, Gersemi, and Grid.