BORR DRILLING LTD Stock Price, News & Analysis

Borr Drilling Limited will present its fourth quarter 2022 results on February 16, 2023, at 15:00 CET (9:00 AM New York time) via a webcast and conference call. Investors can access the presentation through a provided link and can register for the conference call to receive dial-in details. A replay of the call will be available post-event. For inquiries, contact Magnus Vaaler, CFO.

Borr Drilling Limited reported preliminary unaudited results for Q4 and full year 2022, revealing total operating revenues of $148.6 million, up 38% from Q3 2022. The net loss narrowed to $21.3 million, reducing by $33.6 million from the previous quarter. Cash and cash equivalents stood at $108.0 million. Adjusted EBITDA increased by 26% to $55.1 million. The total contract revenue backlog reached $1.7 billion, a 200% year-on-year increase. In January 2023, Borr raised $400 million through new bonds to refinance existing debt. The company aims for Adjusted EBITDA of $360 million to $400 million in 2023.

Borr Drilling Limited (NYSE: BORR) will release its fourth quarter 2022 financial results on February 16, 2023. A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time). Interested participants should join the call 10 minutes early. The earnings report and presentation will be accessible via the Investor Relations section of their website.

To participate, users can access a webcast or register for the conference call through provided links. A replay of the call will also be available afterward.

Borr Drilling Limited (NYSE: BORR) announced the awarding of a contract and two extensions for its jack-up drilling rigs 'Ran', 'Gerd', and 'Natt'. This development increases the company's backlog by approximately 625 days. The 'Ran' rig secured a contract with Fieldwood Energy in Mexico, valued at $7.5 million for two wells, starting in June 2023. 'Gerd' received a 10-month extension with a contract value of $40 million, keeping it contracted until January 2024. The 'Natt' rig's contract was extended by 270 days through ENI, with an estimated value of $22.7 million, expected to last until Q1 2024.

Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for February 23, 2023, to approve an increase in authorized share capital. This is in response to the successful placement of USD 250 million in senior unsecured convertible bonds, which was disclosed on January 25, 2023. The record date for shareholders eligible to vote at the meeting is set for February 6, 2023. Detailed information regarding the meeting and proxy forms will be available on the company's website and distributed through standard methods.

Borr Drilling Limited (NYSE: BORR) updated its preliminary revenue and EBITDA guidance for 2022 and 2023. For 2022, revenue is projected between $435-$450 million, with adjusted EBITDA of $152-$162 million, an increase from previous estimates of $375-$400 million in revenue and $115-$140 million for EBITDA. For 2023, Borr expects revenues of $740-$780 million and adjusted EBITDA of $360-$400 million. The year-end cash balance for 2022 is estimated at ~$105 million. CEO Patrick Schorn stated the company has activated 21 rigs and sees a favorable industry outlook.

Borr Drilling Limited (NYSE: BORR) announced the award of new contracts for two premium jack-up drilling rigs, increasing its backlog by approximately 2,030 days. The rig 'Frigg' secured a 5-year contract in the Middle East valued at $282 million, expected to start in Q3 2023. The rig 'Gunnlod' received a contract in Southeast Asia worth $27.5 million with a duration of 205 days, commencing in June 2023. Following these contracts, Borr Drilling now has 21 contracted rigs out of 22 delivered.

Borr Drilling Limited (NYSE and OSE: BORR) has announced its 2022 Annual General Meeting (AGM) to be held on September 30, 2022. The record date for voting is set for September 6, 2022. Relevant materials, including the notice and agenda, will be distributed prior to the meeting. This announcement fulfills disclosure requirements as per section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on August 25, 2022, in Hamilton, Bermuda, where shareholders approved an increase in authorized share capital from US$22 million to US$25.5 million. This change allows for the addition of 35 million common shares at a par value of US$0.10 each. This capital increase is necessary for the completion of the second settlement of a previously announced public offering expected on August 26, 2022. The offering was made under an effective shelf registration statement with the SEC.