Borr Drilling Limited (NYSE:BORR) has gained 10% in a month. The company announced securing a letter of Award for its high-quality jack-up boring rig “Mist” for a Southeast Asia operator. The program will commence on November 2021 for seven months, including options. Most importantly, the net start-up cash cost for the rig will be $1.75 million. The LOA will be converted into a contract increasing Borr Drilling’s contracted fleet rigs to around 15.
Recently Borr Drilling announced unaudited interim results for the quarter and six months ending June 30, 2021. The company reported a 13% QoQ increase in Q2 2021 to $54.8 million. However, net loss was $59.9 million representing a $5.5 million sequential increase attributable to the $21.7 million equity investments income drop associated with the IWS joint ventures in Mexico. In addition, the company reported adjusted EBITDA of around $3.7 million in Q2 relative to $14.4 million in the first quarter of 2021. So, BORR is worth keeping an eye on.
Market Reaction:
On Thursday, BORR stock moved up 3.80% at $0.7394 with more than 658K shares, compared to its average volume of 1.35 million shares. The stock has moved within a range of $0.7299 – 0.7498 after opening the trade at $0.73.
