Borr Drilling 4Q loss deepens

Jack-up rig fleet owner Borr Drilling reported a net loss for the fourth quarter of 2018.

The loss was $110.7 million down from a loss of $61,7 million in the corresponding quarter of 2017. Net loss in the third quarter of 2018 was $39 million.

On average, 8.6 rigs were operating during the fourth quarter of 2018 generating operating revenues of US$53.5 million compared to operating revenues of US$0.1 million in the fourth quarter of 2017 where only one rig had commenced operations just before the year-end.

Due to the difference in activity level between 2018 and 2017 in its results presentation, Borr decided it was better to compare Q4 2018 figures to Q3 2018 operating revenue figures.

According to the company, operating revenues were US$53.5 million for the three months ended December 31, 2018 versus US$49.7 million for the three months ended September 30, 2018, an increase of US$3.8 million.

The increase was driven by the “Mist” and the “Prospector 1” jack-up rigs starting commencing their contracts during the period, partly offset by the contract ending for the standard jack-up rig “L1112” (“Ed Holt”) at the end of the third quarter of 2018.

During the fourth quarter, Borr added a total backlog of 108 months with an estimated total revenue of US$257 million.

 

Share this article

Follow Offshore Energy Today

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply