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.

 

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