Home Equities Score Borr Drilling Limited (BORR) stock is Gloomy today: Why is it so?

Borr Drilling Limited (BORR) stock is Gloomy today: Why is it so?

Shares of Borr Drilling Limited (BORR) stock were declining today on June 1, 2021, following the announcement of trading update and first quarter 2021 financial results. BORR stock price saw a downtrend of 1.91% to drop at $0.90 a share at the time of this writing. The previous trading was not so much attractive as BORR per share price was down by 1.80% at closing. Let’s look at the recent events in detail.

First Quarter 2021 Financial Results:

  • Borr generated total operating revenues of $48.4 million in the first quarter of 2021 while the previous year’s operating revenues for the same period were $60.2 million.  $9.2 million related party revenue followed by the  Mexican JV agreements amendment had been deducted from the total operating revenues.
  • Net loss for the BORR stock in the first quarter was reported at $58.1 million as compared to $59.1 million in the same quarter of the previous year.
  • The reduction of $9.2 million related party revenue resulted in adjusted EBITDA of $10.6 million otherwise it would have been $(1.4) million for the reported quarter. The previous year same period adjusted EBITDA was $9.0 million.
  • Total Operating expenses spent by BORR stock in the reported quarter were reduced to $88.8 million from $91.5 million in the same tenure of the prior year.
  • The operating loss suffered by BORR stock totaled $40.5 million in the first three months of 2021 while this operating loss was $25.4 million for the first three months of 2020.

Balance Sheet:

As of March 31, 2021, the cash balance of BORR stock was $49.0 million. The total assets were reduced to $3,169.5 million by the end of March as compared to $3,171.1 million by the end of December 2020.

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Business Developments:

  • Borr Drilling stock completed the equity offering on January 22, 2021, and raised total proceeds of $46 million.
  • In connection with the liquidity improvement plan, which was previously announced, the BORR stock had finalized the terms during the first quarter and executed agreements with its creditors.
  • Borr Drilling and its Drilling JVs had won 17 new contracts, extensions, exercised options, and LOAs/LOIs in the first quarter which represent 5,352 days of potential backlog and potential revenue of $458 million.

Conclusion:

BORR stock is passing through a hard time as far as market sentiment is concerned even after the announcement of first-quarter 2021 financial results due to a decrease in the operating revenue over the year. Hence investors eyeing BORR stock need to do deep research before adding this stock to their portfolio.

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