Borr Drilling Limited (BORR) shares have lost 4.71% on Tuesday, October 5, 2021, pre-market, as of this writing. Currently, it is trading at $0.99 per share. yesterday in the after-hours, BORR shares surged 13.04% and closed the Monday trading at $1.04 per share.
Let’s have a brief look at its recent news and developments.
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Update about BORR jack-up drilling rigs
On September 2, 2021, Borr Drilling Limited secured a Letter of Award for the premium jack-up drilling rig Mist from an undisclosed operator in Southeast Asia. The program is expected to commence in November 2021 with a duration of seven months plus options. The net start-up cash cost for the rig is expected to be $1.75 million. This LOA will increase the company’s contracted fleet to 15 rigs.
Recently on August 11, 2021, the company secured a Letter of Award for the premium jack-up drilling rig Gunnlod from an undisclosed operator in Malaysia.
BORR recent financial results
On August 31, 2021, Borr Drilling Limited announced preliminary unaudited results for the three and six months ended June 30, 2021.
Q2 2021 financial highlights
- the company reported total revenue of $54.8 million for Q2 2021 compared to $48.2 million in Q1 2021.
- In Q2 2021, Rig operating and maintenance expenses were $47.4 million compared to $48.8 million for the first quarter of 2021.
- General and administrative expenses were $7.8 million for the second quarter of 2021 compared to $ 11.7 million in Q1 2021.
- It suffered a net loss of $59.9 million in Q2 2021 compared to a net loss of $ 54.4 million in Q2 2020.
Adjusted EBITDA was $3.7 million in Q2 2021 compared to a negative $10.7 million in Q1 2021.
On August 12, 2021, the board of directors of Borr Drilling Limited approved to grant 10,300,000 share options under the Company’s approved share option scheme to 23 of its employees, including two persons discharging managerial responsibilities.
Update about BORR share purchase
On July 9, 2021, Borr Drilling announced that the Chairman of Borr Drilling’s Board of Directors, Paal Kibsgaard, purchased 300,000 shares on NYSE at 0.8003 per share. after this purchase, Mr Kibsgaard, with close associates, owns 1,112,500 shares in the Company.
The company also reported that the Director of Borr Drilling, Neil Glass, also purchased 31,290 shares on NYSE at USD 0.77766 per share and now he owns 206,371 shares in the Company.
Well as of this writing, we are unable to justify its poor start on Tuesday. Also, there was no reason behind its after-hours gains on Monday. We hope that it will bounce back in the coming trading hours.