The chief executive officer of Borr Drilling Limited, the oilfield services company based in Bermuda, remains optimistic despite a $51.3 million net loss reported by the company for the first quarter of the year.

Patrick Schorn said: “We are pleased with our financial performance in the first quarter, taking into account the increased number of rigs we are preparing for operations.

“We expect revenues, adjusted EBITDA and cash from operations to show solid increases in the next quarters both as a result of these rigs commencing work in addition to the rollover of contracts at higher day rates.”

The first quarter loss was an increase of $5.2 million compared to the loss in the fourth quarter of 2021.

The company reported total operating revenues of $82 million, an increase of $12.9 million or 19 per cent compared to the fourth quarter.

Cash and cash equivalents were $50.1 million and restricted cash was $8.2 million at the end of the first quarter, an increase of $12.3 million from the end of the fourth quarter.

Adjusted EBITDA was $21.4 million, a decrease of $3.6 million compared to the fourth quarter.

The company raised net proceeds of $28.9 million in equity offering in January, and $5.1 million under its at-the-market (ATM) programme during the quarter.

Borr said it raised an additional $3.7 million under its ATM programme in April.

Year to date, Borr said, it has been awarded ten new contracts, extensions, exercised options and letters of award representing 4,232 days, or 11.6 years, and $487.4 million of potential revenue (including mobilisation revenues but excluding options).