Borr Drilling Limited, the Bermudian-based oilfield services company, has reported a net loss of $54.9 million in the third quarter of the year, a decrease in loss of $110.4 million compared with the second quarter of 2022.

Announcing preliminary unaudited results, Borr said total operating revenues were $107.9 million, an increase of $2.6 million or 2 per cent compared with the second quarter.

Cash and cash equivalents were $279 million at the end of the quarter, an increase of $249.3 million from the end of the second quarter.

Adjusted ebitda was $43.9 million, an increase of $6.9 million or 19 per cent compared with the second quarter.

During the quarter, Borr completed an equity offering for gross proceeds of $274.9 million associated with the refinancing of its secured debt to 2025.

Chief executive Patrick Schorn said: "Third-quarter performance showed a robust improvement in earnings while revenue has been relatively flat versus the second quarter due to several rigs changing customer.

“The focus of the operational team has been to further streamline our operating costs which has been a contributor to a solid increase in adjusted ebitda quarter on quarter.

“During the third quarter, we have also completed the activation and contract preparation of the new-build rigs Arabia I and Arabia II, and I am pleased to announce that these rigs have successfully started operating for Saudi Aramco earlier in the fourth quarter.

“With these additional rigs coming into operation, we expect fourth-quarter revenue to be well over 25 per cent higher in comparison with the third quarter.”