Borr Drilling Limited, the Bermudian-based oilfield services company, has reported a net loss of $7.4 million in the first quarter of the year, a decrease in loss of $13.9 million compared with the fourth quarter of 2022.

Total operating revenues in the quarter were $172 million, an increase of $23.4 million or 16 per cent, compared with the fourth quarter of 2022.

Cash and cash equivalents were $90.3 million at the end of the quarter.

Adjusted earnings before interest, depreciation and amortisation was $72.4 million, an increase of $17.3 million, or 31 per cent, compared with the fourth quarter of 2022.

Total contract revenue backlog as at March 31 was $1.64 billion, an increase of more than threefold compared with March 31, 2022.

Chief executive Patrick Schorn said: “The first quarter has evidenced our continued ability to add backlog at market-leading rates, confirming the tight supply of jack-up drilling rigs in the market.

“At the same time, we see positive prospects for continuing work for our rigs that are finishing their contracts at the end of this year, both with current customers as well as in new geographies with new clients.”