Borr Drilling reports Q2 net income of $800,000
Borr Drilling Limited, the Bermudian-based oilfield services company, has reported second-quarter net income of $800,000.
The company had total operating revenues of $187.5 million in the quarter.
Borr reported adjusted earnings before interest, taxes, depreciation and amortisation of $84 million.
Total contract revenue backlog as at June 30 was $1.65 billion.
To date in 2023, Borr has been awarded seven new contracts and six extensions to existing contracts representing 2,613 days and $376 million of potential revenue.
CEO Patrick Schorn said: "The second quarter of 2023 continued the positive trend experienced over the last several quarters, with an increase in revenue of nine per cent to $187.5 million and an increase in adjusted earnings before interest, tax, depreciation and amortisation of 16 per cent to $84 million.
“We continue to see positive development in the market for jack-up drilling rigs and year to date, we have been successful in securing seven new contracts and letters of award for a total estimated duration of 1,771 days and $289 million in contract value. This equates to market-leading day rates of approximately $163,000 per day (including mobilisation related revenues).”
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