Borr Drilling Ltd, the Bermudian-based oilfield services company, has reported net income of $28.4 million in the 2023 fourth quarter, which is an increase of $28.1 million compared with the third quarter of the year.

The company had total operating revenues of $220.6 million, an increase of $29.1 million, or 15 per cent, compared with the prior quarter.

CEO Patrick Schorn said: "Our fourth-quarter performance has been strong, enabling us to close the year having achieved several major milestones.

“On the operational front, we finished the year with excellent technical utilisation for the quarter at 98.7 per cent and a total recordable injury frequency of 0.65, the latter being well below the industry average.

“These numbers reflect the professionalism of our operational team, who have activated rigs continuously for the last three years, and who have successfully commenced operations in numerous new countries and regions.”

He added: “On the contracting front, we closed the year with all of our 22 delivered rigs contracted. Over the course of 2023, we also secured several new contracts adding $728 million, at an implied rate of approximately $161,000 per day, to our revenue backlog, which stood at $1.75 billion at year end.”