Borr Drilling Ltd, the Bermudian-based oilfield services company, has reported second quarter net income of $31.7 million, an increase of $17.3 million or 120 per cent compared with the first quarter of 2024.

Total operating revenues were $271.9 million, an increase of $37.9 million or 16 per cent compared with the prior quarter.

Adjusted earnings before interest, tax, depreciation and amortisation were $136.4 million, an increase of $19.6 million or 17 per cent compared with the first quarter.

Year to date, Borr said, the company has been awarded 14 new contract commitments, representing 3,537 days and $651 million of potential contract revenue.

This month, the company raised $150 million of additional principal amount of debt under the 2028 senior secured notes to finance the delivery of the newbuild Vali.

The board has declared a cash dividend of $0.10 per share for the quarter, to be paid on or about September 6.

Chief executive Patrick Schorn said: “The second quarter operational performance has been strong, with a technical utilisation rate of 99.2 per cent and an economic utilisation rate of 98.4 per cent.

“As a result, we have generated $253 million in adjusted ebitda year-to-date, positioning us well to meet our full-year 2024 adjusted ebitda guidance of $500 to $550 million.”