Borr published their financial and fleet status update for the first quarter of 2021, which included 17 new contracts, extensions, exercised options and LOAs/LOIs.
Total operating revenues of $48.4 million, net loss of $58.1 million and Adjusted EBITDA of $(10.6) million for the first quarter of 2021.
Total operating revenues includes a reduction of related party revenues of $9.2 million recorded in the first quarter of 2021 relating to prior periods, following an amendment of our Mexican JV agreements regulating the treatment of standby rates charged for our rigs operating in the JVs. Without this reduction for prior periods, the Adjusted EBITDA would have been $(1.4) million for the quarter.
On January 22, 2021, we completed an equity offering raising total proceeds of $46 million. In January, the Company finalized the terms and executed agreements with certain of our creditors for the previously announced liquidity improvement plan.
New Contracts, Extensions and Amendments
Prospector 1:
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Signed Contract (from LOI): May 2021 to August 2021 and December 2021 to March 2022, Neptune, Netherlands
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Signed Contract: August 2021 to October 2021, Tulip, Netherlands
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Option Exercised: October 2021 to November 2021, Tulip, Netherlands
Norve:
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Option Exercised: August 2021 to September 2021, BWE, Gabon
Idun:
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Assignment of Contract: June 2021 to January 2022, Petronas, Malaysia
Gunnlod:
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Options Exercised: May 2021 to September 2021, PTTEP, Malaysia
Skald:
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Signed Contract (from LOA): June 2021 to June 2024, PTTEP, Thailand
Natt:
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Signed Contract : May 2021 to September 2021, Oriental, Nigeria
Letters of Award, Letter of Intent and Negotiations
Norve:
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LOI: December 2021 to April 2022, Undisclosed, Gabon
Saga:
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LOA : September 2021 to August 2022, Undisclosed, Malaysia
Odin:
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Incremental Work Scope: August 2021 to December 20222, Pemex, Mexico
Galar:
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Incremental Work Scope: October 2021 to December 2022, Pemex, Mexico
Njord:
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Incremental Work Scope: January 2022 to December 2022, Pemex, Mexico
Grid:
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Incremental Work Scope: March 2021 to December 2022, Pemex, Mexico
Gersemi
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Incremental Work Scope: March 2021 to December 2022, Pemex, Mexico
Source: Borr Drilling
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