Highlights:
-
Activating Ran, Gerd, Groa and Mist for contracts – 17 rigs currently committed
-
The Company had ten rigs available in Q2 – now reduced to six
-
Activating Ran, Gerd, Groa and Mist for contracts – 17 rigs currently committed
-
Cash balance doubled from Q2 to Q3
-
First milestone reached with regards to extending the 2023 debt maturities and commitments
-
Borr Drilling is increasingly well positioned to capitalize on the upturn
Revenues: Increased by $18.2 million or 33% in comparison to the prior quarter primarily as a result of an increase in related party revenues and number of rig operating days
Rig operating and maintenance expenses: Decreased by $1.8 million in comparison to the prior quarter
Total financial expenses: Reflects the relatively low capital cost of the Company’s debt, at an average interest rate of 4.7% YTD
Adjusted EBITDA: Increased by $16.3 million quarter on quarter
Cash: Increased by $36.5 million in comparison to the prior quarter and is driven by:
-
Cash used in operations of $7.0 million which includes interest payments of $11.2 million
-
Cash from investing activities was $43.5 million, consisting of repayments from equity method investments (the Mexico JVs) of $38.7 million, and disposal of equity method investments of $10.6 million, offset by additions to jack-up rigs of $5.8 million.
Source: Borr Drilling
Join our mailing list here
