Borr Drilling (BORR) has released an update.
Borr Drilling Limited reported a 6% increase in operating revenues to $234 million in Q1 2024, although net income fell by $14 million compared to the previous quarter. Significant new contracts were secured, amounting to 1,743 days and $318 million in potential revenue, alongside raising $200 million in debt and doubling the quarterly cash dividend to $0.10 per share. Despite a contract suspension post-quarter, the company’s outlook remains positive with the anticipation of a new rig joining their fleet by year-end.
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