Borr drilling limited announces third quarter 2024 results

Hamilton, bermuda , nov. 6, 2024 /prnewswire/ -- borr drilling limited ("borr", "borr drilling" or the "company") announces unaudited results for the three and nine months ended september 30, 2024. highlights total operating revenues of $241.6 million, a decrease of $30.3 million or 11% compared to the second quarter of 2024 net income of $9.7 million, a decrease of $22.0 million or 69% compared to the second quarter of 2024 adjusted ebitda of $115.5 million, a decrease of $20.9 million or 15% compared to the second quarter of 2024 year to date of report, the company has been awarded seventeen new contract commitments, representing 4,129 days and $731 million of potential contract revenue on november 6, 2024, the board declared a cash distribution of $0.02 per share ($4.8 million) for the third quarter of 2024 to be paid on or about december 16, 2024, and committed to buy back $20 million worth of shares before year end 2024, equalling a total shareholder return of $25 million, an amount in line with previous quarters ceo, patrick schorn commented: "the operational performance in the third quarter was solid, with a technical utilization rate of 98.7% and an economic utilization rate of 96.9%.
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