Borr drilling limited announces second quarter and six months 2022 preliminary results

Hamilton, bermuda , aug. 9, 2022 /prnewswire/ -- borr drilling limited ("borr", "borr drilling" or the "company") announces preliminary unaudited results for the three and six months ended june 30, 2022. highlights second quarter of 2022 total operating revenues of $105.3 million, an increase of $23.3 million or 28% compared to the first quarter of 2022 net loss of $165.3 million, an increase in loss of $114.0 million compared to the first quarter of 2022, mainly attributable to an impairment loss in q2 2022 of $124.4 million due to an loi entered into in june for the sale of three newbuild rigs, resulting in a decrease in net loss quarter on quarter of $10.4 million when excluding impairment cash and cash equivalents of $29.7 million at the end of the second quarter of 2022, a decrease of $20.5 million from the end of the first quarter of 2022 of which $15.9 million was used on rig activations adjusted ebitda of $37.0 million, an increase of $15.6 million or 73% compared to the first quarter of 2022 raised net proceeds of $3.6 million under the at-the-market ("atm") program during the quarter entered into a letter of intent ("loi") to sell three newbuild rigs we have ordered from keppel fels shipyard subsequent events year to date in 2022, we have been awarded fourteen new contracts, extensions, exercised options and letters of awards ("loas") representing 5,610 days, or 15.4 years, and $650.2 million of potential revenue (including mobilization revenues but excluding options).
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