Borr drilling limited announces preliminary results for the fourth quarter of 2021
Hamilton, bermuda, feb. 16, 2022 /prnewswire/ -- borr drilling limited ("borr", "borr drilling" or the "company") announces preliminary unaudited results for the three and twelve months ended december 31, 2021. highlights fourth quarter of 2021 total operating revenues of $69.1 million, a decrease of $3.9 million (5%) compared to the third quarter of 2021 net loss of $46.1 million, an increase of $13.5 million compared to the loss in the third quarter of 2021 cash and cash equivalents of $34.9 million and restricted cash of $11.1 million at the end of the fourth quarter of 2021, a decrease of $22.9 million from the end of the third quarter of 2021 adjusted ebitda of $25.0 million, an increase of $5.0 million (25%) compared to the third quarter of 2021 agreement with shipyards to defer $1.4 billion of debt and instalments from 2023 to 2025 subject to certain conditions subsequent events completed $30 million equity raise in january 2022 at a price of $2.25 per share secured a new contract for "prospector 5" increasing the contracted and committed fleet to 18 rigs converted the previously announced loa/lois for the rigs "norve" and "gerd" into contracts tor olav trØim appointed chairman of the board, replacing pÅl kibsgaard who remains a director ceo, patrick schorn commented: "the current oil price in combination with a tighter oil supply/demand balance is further improving the market for shallow water offshore drilling.
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