Odin Rig Delay to Hit Q2 Results; Borr Secures Multiple Contract Extensions
BORR has more than doubled off its 52-week low of $1.55 on elevated volume (3.9× avg).
Summary
Borr Drilling announced that its Odin rig's delayed start until late June will negatively impact Q2 results, following recent reports of a wider Q1 loss. The delay is attributed to additional contract preparation and regulatory approvals. However, the company also provided several positive contract updates, including extensions for the Ran, Prospector 5, and Thor rigs, and new contracts for the Sif and Scout rigs, which bolster its backlog. The market will be watching for the Odin rig to begin operations in the U.S. Gulf by late June.
At the time of this announcement, BORR was trading at $5.77 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.7B. The 52-week trading range was $1.55 to $6.66. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Wiseek News.