Borr Drilling Ltd (NYSE: BORR) hits New 52 week High

(24/7 Market News) Borr Drilling Ltd (NYSE: BORR) hit a new 52 week high this morning, following its Q1 2022 financial reporting.

Borr Drilling’s first quarter of 2022 highlights included; total operating revenues of $82 million, an increase of $12.9 million or 19%, compared to the fourth quarter of 2021; net loss of $51.3 million, an increase of $5.2 million, compared to the loss in the fourth quarter of 2021; cash and cash equivalents of $50.1 million and restricted cash of $8.2 million at the end of the first quarter of 2022, an increase of $12.3 million from the end of the fourth quarter of 2021; adjusted EBITDA of $21.4 million, a decrease of $3.6 million compared to the fourth quarter of 2021; and it raised net proceeds of $28.9 million in its January equity offering , and $5.1 million under ATM program during the quarter.

Additionally, Borr Drilling raised an additional $3.7 million under its ATM program, in April 2022, and, year-to-date has been awarded ten new contracts, extensions, exercised options and LOAs representing 4,232 days, or 11.6 years, and $487.4 million of potential revenue (including mobilization revenues but excluding options).

The Company reiterated its guidance for 2022 with revenue between $375-400 million and Adjusted EBITDA between $115-140 million.

After hitting the new 52 week high of $6.22, it’s trading at $6.20, up+0.63 (+11.29%) on 562,173 shares.

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