Shares of the Borr Drilling Limited (BORR) stock were popping high today following the announcement of third-quarter 2021 financial results. BORR stock price saw a push of 28.57% to reach $1.35 a share at the time of this writing. The stock was also green in the previous trade and went up by 0.96% at closing. Let’s discuss more about this stock.
Borr Drilling Limited (BORR) is operating as an offshore drilling contractor to the oil and gas industry across the globe. Its current market value is $287.305 million and 1,552,360 average trading volume.
Third Quarter 2021 Financial Results:
- BORR stock generated $73.0 million in operating revenues in the third quarter of 2021. This represents an increase of 33% from $18.2 million operating revenues in the second quarter of 2021.
- BORR stock suffered a net loss of $32.6 million in the third quarter of 2021. The net loss in the reported quarter improved by $27.3 million as compared to a net loss in the second quarter of 2021.
- Adjusted EBITDA of Borr Drilling Limited increased by $16.3 million or 441% to reach $20 million in the third quarter of 2021 as compared to the second quarter of 2021.
- By the end of the third quarter of 2021, BORR stock had $68.9 million in cash and cash equivalents. This amount increased by $36.5 million as compared to the second quarter of 2021.
A comment on the performance of BORR stock:
The third quarter of 2021 financial results reflect positive growth of the BORR stock. BORR stock secured contract for “Ran” representing 3.4 years of backlog and new LOAs for the rigs “Idun” and “Groa”. The operational performance of Borr Drilling Limited improved across the globe. The company recorded solid EBITDA and positive cash flows from its 13 operating rigs in the third quarter of 2021. Furthermore, its integrated well services joint ventures positively impacted its cash position.
The management of the BORR stock is continuously engaging with many creditors in order to address the 2023 debt maturities. The number of rigs is continuously increasing which is a good sign for the future growth of this stock.
Investors are responding positively to the BORR stock after the release of third-quarter 2021 financial results. The management is striving hard to strengthen the position of BORR stock in the market and is confident that this stock will outperform in the future. In a nutshell, this stock can be a good bet for investors in the long run.