Rig operator Borr Drilling has secured financing for its newbuild program with a new credit facility of USD 645 million. Despite a deficit in the first quarter, management is optimistic about the future.
Borr Drilling booked a net deficit in the third quarter, however it saw tendering activities accelerate over the period. If the latest oil price fall continues, it could slow recovery. But not seriously.
With Transocean's billion dollar takeover of Ocean Rig, the outlines of a new and forward-looking rig market are emerging, one in which Maersk Drilling features among the major players. A sustainable market level is in sight for the first time in a long while.
"It is remarkable what Tor Olav Trøim has achieved in such a short amount of time," writes analyst firm Rystad Energy about the news of Borr Drilling's acquisition of Paragon Offshore. Another analyst describes the acquisition as unexpected.
Newly established rig company Borr Drilling booked expenses of USD 24.9 million in the third quarter. The jack-up market continues to show healthy supply activity and the company expects increased activity in 2018.
Major Singapore yard Sembcorp delivered a positive bottom line in the third quarter, while revenue took a sharp dive over the period. The yard sees signs of an emerging recovery in the drilling market.
Founder of rig company Borr Drilling, Tor Olav Trøim, is now targeting dry bulk with the company 2020 Bulkers. The plan is to list the company on the minor OTC stock exchange, reports local media Finansavisen.
Recently launched Norwegian rig company Borr Drilling has been granted permission for a listing on the Oslo Stock Exchange, even though the company has only existed for one year. Normally, a company must be three years old before it can hit the stock exchange.
The new drilling company, founded by two former senior execs from Fredriksen's Seadrill, plans to go public in Norway and expects to submit an application in late August, says the company in a press release.