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Canceled and postponed contracts trigger new major loss for Borr Drilling

Borr Drilling's total losses in 2020 now approach a quarter of a billion dollars following new large deficit in the third quarter, in which low fleet utilization strained the company's financials.

Photo: PR/Transocean

Drilling company Borr Drilling booked another significant million-dollar loss on its bottom line in the third quarter, in which low fleet utilization did not help matters.

Most recently, the company booked a USD 58.5 million loss before taxes in the third quarter. With the latest deficit, the company has now lost USD 245.5 million in during the first nine months of 2020.

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