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Borr Drilling lost USD 58 million in the first quarter

Rig company Borr Drilling starts 2021 with yet another deficit and a decline in revenue compared to the fourth quarter last year.

Photo: PR / Marine Money/Marine Money

Tor Olav Trøim-founded Borr Drilling made a loss of USD 58.1 million in the first quarter, roughly equivalent to the company's result at the end of 2020. Here, the company came out of the fourth quarter with a deficit of USD 59.1 million, according to the company's quarterly report.

The top line, on the other hand, dropped significantly in the first quarter compared to the fourth quarter last year. For the first three months of the year, revenue decreased to USD 48.4 million from USD 60.2 million in the last three months of 2020.

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