BORR Research

Quarter 2 2023 results to be released Thur Aug 17, 2023.  6am PDT

Born is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Norwegian Stock Exchange 2017.  It became listed on the NYSE in 2019. Borr owns and operates jack-up drilling rigs of modern and high spec designs and provides services focused on the shallow market segment to the offshore oil and gas industry worldwide. 

Here is its’ fleet of jack-up rigs: 

24 Total Rigs

22 operating/committed 

O Available

2 Under Construction

Quarter 1 2023 Q12023 results:

Operating revenue was up 23.4 million USD to 172 million USD. Up 16% when compared to last quarter (quarter 4, 2022 of 148.6 million USD)

Day rate revenue was 141.7 Million and 30.3 million in repeated party revenue. 

Rig operating and maintenance increased 2.1 million due to the increase in the number of operating days. 

Total Finance Expense decreased by 8.7 million and a 3.2 million decrease in financing fees due to earlier quarter refinancing activities.  2.0 million decrease in interest expense.

WHY BORR IS A STOCK OF INTEREST?

Shallow water drilling is the low cost barrel meaning it costs less to drill and obtain oil in shallow water.  

Board of directors total fees not to exceed $1, 200,00. 00

Strong experience on board

Quarter 2 2023 results to be released Thur Aug 17, 2023.  6am PDT

Issued and settled 1,293,955 new common shares @$7.528 per share. Which raised 18.6 million USD in gross proceeds for corporation. 

The first questions we ask ourselves when considering researching a company to see if it could be a possible good investment are:

1. Does the company operate a timely business in the modern world in a way that could make money?

2. Do we have the facts that substantiate the industry group could or should benefit and rise in profitability by current or projected data of an independent nature?

3. And lastly, does the company we are looking at have good business practices, great leadership and a possible niche position in the industry i.e new developments/products that can beat competitors.