Borr Drilling Limited (BDRILL)

[Buffet]

Høy gearing er morsomt når den går den rette veien. Kjedelig når det går feil vei.

[pdx]

Borr Drilling Limited - Invitation to webcast and conference call Q4 2019 results

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) will release its financial
results for the fourth quarter 2019 on Friday, February 28, 2020.

…

Vis børsmeldingen

A conference call and webcast will be held at 2:00 PM CET (8:00 AM New York
Time). The earnings report and presentation will be available from the Investor
Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a) Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the
following link:
https://edge.media-server.com/mmc/p/v4hmh8dy

b) Conference Call
Dial in details, Participants:

Conference ID: 2253138
Norway, Oslo +47 23960264
Norway (toll free) 80051874
United Kingdom/International +44 (0) 2071 928000
United States (toll free) +18669661396
United States, New York +16315107495

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask
questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number: 2253138
Std International: +44 (0) 3333009785
Norway: +47 2103 4235
USA: +1 (917) 677-7532

Kilde

[pdx]

Borr Drilling Limited - Invitation to webcast and conference call Q4 2019 results

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) will release its financial
results for the fourth quarter 2019 on Friday, February 28, 2020.

…

Vis børsmeldingen

A conference call and webcast will be held at 2:00 PM CET (8:00 AM New York
Time). The earnings report and presentation will be available from the Investor
Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a) Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the
following link:
https://edge.media-server.com/mmc/p/v4hmh8dy

b) Conference Call
Dial in details, Participants:

Conference ID: 2253138
Norway, Oslo +47 23960264
Norway (toll free) 80051874
United Kingdom/International +44 (0) 2071 928000
United States (toll free) +18669661396
United States, New York +16315107495

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask
questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number: 2253138
Std International: +44 (0) 3333009785
Norway: +47 2103 4235
USA: +1 (917) 677-7532

Kilde

[pdx]

Borr Drilling Limited - Invitation to webcast and conference call Q4 2019 results

Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) will release its financial
results for the fourth quarter 2019 on Friday, February 28, 2020.

…

Vis børsmeldingen

A conference call and webcast will be held at 2:00 PM CET (8:00 AM New York
Time). The earnings report and presentation will be available from the Investor
Relations section on www.borrdrilling.com.

In order to listen to the presentation, you may do one of the following:

a) Webcast
Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the
following link:
https://edge.media-server.com/mmc/p/v4hmh8dy

b) Conference Call
Dial in details, Participants:

Conference ID: 2253138
Norway, Oslo +47 23960264
Norway (toll free) 80051874
United Kingdom/International +44 (0) 2071 928000
United States (toll free) +18669661396
United States, New York +16315107495

Participants will be asked for their full name & Conference ID.

There will be a Q&A session after the presentation. Information on how to ask
questions will be given at the beginning of the Q&A session.

Replay details:

Replay Access Number: 2253138
Std International: +44 (0) 3333009785
Norway: +47 2103 4235
USA: +1 (917) 677-7532

Kilde

[TekBot]

Borr Drilling Limited Announces Preliminary Results for the Fourth Quarter and Year Ended 2019

Hamilton, Bermuda, February 28, 2020: Borr Drilling Limited (“Borr”, “Borr
Drilling” or the “Company”) announces unaudited results for the three- and
twelve-months ended December 31, 2019.
…

Vis børsmeldingen

Highlights in the fourth quarter 2019 and full year 2019
. Total operating revenues of $92.9 million, net loss of $69.3 million and
Adjusted EBITDA of $1.8 million for the fourth quarter of 2019
. Total operating revenues of $334.1 million, net loss of $308.1 million and
Adjusted EBITDA of $(2.6) million for the full year 2019
. The net loss in the quarter includes $16.4 million accounting loss in equity
method investments. This relates mainly to an unplanned geological event which
led to a change in the drilling programme for a well in Mexico. Based on
contractual provisions, we expect to be compensated for the additional costs
associated with this change
. Technical utilisation was 99.5% in the fourth quarter and 99.0% for 2019
. Economical utilisation was 95.9% in the fourth quarter and 95.9% for 2019
. The Company sold its marketable securities in Oro Negro debt securities with
total proceeds of $27.1 million, resulting in an estimated total realised loss
of $15.4 million since initial purchase
. The Company agreed amendments in bank loan covenants to adjust minimum book
equity ratio from 40% to 33.3%, and the minimum free liquidity covenant from
4.0% to 3.0% of net interest bearing debt
. Neil Glass was appointed as Director and Audit Committee member

Subsequent events
. The Company entered into a new $100 million financing arrangement for the
newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July
2020, maturing on December 31, 2021. As part of the agreement the delivery of
the jack up rigs Vale and Var are expected to be postponed to Q1 2022.
. Francis Millet was appointed as Chief Financial Officer.

The Chairman of the Board, Paal Kibsgaard, commented:

"The trend of increasing utilisation and higher jack-up dayrates seen in the
first nine months of 2019, continued into the fourth quarter. In 2019, 420 rig
years have been contracted in the jack-up market, beating the 2013 peak of 410
rig years. In spite of the volatility seen in the global oil and equity markets
so far this year, the growth in shallow water drilling is set to continue in
2020. This is driven by customers who have attractive shallow water acreage and
are managing their resource base with a long-term view. Based on ongoing
tendering activity and customer interactions, more than 40 additional rigs are
required in 2020 to address the planned activity. This will likely consume most
of the available modern jack-up capacity, setting the stage for further
increases in utilisation and dayrates as the year progresses.

Our operational and financial results for the fourth quarter were solid but
impacted by schedule gaps, one-off G&A expenses, and conservative cost
recognition in connection with the integrated drilling contracts in Mexico.

Looking at the full year of 2019, Borr doubled revenues compared to 2018, as we
activated eight incremental rigs and we added $517 million of revenue backlog.
The progress we made in 2019 in building out our business, means that we now
have established critical mass in all four operating regions. Therefore, going
forward, we will only activate new rigs when dayrates and mobilisation
compensation meet our new requirements for cashflow and profitability. With
activity at critical mass, a stringent rig activation strategy and tight control
of both operating costs and working capital, we expect to deliver positive
operating income for the full year of 2020, together with a significant
improvement in cashflow from operations.

Over the past year, our cash position has been challenging, mainly driven by rig
deliveries and activation costs. However, we have, with the strong support of
our partner banks and shipyard, recently obtained amended terms to both loans
and rig delivery schedules, which significantly improves our liquidity position.
In addition, we are in discussions to sell a limited number of our modern rigs,
as part of creating a long term business relationship in a key operating region,
which will free up additional cash. Based on all of this, the Board is confident
that we have created a clear financial path that will enable the Company to
execute on the established business plan while continuing to deliver best-in
-class rig services to our customers.

Lastly, we are also actively pursuing options to reduce our risk profile in
Mexico by lowering our participation in the integrated well services joint
venture, and instead focus our attention on the core rig operations in the
country. This will also allow the company to focus even more on the execution of
our global, core business, as the jack-up market continues to tighten in the
coming year. We intend to continue to operate five rigs in Mexico in close
cooperation with our partner, and we remain committed to serving the sizable
Mexican shallow water market going forward."

The full report can be found in the enclosed file.

February 28, 2020
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda

Kilde

[TekBot]

Borr Drilling Limited - Q4 2019 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s fourth quarter
2019 results to be held on the webcast / conference call 28 February 2020 at
2:00PM CET/8:00 AM New York).
…

Vis børsmeldingen

In order to listen to the presentation, you may do one of the following:

a. Webcast

Click the “Webcast” link on www.borrdrilling.com/investor-relations/ or use the
following link:

https://edge.media-server.com/mmc/p/v4hmh8dy

b. Conference Call

Dial in details, Participants:

Conference ID: 2253138

Norway, Oslo +47 23960264

Norway (toll free) 80051874

United Kingdom/International +44 (0) 2071 928000

United States (toll free) +18669661396

United States, New York +16315107495

Participants will be asked for their full name & Conference ID.

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Kilde

[strongbuy]

[Defender]

Det er vel og anta at han har blåst stortsett alt han fikk av JF, hva kan det være igjen 50 mill?

[Buffet]

Han er så gearet at minus er kanskje et faktum når man ser på kursen til papirene hans.

Men jeg kan ikke si jeg koser meg på bakgrunn av det. Det må være blytungt å være i hans sko nå. Så håper han kommer seg greit igjennom det selv om det ser ikke så lyst ut på børsene.

[Evilfreud]

• Pareto Securities sänker riktkursen för Borr Drilling till 18 norska kronor (60), upprepar behåll

• Danske Bank sänker riktkursen för Borr Drilling till 20 norska kronor (60), upprepar behåll - BN

• Evercore ISI sänker riktkursen för Borr Drilling till 75,08 norska kronor (98,84), upprepar outperform - BN

DNB Markets nedgraderer Borr Drilling-aksjen til hold fra tidligere kjøpsanbefaling samtidig som kursmålet nedjusteres til 16 kroner fra tidligere 75 kroner pr aksje.

[Krieghoff]

Q4 was miserable, with: 1) weak underlying results; 2) challenges in Mexico; and 3) limited clarity on its pressed liquidity situation. We have removed our earlier embedded premium to NAV and base our new target price on a combination of NAV and peer group valuation. We have downgraded to HOLD (BUY), with a new target price of NOK16 (75). Until it is financially de-risked, we expect investors to shy away and volatility to remain high.

Q4 should be forgotten . Like-for-like EBITDA was USD5m, below our and consensus forecast of USD20m, driven by weak operations and legal costs. Comments about the Mexico operations, where it has 50%+ of its backlog, are concerning. It is looking to reduce integrated contract risk, which may help positively working capital.

Liquidity was OK, but… Liquidity of USD94m was in line with our forecast, but we note tailwind from working capital and that Mexico JVs were thin on cash. Hence, both elements, together with its Valaris stake, likely consumed cash in early 2020.

Capital need is all about timing of start-ups . To be fully funded and have liquidity to start-up all 10 newbuilds and cover all other 2020–2021 commitments, we now estimate it needs cUSD272m of fresh liquidity. This is sizeable versus its current market cap of USD270m. Hence, it may reduce the capital need by delaying startups; with no further startups, we estimate cUSD125m of new capital is needed.

Asset sales may be a silver bullet . Assuming cUSD110m per premium rig, we estimate it needs to sell at least three rigs. We believe Hayfin rigs (debt USD65m/rig) followed by bank-financed rigs (debt USD50m/rig) are the most likely candidates to be sold. ADNOC could in our view be a potential buyer as it has an ongoing process to acquire rigs. We believe the Borr fleet is a good match with what ADNOC is looking for, but we note that this process could be time-consuming and that it has apparently relaxed the age restrictions (from 2012+ built to 2005+) allowing more rigs to take part.

Downgraded to HOLD (BUY), target price cut to NOK16; financial de-risking is key . Should asset sales not be successful, fresh equity or more debt are alternatives. As it needs new liquidity during Q2 2020, a solution is needed near-term. We have removed our previous embedded premium to NAV and base our new target price on an average of our NOK35/share NAV (which assumes USD110m/rig for its newbuilds) and peer group valuation (which implies little equity left).

[Evilfreud]

Hvem har laget den analysen?

[Krieghoff]

DnB, du referer jo til deres nye kursmål

[zappa66]

Hold er vel det samme som selg.
Men de håper vel på oppdrag i den kommende emisjonen

[Krieghoff]

Er jo høy tid med nedgradering. Har gått og ventet på den, men detter var jo slakt.

Trenger du full analyse så tar vi det på pm

[Evilfreud]

Kan ta hele newsflashen fra Pareto.

Update - 02.03.2020 11:34

Recommendation: Hold	Price when published: NOK 19.3 / USD 2.0
Sector: Rig	Target price:
Reuters: BDRILL.OL, Bloomberg: BDRILL NO	Market cap: NOKm 4454
Analysts: Christopher Mo Dege, Bård Rosef

Borr Drilling Limited - Time is of the essence

With a disappointing report on Friday, and a liquidity need that is now assumed to have increased on the back of legacy assets potentially being a smaller source of cash than earlier assumed, our cautious view on BDRILL equity has not changed for the better. Although we see long-term value potential in the company’s equity, we continue to highlight the financial risk as being high. HOLD reiterated, but TP down to NOK 18 (60).

[TekBot]

Borr Drilling Limited - Mandatory notification of trades

Paal Kibsgaard, the Chairman of the Board of Borr Drilling Limited (the
“Company”), has on March 2, 2020 acquired 1,300 of the Company’s shares
registered on the New York Stock Exchange, at an average price of USD1.9296 per
…

Vis børsmeldingen

share. Mr. Kibsgaard’s total ownership of shares in the Company’s shares after
the purchase amounts to 101,300 shares.

Francis Millet, Chief Financial Officer of the Company, has on March 2, 2020
acquired 10,000 of the Company’s shares registered on the New York Stock
Exchange, at an average price of USD1.92 per share. Mr. Millet’s total
ownership of shares in the Company’s shares after the purchase amounts to 10,000
shares.

March 3, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2
of the Norwegian Securities Trading Act.

Kilde

[Buffet]

Paal Kibsgaard slår virkelig på stortromma!!! Kjøper 1300 aksjer

Han har vel fått rundt en milliard i lønn bare i tiden som Schlumberger-sjef.
Når han nå som ny styreleder støttekjøper med 20 tusen kroner så sier det litt om hva slags knipe Borr befinner seg i.

[strongbuy]

Blir for dumt rett og slett

[Buffet]

Ja, han er nok uten tvil en dyktig person mtp hans cv men når en styreleder med tykk lommebok ikke tørr satse mer en lommerusk på eget selskap så vil jeg tro de fleste skjønner tegningen. Hadde nok vært bedre for Trøim og aksjonærene om han lot være