BDRLF News and Press, Borr Drilling Ltd From 07/12/19

Borr Drilling ( OTCPK:BDRLF ) has just announced that it plans to have an IPO on the New York Stock Exchange (form F-1 which contains the detailed prospectus can be found here ). The company intends to raise $10 million - $50 million from the offering. At this point, the number of shares of...

Value proposition Since last October, offshore drilling stocks have lost many billions in market value. Some stocks (Noble Corp. (NE), Seadrill (SDRL), Ensco Rowan (ESV)), declined by more than 70%. All of them are now trading at a fraction of their book value. At first glance, we have an at...

Ensco 102 We have recently discussed June 2019 floater fundamentals , and it's time to turn to jack-up rigs. The situation in this market is important for investors and traders in drillers with jack-up presence: Ensco Rowan ( ESV ), Noble Corp. ( NE ), Seadrill ( SDRL ), Borr Drilling ( B...

Borr Drilling ( BDRLF ) has recently announced a reverse stock split. The company plans to exchange every five existing shares of the company to one share, a 5-to-1 reverse split. As a result, the roughly 532 million shares will be consolidated into about 106.5 million shares. Those who woul...

Borr Drilling ( BDRLF ) has just released its Q1 report , which comes at inopportune time, since all drillers are under major pressure due to general market sentiment, the U.S.-China trade war and the related softness in oil prices. However, the report is very interesting and deserves attenti...

In previous articles on the fundamentals of the offshore drilling market, we have discussed drillships ( here ) and semi-subs ( here ). Now, it's time to look at the last piece of the offshore drilling puzzle and dive into the world of jack-ups. The situation in this market is important for in...

Note: Noble Corporation (NYSE: NE ) has been covered by me previously, so investors should view this as an update to my earlier articles on the company. On Wednesday, leading offshore driller Noble Corporation reported respectable Q1/2019 results with key metrics coming in mostly...

Bad news for Borr Drilling ( BDRLF ) shareholders: the company has just released its fleet status report , which shows that two letters of intent for jack-ups have been canceled and no new contracts were awarded. As per the report, jack-ups Saga and Skald are no longer expected to receive c...

Earlier this month, I have written about the very interesting process of selling four Sete Brazil rigs which are on contracts with Petrobras ( PBR ). New information is out , and it contains some very interesting numbers. First, a quick reminder: Sete Brazil was a mega project to construc...

Brent oil ( BNO ) quickly spurted to $71 per barrel as tensions in Libya intensified and the U.S. labeled Iran’s Revolutionary Guards as a terrorist group. The whole setup was favorable for everything oil-related to rally, but offshore drilling stocks had a disappointing day. At the...