- In recent weeks, shares have delivered outstanding returns thus outperforming industry peers by a wide margin.
- Discussing background of last week's surprise $400 million court win over Petrobras in Brazil.
- Company recently managed to secure long-term maiden contracts for two additional jackup rigs in the Middle East.
- Recovery in the jackup market has remained slow. It will take more time for industry players to regain pricing power.
- Shares look overvalued relative to industry peers. Investors should rather consider investing in restructured players with drillship exposure like Noble Corporation, Valaris and Diamond Offshore. Even debt-laden industry leader Transocean appears to be a superior bet at this point.
For further details see:
Borr Drilling - Recent Outperformance Unlikely To Persist