(Borr Drilling) Shares of Borr Drilling Limited rose more than 9% in premarket on Tuesday after announcing a preliminary operating revenue of $82.0 million in the first quarter of 2022. The revenue was up by $12.9 million from the prior quarter.
Borr still swung into a bigger net loss of $51.3 million in the quarter. The loss was greater by $5.2 million compared to the fourth quarter of 2021.
Borr said it raised net proceeds of $28.9 million in equity offering in January and $5.1 million under its ATM program in the quarter.
Borr CEO Patrick Schorn said that significant contracts awarded to the company lately, combined with robust demand for additional rigs, puts the offshore drilling industry on a strong trajectory for growth.
The company reiterated its FY22 guidance revenue in the range of $375 million to $400 million and adjusted EBITDA of between $115 million to $140 million.
BORR: NYSE is up +9.74% in premarket.
