Borr Drilling reports Q3 revenue $191.5M, consensus $187.67M

Total contract revenue backlog as of September 30 was $1.86B. “The strong operational performance of the Company continued in the third quarter, with technical utilization for the quarter above 99% and our Adjusted EBITDA increasing by 5% over the second quarter. Our backlog quality continues to improve. Year to date, we have secured twelve new commitments, adding $728 million to our revenue backlog at an implied average dayrate of $161,500. The average forward coverage stands at 1.7 years for our delivered fleet, which provides both strong near-term revenue visibility and valuable long term operating leverage amidst the current rising dayrate environment.”