EnergyWatch

Borr Drilling reduces deficit in Q2

Borr Drilling brought in more money in the second quarter and reduced its bottom line deficit, shows the interim report.

Photo: Transocean

Norwegian Borr Drilling, which analysts project will be well-positioned to benefit from a recovery, made more money in this year's second quarter, with its operating income growing to USD 51.1 million. In comparison, the Oslo-listed driller had no net income in the same period last year.

However, the company's bottom line shows a deficit of USD 7.4, an improvement from a loss of USD 11.8 million in the second quarter of 2017, shows the interim report published Thursday morning. The relatively new company had nine rigs in operation in the quarter, in which the utilization rate reached 99 percent.

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