Tor Olav Troim’s Borr Drilling posted a net loss of $39.1m in the third quarter, despite nearly all its rigs being in operation.
The Oslo-listed driller brought in $49.7m in revenue, but had $91.2m in expenses, most of it from rig operating and maintenance as 99.2% of its rigs were technically utilized.
The figures were a dip from last quarter, where the company booked a $7.4m loss, no operating revenues and $24.9m in operating expenses.
The company also contracted out jack-ups Propsector 5, C20051 and Ran and acquired the Groa and Gyme, both of which were fixed to Exxon in Nigeria for at least 48 months.
