Tor Olav Troim’s Borr Drilling booked a sharp rise in revenue during a busy second quarter which saw it with more active rigs on the water following its takeover of Paragon Offshore.
Borr, which was formed at the bottom of the market and did not have any active assets at this stage in 2017, logged a quarterly loss of $7.4m.
The company had nine rigs deployed in the quarter and saw a tenth set to work with the Prospector 5 beginning a new contract this month.
Borr has not only been a buyer of assets and has sold 26 rigs this year.
At the end of the first quarter Borr had 36 jack-ups and one semi-submersible, including 12 to be delivered between now and 2020.
Attempts to reach Borr executives seeking further colour on the company's development were unsuccessful at the time of writing.
