BORR Drilling operated its lowest number of active rigs since the start of Covid pandemic – leading to a 30% decrease in its revenues.
Patrick Schorn, chief operating officer, blamed it on a series of cancellations and delays to contracts by oil and gas operators.
The thirds quarter results showed revenues dropped to £44.3m in Q3, from £77.3 in the previous quarter.
Net losses totalled £46.3m, while adjusted EBITDA represented a £7.6m loss, compared to a £1.4m loss in Q2.
Borr, which has its UK base in Westhill, said it has 11 active rigs after “successful contract start-ups” in the North Sea and Malaysia.
Mr Schorn said: “Significant efforts have been made during the quarter to strengthen the financial position of the company and extend the liquidity runway. Specific discussions are taking place with each of the creditor groups.”
He added: “We are making good progress and we are hopeful to have this combined package of measures in place in the near future.”