Borr Drilling: Downgrading On Potential Saudi Aramco Jackup Market Impact [Seeking Alpha]
Borr Drilling Limited Common Shares (BORR)
Company Research
Source: Seeking Alpha
With 87% of available rig days for 2024 contracted, management reaffirmed previously communicated adjusted EBITDA guidance of $500 million to $550 million. However, recent developments in Saudi Arabia have resulted in considerable uncertainty regarding the near-term direction of the jackup market, particularly after a concerning early data point emerged last week. With a meaningful number of jackup rigs likely to be released by Saudi Aramco, dayrates might experience some near-term pressure. Due to material uncertainty regarding the near-term market environment, I am downgrading my rating on the company's shares from "Buy" to "Hold" with a revised price target of $7. Looking for a helping hand in the market? Members of Value Investor's Edge get exclusive ideas and guidance to navigate any climate. Learn More » Note: I have covered Borr Drilling Limited ( NYSE: BORR ) previously, so investors should view this as an update to my earlier articles on the company. Last month
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BORR
News
- Borr Drilling Limited - Contracting UpdatePR Newswire
- Valaris drilling rig suspended in Saudi Arabia [Seeking Alpha]Seeking Alpha
- Borr Drilling sinks as rig suspends operations in Saudi Arabia [Seeking Alpha]Seeking Alpha
- Borr Drilling Limited - Contracting update [Yahoo! Finance]Yahoo! Finance
- Borr Drilling Limited - Contracting updatePR Newswire
BORR
Analyst Actions
- 2/23/24 - Evercore ISI Group
BORR
Sec Filings
- 4/9/24 - Form 6-K
- 4/4/24 - Form 6-K
- 3/27/24 - Form 20-F
- BORR's page on the SEC website