Borr Drilling Is A Buy At Current Levels [Seeking Alpha]
ENSCO (ESV)
Last ensco earnings: 5/1 06:53 pm
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Source: Seeking Alpha
Borr Drilling Is A Buy At Current Levels Summary Borr Drilling reports Q4 results and provides its fleet status report. The company expects to turn to positive operating cash flow by the end of the second quarter. Other drillers come to Borr trying to bareboat or purchase its rigs. The valuation provided by the market is modest while the modern jack-up market segment is improving - Borr has upside from current levels. Prospector 5 Borr Drilling ( OTCPK:BDRLF conference call Borr reported revenues of $53.5 million and a loss of $110.7 million, driven by losses on forward contracts as well as depreciation expenses. The company's cash flow was negative in the fourth quarter of 2018, but Borr expects it to go into the positive zone by the end of the second quarter of 2019 based on signed contracts. Interestingly, Borr continues to play with Ensco ( ESV purchased On the balance sheet side, Borr finished the year 2018 with $28 million in cash and $1.17 billion of long-term debt. According t
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