Borr Drilling sinks after guiding Q3 revenues below consensus
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Borr Drilling (NYSE:BORR) -6.1% pre-market Monday after disclosing it expects to report Q3 total revenues of ~$242M, below analyst consensus estimate of $250.8M, as well as operating income of $84M, and adjusted EBITDA of $116M.
Borr (BORR) attributed the Q/Q declines to a $13M decrease associated with a one-off net impact in Q2 from the amortization of deferred revenue and deferred costs related to the termination of a contract for Arabia I, and an $11M decrease in related party revenue associated with three rigs in Mexico, due to the one-time recognition of accelerated amortization of deferred revenue in Q2.
The company also said it expects to report FY 2024 adjusted EBITDA at or around the lower end of previous guidance of $500M-$550M; it expects to release full financial results on November 6.
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