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Borr Drilling Limited Announces Preliminary Results for the Second Quarter of 2020

HAMILTON, Bermuda, Aug. 28, 2020 /PRNewswire/ — Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) announces unaudited results for the three and six months ended June 30, 2020. Highlights in the Second Quarter of 2020 Total operating revenues…

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HAMILTON, Bermuda, Aug. 28, 2020 /PRNewswire/ — Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) (NYSE: “BORR”, OSE: “BDRILL”) announces unaudited results for the three and six months ended June 30, 2020.

Highlights in the Second Quarter of 2020           

  • Total operating revenues of $84.0 million, net loss of $109.6 million and Adjusted EBITDA* of $(1.9) million for the second quarter of 2020. The adjusted EBITDA includes approximately $12 million of non-recurring costs related to the agreements reached with the Company’s creditors in June 2020           
  • The combined Adjusted EBITDA of the four separate Mexican JVs that the Company has 49% ownership in was $30.1 million in the second quarter 2020, compared to negative EBITDA in the first quarter of 2020 of ($2.3) million, an increase of $32.4 million quarter on quarter           
  • On April 30, 2020, the Company sold two standard jack-up drilling rigs, the “Dhabi II” and the “Paragon B152”, for total cash proceeds of $15.8 million, leading to a gain on disposal of $12.8 million            
  • In May 2020, the Company exited its position in forward contracts for Valaris shares           
  • In June 2020, the Company completed an equity offering raising gross proceeds of $30 million           
  • In June 2020, the Company made several amendments to loan facilities with its creditors and to the delivery schedule of rigs with its shipyards, resulting in liquidity improvement mainly through deferral of payments of more than $315 million until the beginning of 2022

Subsequent events           

  • On August 10, 2020, the Company announced the appointment of Patrick Schorn as new Chief Executive Officer            
  • In August, Pemex communicated a regular monthly payment plan to OPEX, the JV providing Integrated Well Services, which should substantially improve the JV’s liquidity position, which in turn will benefit Borr

The Chairman of the Board, Paal Kibsgaard, commented:

“In the second quarter, we saw the full impact of the anticipated activity reductions linked to COVID-19, resulting in a sequential decrease in operating revenues of 19% to $84.0 million, and Adjusted EBITDA of $(1.9) million. The adjusted EBITDA includes $12 million of non-recurring costs related to the agreements reached with the Company’s creditors in June 2020.

In the current challenging operating environment, Borr Drilling has been focused on improving its liquidity runway and conserving cash. Through negotiations with creditors and shipyards in June, we improved the Company’s liquidity by $315 million through the start of 2022, mainly through deferral of payments.

Operationally, the Mexican business has improved significantly quarter on quarter. The four JVs that the Company has ownership in delivered USD30m in Adjusted EBITDA in the quarter. Additionally, we estimate that COVID-19 impacted our Mexican JVs directly by $5.5 million in lost revenue and additional expenses combined. The wells delivered by Borr’s integrated services have, based on Pemex’s Q2 2020 report, increased Pemex production by 72k barrels/day. With the quick payback and low breakeven for the customer we expect the integrated well delivery business model to gain further traction going forward.

From a liquidity perspective, the operations of our Mexican JVs have suffered from irregular payments and difficulties with factoring of receivables, which in turn has put further strain on the Company’s liquidity position. However, in late August 2020, Pemex confirmed their commitment to enter into a regular monthly payment plan to our JVs, which will reduce the working capital requirements and allow cash distributions from the JVs to Borr, and thereby improve Borr’s liquidity position.

The improvement in oil prices during the spring of 2020 triggered demand for putting three of our warm stacked units back to work. This shows the resilience of the shallow water offshore drilling market and, as oil prices continue to improve, we expect to put further units back to work in the future.

The distress in the offshore drilling industry is likely to force both needed consolidation and fleet rationalisation going forward. Borr Drilling has a brand-new jack-up drilling rig fleet and is well positioned to participate in such consolidation if it benefits our shareholders.”

The full report and financial statements is available in the enclosed file to this release. 

August 28, 2020

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler: VP Investor Relations and Treasury, +47 22 48 30 00

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-preliminary-results-for-the-second-quarter-of-2020,c3183114

The following files are available for download:

SOURCE Borr Drilling Limited

Source: https://www.prnewswire.com:443/news-releases/borr-drilling-limited-announces-preliminary-results-for-the-second-quarter-of-2020-301120219.html

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ROSEN, RESPECTED INVESTOR COUNSEL, Reminds Mesoblast Limited Investors of Important December 7 Deadline in Securities Class Action; Encourages Investors with Losses in Excess of $100K to Contact Firm – MESO

NEW YORK, Nov. 28, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Mesoblast Limited (NASDAQ: MESO) between April 16, 2019 and October 1, 2020, inclusive (the “Class Period”), of the important December 7, 2020 lead plaintiff…

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NEW YORK, Nov. 28, 2020 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Mesoblast Limited (NASDAQ: MESO) between April 16, 2019 and October 1, 2020, inclusive (the “Class Period”), of the important December 7, 2020 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Mesoblast investors under the federal securities laws.

To join the Mesoblast class action, go to http://www.rosenlegal.com/cases-register-1923.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) comparative analyses between Mesoblast’s Phase 3 trial and three historical studies did not support the effectiveness of remestemcel-L for steroid refractory acute graft versus host disease (“aGVHD”) due to design differences between the four studies; (2) as a result, the U.S. Food and Drug Administration was reasonably likely to require further clinical studies; (3) as a result, the commercialization of remestemcel-L in the U.S. was likely to be delayed; and (4) as a result of the foregoing, defendants’ positive statements about Mesoblast’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 7, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1923.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      [email protected]
      [email protected]
      www.rosenlegal.com

SOURCE Rosen Law Firm, P.A.

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Source: https://www.prnewswire.com:443/news-releases/rosen-respected-investor-counsel-reminds-mesoblast-limited-investors-of-important-december-7-deadline-in-securities-class-action-encourages-investors-with-losses-in-excess-of-100k-to-contact-firm–meso-301180895.html

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Cyber Monday Deal From CAROL, an AI-Powered Exercise Bike That Helps Get Users Fit in 9 Minutes a Day in 8 Weeks

CAROL announces $500 discount promotion active throughout Black Friday weekend and Cyber Monday, with bonus offer free annual subscription and chest belt

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CAROL announces $500 discount promotion active throughout Black Friday weekend and Cyber Monday, with bonus offer free annual subscription and chest belt

Press Release updated: Nov 28, 2020 13:23 EST


CAROL announces $500 off its AI-powered, HIIT exercise bike scientifically shown to help users get fit in under 9 minutes a day. The Cyber Monday deal (coupon code CM700) is available at carolfitai.com. In addition to the discount, the company is also offering a free one-year subscription and a chest belt as an added bonus.

CAROL (usual price $2,995 – now $2,495 with coupon code CM700), is pushing the boundaries of everything we know about exercise and is scientifically shown to give results in the shortest amount of time possible. A session on CAROL delivers a more effective and better workout than regular cardio.

Every session on CAROL is personalized and two 20 second sprints mean that 3 rides a week on CAROL (as part of a full 8-minute 40-second session that includes an effortless warm up and warm down) will help users get fit and slim in just 8 weeks. The tech in a CAROL bike is ahead of other exercise bikes, making regular workout regimes redundant. This is the first truly personalized, time-saving, life-changing workout that is comparable to being in the lab with a scientist calibrating every second of the exercise regime to get maximum results.

In a randomized, independently funded trial the prestigious American Council of Exercise scientifically found that a short workout on CAROL with only 2 x 20 seconds of hard work makes obsolete regular US government exercise guidelines of 5 x 30 minutes sessions a week:

“CAROL outperformed Government Guidelines on every measurement. 32 participants were allocated into two groups in a randomized controlled trial over eight weeks. One group exercised with CAROL three days per week, while the other group exercised 30 minutes for five days per week in line with Government Guidelines. CAROL’s glycogen depletion workouts are so effective and efficient that the group exercising with CAROL got double the gains in a fraction of the time.”

Regular use of CAROL doubles fitness gains and improves many key health markers. CAROL is a game-changer for the time-poor, the exercise haters, biohackers and the early adopters. Working out on CAROL means users no longer need to spend hours in the gym or have grueling sessions with personal trainers and the great news is there is $500 off using the code CM700

Cyber Monday deal – $500 off CAROL normal price $2995 for Cyber Monday with bonus free annual subscription (worth $144) and chest belt (worth $59), using code CM700. Black Friday deal on until Sunday 29th November. Get a free 3-year subscription (worth $432), free delivery (worth $195), and a free chest belt (worth $59) with code BF700For further press information, please contact: diana@digitaltrails.co.uk 

Source: CAROL

Source: https://www.newswire.com/news/cyber-monday-deal-from-carol-an-ai-powered-exercise-bike-that-helps-21266351

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Ismael Cala launches CalaBienestar.news, a daily digital newspaper about health and wellbeing

MIAMI, Nov. 28, 2020 /PRNewswire/ — This week, presenter, bestselling author and strategist Ismael Cala launched the daily digital newspaper www.CalaBienestar.news, a website containing news about health, wellbeing and lifestyle. “This is the result —still a work in progress— of an idea…

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MIAMI, Nov. 28, 2020 /PRNewswire/ — This week, presenter, bestselling author and strategist Ismael Cala launched the daily digital newspaper www.CalaBienestar.news, a website containing news about health, wellbeing and lifestyle.

“This is the result —still a work in progress— of an idea that was conceived a long time ago. It forms part of the accelerated digital immersion we have experienced this year”, said Ismael Cala of the newspaper’s launch.

The site can be found at www.CalaBienestar.news, on social networks such as Twitter: @Cala and @CalaBienestar; Facebook, Instagram and Linkedin: IsmaelCala.

“Our professional team rigorously processes information about health and wellbeing, with contrasting themes, research results and daily news on the Covid-19 situation, using language that is accessible to all. My advice is to read it every day, reflect on it and share it”, added Cala.

For his part, Michel D. Suárez, the editorial director added: “The goal is to establish ourselves as a benchmark portal for health, wellbeing and technology, working with inspiring columnists, experts, doctors, coaches, psychologists and other professionals Ismael usually works with”.

www.CalaBienestar.news  is particularly aimed at Hispanic audiences in the United States, Latin America and Spain.

“We enjoy valuable technical collaboration with the The Panda Way and the MS Agency content team; but, above all, with a solvent brand such as Ismael’s”, said Suárez, a doctor in Journalism who has worked closely with Ismael Cala for over 35 years.

www.CalaBienestar.news  is part of the Cala Group, the holding company that includes other brands such as Cala.Academy, Escala Meditando APP and Cala Digital, as well as non-profit organisations such as the Ismael Cala Foundation.

ABOUT ISMAEL CALA

Life and business strategist. He hosted CALA on CNN en Español during prime time for five and a half years. He currently directs and presents CALA on North American channel MegaTV. Businessman and social entrepreneur. Author of eight bestsellers on leadership, entrepreneurship and personal development, including “The Power of Listening” and “Wake Up With Cala”. Cala was born in Santiago de Cuba in 1969 and has a degree in Art History from the Universidad de Oriente. He graduated from York University’s School of Communication in Toronto and holds a diploma from Seneca College in Television Production. He is the president and founder of Cala Enterprises Corporation and the Ismael Cala Foundation.

SOURCE Cala Enterprises

Source: https://www.prnewswire.com:443/news-releases/ismael-cala-launches-calabienestarnews-a-daily-digital-newspaper-about-health-and-wellbeing-301181287.html

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