How Did NYSE: BORR Secure Place Among The Largest Drilling Companies

About NYSE: BORR

This is an offshore drilling contractor for shallow-water providing offshore drilling services for the gas and oil industries. The primary business of NYSE: BORR at https://www.webull.com/quote/nyse-borr has been the contracting, ownership, andoperation of rigs for the operation in the shallow water areas (depth up to 400 feet approximately), work crews for the conduction of gas and oil drilling operations for production and exploration customers.

They own 26 jack-up rigs along with one semi-submersible rig and eight additional jack-up rigs are to be delivered by the end of the year 2020. After this delivery is completed, they’ll have 30 premium jack-up rigs that were delivered in 2001 or later. The company aims to become a preferred operator of the jack-up rigs in the drilling market. Currently, they work only in the shallow-water market but they soon aim to start working in the mid-water and deep-water drilling. They take contracts from companies on a day-rate basis for the drilling of wells for their customers.

Their customers include gas and oil companies. The top five customers of this company are TAQA, NDC, BW Energy, Total, and Spirit Energy. In the first quarter of 2019, the max revenue was obtained from TAQA, NDC, Total, Tulip, and Perenco. A contract can be for drilling of one well or multiple can be done in the same week or it can take months.

The company currently operates on major oil-producing places throughout the world like the Middle East, North Sea, Southeast Asia, West Africa, and Mexico. Since the initial acquisition of jack-up rigs in early 2017, they have expanded into one of the largest drilling contractors.

The Stock

The average stock price for NYSE: BORR is 3.825 US dollars. The high estimation on these stocks is $7.00 and the low estimation is about $0.6500. All major expert analysts suggest to keep the stock on hold, that is, neither buying nor selling the stock. Those who have bought these stocks earlier should wait and see the trend in these stocks before selling them.

NYSE

This stock is traded under the NYSE stock market. NYSE stands for New York Stock Exchange and is the largest stock exchange of New York. NYSE is nicknamed as The Big Board. In 2013, the average trading value of NYSE was 169 Billion US dollars. Its trading floor consists of 21 rooms and is located at 11, Wall Street. It had another trading room in 30 Broad street which was closed in 2007. Not all the stocks can secure place for themselves under NYSE. You can get more stock information at https://www.webullapp.com. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.