Reported about 2 months ago
Borr Drilling Ltd. anticipates that nearly a third of the global fleet of shallow-water rigs will retire soon due to aging, which is expected to increase daily leasing rates. Approximately 30% of these rigs are over 35 years old, and as the offshore drilling market gains momentum with rising crude prices, Borr aims for higher day rates next year to boost cash flow. With its fleet averaging only 7 years in age, Borr is positioned as a key player in this sector.
Source: YAHOO