FINWIRES · TerminalLIVE
FINWIRES

Borr Drilling Flags Rig Restarts, New Award; Dayrates Average $134,000 for 2026

-- Borr Drilling (BORR) said Monday its fleet recovery and new contract lifted 2026 coverage to 70% at about $134,000 dayrate amid Middle East disruptions.

The company said its Arabia III rig resumed offshore Saudi Arabia operations in late March, marking progress after earlier disruptions tied to geopolitical tensions in the region.

The Groa in Qatar and Arabia II in the UAE have received notices to restart, with both expected to resume work during April, the company said.

The Forseti rig, managed by a third party under a bareboat charter arrangement, is also preparing to restart operations in Qatar.

In the Gulf of America, the Odin rig faced delays due to additional maintenance work but is now expected to begin its contract with Cantium during April, the company said.

In Southeast Asia, the Skald was awarded a firm contract by an undisclosed client, with operations set to kick off in the second quarter of 2026 and continue for an estimated six-month period.

Following these updates, full-year 2026 contract coverage stands at 70%, with first-half coverage at 78% and second-half at 62%, alongside an average dayrate near $134,000, the company said.

Chief Executive Officer Bruno Morand said teams managed disruptions linked to Middle East tensions effectively, maintaining safe operations while positioning the fleet for a gradual return to activity.

He added that rising commodity prices and heightened energy security concerns are driving stronger demand, with customers accelerating tender awards and advancing drilling plans, positioning the company's fleet to capture growing activity.

Price: $6.04, Change: $+0.14, Percent Change: +2.37%

Related Articles

Australia

Intel Poised for 'Slight Beat' Amid Solid Server CPU Demand, RBC Says

Intel (INTC) is expected to report a "slight beat" in its fiscal first-quarter results amid robust server central processing unit demand, RBC Capital Markets said in a note e-mailed Tuesday.On Thursday, the chipmaker is likely to post adjusted per-share earnings and revenue above RBC's projections for breakeven and $12.20 billion, respectively, for the March quarter, according to the brokerage. The current consensus on FactSet is for non-GAAP EPS of $0.02 and sales of $12.42 billion."We expect a slight beat/raise driven by strong server CPU demand," RBC analyst Srini Pajjuri said. "(Personal computer) market also appears to be holding up for now."First-quarter revenue in the company's data center and artificial intelligence segment is pegged at $4.3 billion, representing a 3% annual gain, with room for potential upside, according to RBC."While demand remains strong, management expected internal wafer supply constraints to be most acute in (the first quarter) which could limit near-term upside," Pajjuri wrote. "Recent media reports point to Intel raising prices which should help."For the current quarter, RBC expects Intel to issue an outlook above Wall Street's estimates of $13.1 billion in revenue and adjusted EPS of $0.09, driven by server CPU demand and improving wafer supply.The data center and AI business is projected to see sequential growth of 10% in the second quarter, with RBC seeing potential upside amid improving supply and healthy pricing. The brokerage expects server demand to continue to benefit from agentic AI and sees industry supply remaining "tight" through 2026, it said in the note.RBC maintained its sector perform rating on Intel's stock with a $48 price target.The company's shares were up 0.3% in Tuesday afternoon trade, bringing its year-to-gains to nearly 79%.Last year, the US government agreed to invest $8.9 billion in Intel's common stock as part of a deal to secure a stake in the company. Separately, Nvidia (NVDA) agreed to inject $5 billion in Intel under a collaboration that aims to develop new data center and PC chips.Price: $66.04, Change: $+0.34, Percent Change: +0.52%

$INTC$NVDA
Australia

Scholastic Reports Preliminary Results of Dutch Auction Tender Offer

Scholastic (SCHL) on Tuesday announced preliminary results from its modified Dutch auction tender offer, which closed on Monday.The company said that shareholders tendered a total of about 2.85 million shares at or below the $40 per share purchase price, including about 1 million shares that were tendered by notice of guaranteed delivery.Based on the preliminary count, Scholastic expects to purchase all properly tendered shares at $40 each, for a total cost of about $114.1 million, excluding fees and expenses, it added.The company said that following completion of the offer, it expects nearly 17.9 million shares to remain outstanding, representing a reduction of about 13.7% in its share count.Shares of Scholastic rose 2.3% in the session.Price: $40.69, Change: $+0.93, Percent Change: +2.34%

$SCHL
Sectors

Sector Update: Financial

Financial stocks were declining in Tuesday afternoon trading, with the NYSE Financial Index decreasing 0.7% and the State Street Financial Select Sector SPDR ETF (XLF) off 0.6%.The Philadelphia Housing Index was adding 0.6%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) fell 1.8%.Bitcoin (BTC-USD) was decreasing 0.9% to $75,117, and the yield for 10-year US Treasuries was rising 5 basis points to 4.30%.In corporate news, Coinbase (COIN) and Gemini Titan have been sued by New York Attorney General Letitia James for allegedly violating the state laws against against illegal gambling with their prediction markets, Reuters reported, citing complaints filed in a state court in Manhattan. Coinbase shares fell nearly 7%.

$COIN