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2.20%
0.09
Why is Borr Drilling Ltd (BORR) Stock down?
We've noticed a 7.71% decline in Borr Drilling Ltd (BORR) stock during the 2024-11-07 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
04 Apr, 2024:
Borr Drilling Stock (BORR) declined by 6.71% due to news of a temporary suspension of operations for its rig "Arabia I" in Saudi Arabia. The suspension, expected to last up to 12 months starting in the second quarter, prompted the stock's fall.
- Temporary Suspension of Operations: The company received a notice of temporary suspension for its rig "Arabia I" and intends to seek alternative engagement for the rig during the suspension period.
- Outlook and Contracts: The company reported that firm contracts and priced options already cover 87% of available capacity in 2024, with expectations of further increases in the coming months.
- Stock Performance: Borr Drilling's stock has experienced a significant decline, losing over 23% in the past year. This latest development with the temporary suspension of operations likely contributed to the stock's recent decline.
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