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Borr Drilling posts Q1 net loss despite higher revenue

Bermuda-based Borr Drilling Ltd on May 29 reported a net loss of $56.4 million, or 11 cents per share, for the first quarter, down from a net loss of $33.8 million, or 7 cents per share, a year ago.

Net loss attributable to shareholders of the company reached $54.9 million, down from a net loss of $33.7 million in the prior year.

The international drilling contractor's operating revenues totaled $51.9 million, topping $10.6 million a year ago.