Never Knowingly Misinformed

$borr adding backlog, but refusing to say much about it.. is it because the rates are high and the customers demanded non-disclosure on rate, or the rates are shit and they don’t want us to start blowing up the IR email? Answers on a postcard please

Where are these $borr results?

Current mode - IYKYK

Someone help me with all the narrative around Kharg Island. All you achieve by that is holding the choke point - you deny Iran oil revenue. What you don’t get is the oil itself - it’s a terminal. The oil comes from elsewhere. So what’s the point? It will come at great cost and achieves little unless you see the choke point as the vector for regime change.

Reading a lot of commentary about AC in Europe and it’s exhausting but amusing. Some believe we don’t have it. Some that we shouldn’t have it. Some are saying it’s unsightly. All I know is it’s bloody hot outside and 22C in here and the only visible sign of AC in my home is these small strips on the ceiling - all placed to give ideal airflow through the rooms.

Trump’s Misadventures in Hormuz : Memorandum of Misunderstanding

Starmer is apparently (mercifully) preparing his resignation. A few years ago, it was never in my imagination that Italy would appear more politically stable than the U.K.

$borr launches refi of the debt - will be interesting to see where pricing settles but this gives substantial runway for the cycle and alleviates a lot of credit concern.

Aston Martin Vanquish Zagato Volante - in Escaping White

$borr says what it thinks about the JU market. That makes 10 in recent months. Note the accretion - lower debt per rig / lower cash breakeven than existing fleet.

$borr wondering where these incremental Saudi barrels will come from? Aramco must be considering some further offshore reactivation? With the Mexican mood music sounding very good for 2026 we could be setting up for a very tight market at the modern end of the JU market.

$borr announces new contracts 💥 filling more white space for late 2025 and into 2026. $43m/300 days implies $143k/day - firmer than most were anticipating. If you like the space can you afford not to buy at this pricing? Disclosure: I’m long AF

On things I read that I found quite interesting, $borr Founder Tor Olav Trøim in Norwegian financial daily Finansavisen today says he has lived through four offshore cycles and never seen a setup as good as we have now. Of all the companies he controls claims Borr has the biggest upside, and says all the downside is already taken out.

Quick take on $borr earnings call: - Liquidity improved, with plenty of unrecognized liquidity (revenue not invoiced for work already done, Pemex receivables etc) - More contracts are imminent, mgmt proactive in filling white space including possibly substituting rigs, there is upside to 2025 utilisation and lots coming down the pipe for 2026. Only around 10 rigs of comparable spec to the Borr Fleet available - Consolidation play is definitely on the horizon, mgmt clearly has some targets in mind but as its a small space will not comment further. Sounded corporate vs asset based (makes sense on current NAV multiples) - Outlook remains solid, upside to consensus Fy25 EBITDA on potential filling of white space. Especially exciting with private players coming on stream in Mexico but plenty of demand elsewhere too, and Aramco coming back to market in an increasingly competitive Gulf market (Kuwait also looking for rigs

Hey @grok, on a scale of 1 to 100 what are my political leanings based on my posts and comments? 1 is far left, 100 is far right.

$borr More contracting at levels demonstrating the premium value of the fleet