.September 13, 2024 09:11 AM

Borr Drilling (NYSE:BORR) saw a 3% pre-market share increase after Evercore ISI analysts upgraded the company to Outperform with a $9.00 price target. The upgrade reflects improved revenue and cash flow visibility, driven by a strong offshore drilling cycle. Despite oil price volatility, the offshore drilling industry benefits from a decade of underinvestment and increasing energy security concerns. Borr Drilling’s fleet of 24 modern jackup rigs, with an average age of seven years, positions the company well to secure premium dayrates and capitalize on growing global oil and gas demand.