Oslo-listed firm Borr Drilling has reported modest losses of £5.7 million for Q2, while it holds nearly £1.5 billion in assets.
Yet the firm has managed to almost half the losses from last quarter and drastically stem the £31.8 losses it reported 6 months prior.
The firm struck a deal to take over rival company Paragon Offshore this year, in which it acquired 22 jack-up drilling rigs.
Finalised in March, the deal March valued the Houston-headquartered Paragon at £180 million.
The company is currently holding the newly acquired rigs as non-current assets.
The firm has also recently come under fire from workers unions after announcing that it would shed 70 jobs across two rigs and an office in the Dutch city of Beverwijk.
Nautilus union accused the firm of financial mismanagement, given the firm serving redundancies so close to a multi-million takeover.
Sascha Meijer, Nautilus executive officer, said at the time: “We think that a multinational company like Borr should do better in redeploying their loyal workers, some of whom have been working with them for decades, but until now the company is not willing to redeploy so we demand a better social plan from a company that spent almost $1 billion on buying new rigs.”