Borr Drilling Ltd
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Energy : Energy Equipment & Services | Small Cap Value
Based in Bermuda
Company profile

Borr Drilling Limited is an offshore shallow-water drilling contractor. The Company’s primary business is the ownership, contracting and operation of jack-up rigs for operations in shallow-water areas, providing drilling services to the oil and gas exploration and production industry. Its jack-up rigs are capable of drilling to a maximum well depth of approximately 35,000 feet while operating in water depths ranging from 30 to 400 feet. It operates in oil-producing geographies throughout the world, including the North Sea, Mexico, West Africa, Southeast Asia and the Middle East. It owns approximately 23 jack-up rigs, which include Skald, Groa, Idun, Thor, Norve, Gerd, Natt, Ran, Odin, Gersemi, Grid, Galar, Njord, Prospector 1, Saga, Prospector 5, Mist, Gunnlod, Frigg, Gyme, Hermod, Heimdal and Hild. The Company contract its jack-up rigs primarily on a day rate basis to drill wells for its customers, including state-owned national oil companies and independent oil and gas companies.

Premarket

Last Trade
Delayed
$3.80
-0.02 (-0.52%)
Bid
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Ask
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B/A Size
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Market Hours

Closing Price
$3.82
Day's Change
0.00 (0.00%)
Bid
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Ask
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B/A Size
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Day's High
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Day's Low
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Volume
(Light)
Volume:
11,958

10-day average volume:
1,616,965
11,958

NFT frenzy seems to be cooling off. Here's why some investors remain bullish

2:04 pm ET March 24, 2022 (MarketWatch)
Print

By Frances Yue

Also Goldman Sachs, Bridgewater's crypto push

Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I'm Frances Yue, crypto reporter at MarketWatch, and I'll walk you through the latest and greatest in digital assets this week so far.

Find me on Twitter at @FrancesYue_ to send feedback or tell us what you think we should cover.

Subscribe Here to Distributed Ledger

Crypto in a snap

Bitcoin gained 5% over the past seven days, recently trading at around $44,039, according to CoinDesk data. Ether is up 9% over the seven-day stretch to around $3,117. Meme token Dogecoin logged a 14.4% gain while another dog-themed token Shiba Inu is trading up 9.3% from seven days ago.

Crypto Metrics

Biggest Gainers   Price   % 7-day return 
Ethereum Classic  $44.80  63.7% 
ApeCoin           $13.39  57.2% 
Loopring          $1.05   47.2% 
Mina Protocol     $2.60   41.4% 
Cardano           $1.16   39% 
                          Source: CoinGecko as of March.24 
Biggest Decliners  Price   % 7-day return 
JUNO               $30.22  -24.1% 
ECOMI              $0.002  -18.6% 
Osmosis            $8.7    -7.8% 
The Graph          $0.43   -5.3% 
Arweave            $32.97  -3.5% 
                           Source: CoinGecko as of March.24 

A cooling NFT market?

Trading volumes of NFT, or non-fungible tokens, has been sharply lower than it was at its high in January.

The average daily transaction volume on OpenSea, the largest NFT marketplace, stands at about 80 million so far on Ethereum in March, down more than 55% from January, according to crypto data tracking platform Dune Analytics.

"I think that early on, you saw lots of new entrants who were enthusiastic about this, but didn't necessarily have a grasp of the fundamentals and I think the cooling is a reflection of that," Jordan Birnholtz, co-founder at NFT marketplace Neon told Distributed Ledger in an interview.

However, such cooling could be positive for the market in the long term, according to Birnholtz. "Because people are developing more realistic expectations for what the technology can do."

Still, some investors said the NFT space may open up some investing opportunities as it showed some resilience during the crypto market downturn. "Since the beginning of the year, imagine you have a portfolio that was 50% in each of bitcoin and ether, the portfolio would be down about 17%," said Greg King, founder and chief executive at digital asset investment firm Osprey Funds.

However, "if you take an NFT portfolio with just let's say the top two projects, CryptoPunks and Bored Ape (Yacht Club) with 50% each, the portfolio would be up 6% year to date," King said in an interview this week.

Though it has yet to be proved as a long-term trend, "these are interesting situations because you can see that NFTs display a slight dislocation on the positive basis to the typical crypto performance year to date," according to King.

Ben McMillan, founder and chief investment officer at IDX Digital Assets, said though such "blue-chip" NFT projects outperformed the whole crypto market, he would not recommend investors to view NFT as a "flight to safety."

Liquidity is one of the constraining factors, McMillan said. He also pointed to the prevalence of wash trading, which refers to the scenario when an owner "sells" an NFT to another wallet that they also control, to make their NFT appear more valuable.

Wall street's crypto push?

Crypto companies, funds

Shares of Coinbase Global Inc. (COIN) traded up 4.3% to $191.06 Thursday afternoon. It was up 7.7% for the past five trading sessions. Michael Saylor's MicroStrategy Inc.(MSTR)jumped 5.9% on Thursday to $477.43, while it has gained 10% over the past five days.

Mining company Riot Blockchain Inc.(RIOT)shares rose 2.3% to $21.31, and it was up 15.5% over the past five days. Shares of Marathon Digital Holdings Inc.(MARA) were up 2.4% to $29.95, with a 12.5% gain over the past five days. Another miner, Ebang International Holdings Inc.(EBON) , traded 4% higher at $1.39, with a 22.6% gain over the past five days.

Overstock.com Inc.(OSTK) edged 0.3% lower to $48.91. The shares have declined 6.3% over the five-session period.

Block Inc.(SQ)'s shares, formally known as Square, remained unchanged at $135.4, with a 5.9% gain for the week. Tesla Inc. (TSLA)'s shares are up 0.7% to $1005.74 while its shares surged 15.4% for the past five sessions.

PayPal Holdings Inc.(PYPL)gained 0.3% to $114.94, while it recorded a 2.5% gain over the five-session stretch. Nvidia Corp.(NVDA) jumped 8.5% to $278.08, while was looking at a 12.3% gain over the past five trading days.

Advanced Micro Devices Inc.(AMD) gained 4.4% to $118.94 as of Thursday afternoon, while it rose 6.4% from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF(BITO) gained 4.6% to $27.73 Thursday, while Valkyrie Bitcoin Strategy ETF(BTF) was up 4.7% to $17.19. VanEck Bitcoin Strategy ETF(XBTF) advanced 4.6% to $43.42.

Grayscale Bitcoin Trust(GBTC) was trading at $30.18, up 5.5% Thursday afternoon.

-Frances Yue

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(END) Dow Jones Newswires

March 24, 2022 14:04 ET (18:04 GMT)

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