Latest news with #oil and gas
Yahoo
2 days ago
- Business
- Yahoo
SEB Equities Upgrades Borr Drilling (BORR) to Hold From Sell, Keeps a $1.90 PT
Borr Drilling Limited (NYSE:BORR) is one of the best affordable stocks under $5 to invest in. On July 1, SEB Equities upgraded Borr Drilling Limited (NYSE:BORR) to Hold from Sell with a $1.90 price target. Is Borr Drilling Limited (BORR) the Best Oil and Gas Penny Stock to Invest in Now? A modern offshore drilling vessel navigating the seas with equipment mounted on its decks. On July 2, Borr Drilling Limited (NYSE:BORR) made an announcement detailing the commitments it received from certain commercial banks to increase existing super senior RCF (SSRCF) to $200 million, reallocate the existing $45 million Guarantee Facility from super senior to senior secured, and add a new $35 million senior secured RCF, subject to a $100 million equity raise. Borr Drilling Limited (NYSE:BORR) also stated that it attained more favorable terms on the financial covenants in these facilities, which includes a drop in the minimum liquidity covenant. Management expects changes to the facilities, when coupled with the proposed $100 million equity raise announced by Borr Drilling Limited (NYSE:BORR), to raise the company's available liquidity by more than $200 million. This would strengthen Borr Drilling Limited's (NYSE:BORR) financial position and support its long-term strategy for the pursuit of potential value-added growth opportunities and industry consolidation. Borr Drilling Limited (NYSE:BORR) provides offshore drilling services to the oil and gas industry. It operates through Dayrate and Integrated Well Services (IWS) segments. The Dayrate segment provides rig charters and ancillary services, while the IWS segment offers integrated well services through Opex and Akal. While we acknowledge the potential of BORR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey.
Russia Today
3 days ago
- Automotive
- Russia Today
Putin speaks of threat to Russian sovereignty
Russia would inevitably lose its sovereignty if it relies solely on oil and gas revenues and abandons domestic production in favor of imports, President Vladimir Putin has said. In an interview with journalist Pavel Zarubin released on Sunday, Putin defended Russia's decades-long effort to localize automobile manufacturing, saying it was essential for protecting the country's economic and political autonomy. He recalled that in the 1990s many of his government colleagues wanted to abandon efforts to develop the car industry and instead rely on foreign-made vehicles, a view that he opposed. 'We must talk about technological independence… If we buy everything with the oil and gas [revenues] – and now they [the West] are trying to cut us off from oil and gas – then Russia will simply lose its competitiveness, and with it, its sovereignty,' he said. According to Putin, efforts to improve the domestic car industry began with cooperation with Western partners that were licensed to build assembly plants in Russia. Starting in the early 2010s, the authorities gradually tightened localization requirements, demanding that automakers produce more components domestically. 'This was serious work. We were essentially creating our own cars,' Putin remarked, adding that the effort paid off after the escalation of the Ukraine conflict in 2022, which saw an exodus of Western companies from Russia as Kiev's backers introduced sanctions against Moscow. Russia sold about 1.571 million new passenger cars in 2024 (up 48%), with Lada accounting for roughly 28% (436,155 units) and remaining the market leader, according to the analytical agency Autostat. However, all others spots in the top ten were occupied by Chinese brands. Russia's Kamaz also distributed the most trucks in the country last year, despite an overall drop in sales, the agency said. Putin has personally promoted the domestic automobile industry and has often been seen driving Lada and Kamaz vehicles. He also uses a limousine from the Russian luxury brand Aurus as his presidential car. In 2024, he gifted Aurus limos to North Korea's Kim Jong‑un and Bahrain's King Hamad bin Isa Al Khalifa.
Russia Today
4 days ago
- Automotive
- Russia Today
Putin reveals threat to Russian sovereignty
Russia would inevitably lose its sovereignty if it relies solely on oil and gas revenues and abandons domestic production in favor of imports, President Vladimir Putin has said. In an interview with journalist Pavel Zarubin released on Sunday, Putin defended Russia's decades-long effort to localize automobile manufacturing, saying it was essential for protecting the country's economic and political autonomy. He recalled that in the 1990s many of his government colleagues wanted to abandon efforts to develop the car industry and instead rely on foreign-made vehicles, a view that he opposed. 'We must talk about technological independence… If we buy everything with the oil and gas [revenues] – and now they [the West] are trying to cut us off from oil and gas – then Russia will simply lose its competitiveness, and with it, its sovereignty,' he said. According to Putin, efforts to improve the domestic car industry began with cooperation with Western partners that were licensed to build assembly plants in Russia. Starting in the early 2010s, the authorities gradually tightened localization requirements, demanding that automakers produce more components domestically. 'This was serious work. We were essentially creating our own cars,' Putin remarked, adding that the effort paid off after the escalation of the Ukraine conflict in 2022, which saw an exodus of Western companies from Russia as Kiev's backers introduced sanctions against Moscow. Russia sold about 1.571 million new passenger cars in 2024 (up 48%), with Lada accounting for roughly 28% (436,155 units) and remaining the market leader, according to the analytical agency Autostat. However, all others spots in the top ten were occupied by Chinese brands. Russia's Kamaz also distributed the most trucks in the country last year, despite an overall drop in sales, the agency said. Putin has personally promoted the domestic automobile industry and has often been seen driving Lada and Kamaz vehicles. He also uses a limousine from the Russian luxury brand Aurus as his presidential car. In 2024, he gifted Aurus limos to North Korea's Kim Jong‑un and Bahrain's King Hamad bin Isa Al Khalifa.
