Financial Data and Key Metrics Changes - The company reported a strong second quarter with technical utilization at 99.6% and economic utilization at 97.8% [4] - Revenue increased by $41 million to $166.5 million for the first six months of the year, with EBITDA rising by 9% to $133 million [4][10] - Total operating expenses were $102 million, an increase of $4 million compared to the first quarter [11] - Adjusted EBITDA for the quarter was $133.2 million, reflecting a 39% increase [12] Business Line Data and Key Metrics Changes - The company secured 14 new contract commitments year-to-date, adding $318 million to the backlog [17] - The average day rate for 2025 is projected at $145, with 84% fleet coverage [20] - The company has seen a significant increase in contract awards, including a multi-rig award in Vietnam and a contract for the Rig Arabia [18][20] Market Data and Key Metrics Changes - The oil and gas sector is facing a complex global environment, with Brent crude prices averaging approximately $68 in Q2 [21] - Global utilization for modern rigs remains above 90%, although day rates are under pressure due to excess capacity [22] - The Mexican government's renewed focus on Pemex is expected to enhance rig demand and contract stability [24] Company Strategy and Development Direction - The company aims to strengthen its capital position and support long-term growth through proactive financing initiatives [5][8] - The focus remains on maximizing asset utilization and capturing incremental work, particularly in Mexico and Southeast Asia [20][24] - The company is positioned to pursue opportunistic transactions and potential M&A activities in the current market environment [41][96] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operational environment in Mexico, citing government support for vendor payments [36][38] - The company anticipates continued demand growth in Southeast Asia and the Middle East, with a focus on shallow water projects [21][24] - Long-term fundamentals of the jackup market remain compelling, with expected growth in oil and gas demand [26] Other Important Information - A CEO succession plan was announced, with Bruno Morant set to take over as CEO effective September 1 [28][30] - The company has strengthened its balance sheet with a liquidity increase to approximately $425 million [16] Q&A Session Summary Question: Update on Mexico's operational status - Management indicated that the Mexican government's funding initiatives are positive for operational continuity and vendor payments [36][38] Question: Potential M&A activities - The company is exploring opportunistic transactions and is open to both larger corporate M&A and smaller asset purchases [41][96] Question: Status of Pemex accounts receivable - Current outstanding receivables from Pemex are around $60-65 million, with expectations for improved payment flows [57][95] Question: Incremental demand in Saudi Arabia - Management noted ongoing discussions with Aramco regarding rig availability, with expectations for increased demand in the near future [61][64] Question: Exploration opportunities in gas - The company has been involved in gas projects globally, including significant work in the Congo and the North Sea [76][78]

Financial Performance - Adjusted EBITDA for Q2 2025 was $133.2 million, representing a 49.8% Adjusted EBITDA margin[8] - Total operating revenues in Q2 2025 reached $267.7 million, a 24% increase compared to $216.6 million in Q1 2025[14] - The company expects Q3 activity to be at similar levels to Q2[28] - The company is comfortable with the 2025 Adjusted EBITDA consensus of approximately $470 million[28] Fleet and Contract Coverage - The company has 22 active rigs out of a fleet of 24 modern rigs[8] - Full year 2025 contract coverage is at 84% with an average dayrate of $145,000, which includes approximately 5.5% coverage related to suspension periods in Mexico[8, 9] - The company added $318 million in backlog revenue year-to-date in 2025[16] - The average day rate for new commitments year-to-date in 2025 is $123,000[16] - The company's 2026 contract coverage is at 47% with an average dayrate of $139,000[20] Liquidity and Balance Sheet - Pro forma liquidity stands at $425 million post July transactions[8] - Debt amortization is $135 million per annum[8]

Core Viewpoint - Borr Drilling Limited reported strong second-quarter results for 2025, highlighting significant revenue and EBITDA growth, alongside strategic contract awards and a comprehensive financing package to enhance liquidity and financial stability [4][6][9]. Financial Performance - Total operating revenues reached $267.7 million, an increase of $51.1 million or 24% compared to the first quarter of 2025 [9]. - Net income was $35.1 million, a significant improvement of $52.0 million compared to the net loss in the first quarter of 2025 [9]. - Adjusted EBITDA rose to $133.2 million, up by $37.1 million or 39% from the first quarter of 2025 [9]. Operational Highlights - Technical utilization was reported at 99.6% and economic utilization at 97.8% for the second quarter [4]. - 22 out of 24 rigs were active during the quarter, indicating a rebound in activity [4]. - The company secured 14 new contract commitments year-to-date 2025, representing approximately 2,584 days and $318 million of potential contract revenue [9]. Strategic Developments - A multi-rig contract was awarded in Asia, and a new contract for the Arabia II is expected to return to the active fleet in September [5]. - Contract coverage improved to 84% at an average day rate of $145,000 in 2025, and 47% coverage at an average day rate of $139,000 in 2026 [5]. - A comprehensive financing package was implemented, including a $102.5 million equity raise, increasing liquidity by $200 million and strengthening the balance sheet [6]. Future Outlook - The company anticipates a comparable level of activity in the third quarter as seen in the second quarter, with a comfortable outlook on the Bloomberg consensus estimate of approximately $470 million Adjusted EBITDA for 2025 [7]. - The Mexican government's commitment to strengthening Pemex's liquidity and production goals is seen as a positive factor for future drilling activity [8].

Core Points - Borr Drilling Limited plans to release its financial results for the second quarter of 2025 on August 13, 2025, after the close of the New York Stock Exchange [1] - A conference call and webcast are scheduled for August 14, 2025, at 9:00 AM New York Time [1] - Participants are encouraged to join the call 10 minutes early [1] Access Information - The earnings report, webcast, and presentation will be available on the Investor Relations section of the company's website [2] - Participants can access the webcast through a provided link [2] - Registration for the conference call is available via a separate link, with dial-in details sent to participants [2] Replay Information - A replay of the conference call will be available for streaming after the call concludes [3] - Contact information for inquiries is provided, including the CFO's contact details [3]

Group 1 - U.S. stock futures showed slight increases, with Dow futures up approximately 0.1% [1] - Franklin Covey Co. reported disappointing third-quarter results, leading to a significant drop in its stock price [1][2] - The company posted a quarterly loss of $0.11 per share, missing the analyst consensus estimate of a loss of $0.04 per share [2] - Quarterly sales for Franklin Covey were $67.121 million, which also fell short of the analyst consensus estimate of $67.491 million [2] - Following the earnings report, Franklin Covey shares fell by 10.1% to $21.72 in pre-market trading [2] Group 2 - Noah Holdings Limited saw its shares decline by 7.3% to $11.69 in pre-market trading [4] - Scage Future American Depositary Shares experienced a drop of 6.3% to $5.20 after a previous surge of over 34% [4] - Borr Drilling Ltd. shares fell by 4.7% to $2.01 following the announcement of a $100 million offering of approximately 50 million shares [4] - Lithium Argentina AG shares decreased by 4.7% to $2.23 after an 11% gain the previous day [4] - Bitmine Immersion Technologies, Inc. saw a decline of 4.6% to $55.81 after a 27% increase on Wednesday [4] - Northern Dynasty Minerals Ltd. shares dropped by 4.2% to $1.36 after a 4% decline the day before [4]

Core Viewpoint - Borr Drilling Limited plans to raise $100 million through a public offering of approximately 50 million shares for general corporate purposes [1] Group 1: Offering Details - The offering will be conducted under an effective shelf registration statement filed with the SEC on April 11, 2025 [3] - The offering is expected to include two settlements: 30 million shares on July 7, 2025, and 20 million shares on August 7, 2025, contingent on a special general meeting [4] - Certain officers and directors of the Company, including Mr. Tor Olav Trøim, Mr. Patrick Schorn, and Mr. Bruno Morand, have indicated intentions to purchase shares totaling $11.3 million [5] Group 2: Underwriters - DNB Carnegie, Clarksons Securities, Citigroup, and Goldman Sachs & Co. LLC are the joint bookrunners for the offering [2]

Core Insights - Borr Drilling Limited has secured new contract commitments for four premium jack-up rigs, increasing the total number of contracted rigs to 23 out of a fleet of 24 [1] - The new contracts have a combined duration of approximately 1,300 days and are expected to generate over $129 million in revenue, enhancing revenue visibility and contract coverage [2] Contract Details - In the Middle East, the rig 'Arabia II' has received a binding Letter of Award for a contract starting in September 2025, with a firm duration of 500 days and an additional 200-day unpriced option [3] - In Southeast Asia, rigs 'Thor' and 'Gunnlod' have secured contracts with estimated durations of 240 days and 100 days respectively, both including fixed priced optional wells [4] - In Mexico, the rig 'Odin' is transitioning to a 60-day accommodation program after a temporary suspension, with options for drilling works extending the contract through Q2 2026 [5] Year-to-Date Performance - Year to date 2025, the company has secured 13 new commitments totaling 3,010 potential contract days and $366 million in potential contract revenues [6]

Fleet and Operations - The company has a modern jackup fleet with an average age of approximately 6 years[7] - The fleet utilization is at 100%[7] - The company's Q2 2023 Adjusted EBITDA margin was 45%[7] - The company's contract backlog is $1.83 billion[7] - The company's Q2 2023 technical uptime was 98.7%[37] Market Dynamics - Modern jackup rig utilization is back at 2014 levels, reaching 93.7%[13] - Over 30% of the global jackup fleet is over 30 years old, with over 150 jackups retired since 2015, averaging 38 years of age at retirement[18] - The orderbook for new jackup rigs is at a record low, representing approximately 3% of the total fleet[22] Financial Outlook - The company has 75% contract coverage for 2024 at an average dayrate of $129k/day[29] - The company has 53% contract coverage for 2025 at an average dayrate of $130k/day[29] - The company has 18% contract coverage for 2026-2028 at an average dayrate of $125k/day[29]

Group 1 - Borr Drilling Limited is an offshore drilling services company specializing in shallow water oil and gas exploration with a modern fleet of jack-up rigs [1] - The company operates globally, with a particular focus on the Latin American market [1] Group 2 - The article expresses a positive outlook on Borr Drilling Limited, highlighting its potential for growth and investment opportunities [2]

Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding industry trends and m ...