HAMILTON, Bermuda, Feb. 27, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited has priced an offering of an additional $200 million in aggregate principal amount of 10.000% senior secured notes due 2028 (the "Additional Notes"). The Additional Notes will have the same terms and conditions as the $1,025,000,000 aggregate principal amount of senior secured notes due 2028, which were issued on November 7, 2023 (the " ...

Borr Drilling Limited (NYSE:BORR) Q4 2023 Earnings Call Transcript February 22, 2024 9:00 AM ET Company Participants Patrick Schorn - CEO & Director Magnus Vaaler - Chief Financial Officer Bruno Morand - CCO Conference Call Participants Fredrik Stene - Clarksons Securities Greg Lewis - BTIG Michael Boam - Sona Asset Management Patrick Schorn Good morning, good afternoon, and thank you for participating in the Borr Drilling fourth quarter 2023 earnings call. I'm Patrick Schorn. And with me here today is Brun ...

HAMILTON, Bermuda, Feb. 19, 2024 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) and (OSE: BORR) plans to release its financial results for the fourth quarter 2023 on Thursday, February 22, 2024.A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time) and participants are encouraged to dial in 10 minutes before the start of the call. The earnings report and presentation will be available from the Investor Relations section on www.borrdrilling.com.In order to listen to the presenta ...

HAMILTON, Bermuda, Feb. 12, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) is pleased to announce new contract commitments totaling 495 days and $82.2 million in contract revenue for three of its premium jack-up rigs, excluding mobilization and demobilization compensation. Firstly, BW Energy has extended the contract for the "Norve" by approximately two months through July 2024. The "Mist" has secured a contract extension from a subsidiary of Valeura Energy in Thailand. ...

Company Participants Magnus Vaaler - Chief Financial Officer Conference Call Participants Rishad Ahmed - Emso Asset Management Operator Patrick Schorn Dayrates have continued to appreciate as demonstrated by our latest previously announced fixtures for the Prospector 5, the Natt and the Idun. In addition, we are pleased to announce a 15 month extension for the Skald at a daily rate of $165,000 per day. The Ran and Hild have recently commenced their new contracts, bringing the operating fleet to 21 rigs. We ...

ADJUSTED EBITDA & AVERAGE OPERATING RIGS1 STRONG 2024 VISIBILITY AND ADDITIONAL UPSIDE Source: Company Data (Borr Drilling) as of August 17th 2023 1: Contract coverage shown including priced options as percentage. Average dayate shown both including and excluding priced options. Calculated dividing total contract backlog by backlog days, Backlog is including five rigs operating in Mexico under a JV on 100% basis and mobilization revenues ✓ Strong Q2 2023 with 45% Adj. EBITDA margin and an earnings fall thro ...

Financial Data and Key Metrics Changes - In Q2 2023, the company reported revenues of $187.5 million, an increase of $15.5 million or 9% compared to Q1 2023 [14] - Adjusted EBITDA for Q2 was $84 million, reflecting an increase of $11.6 million or 16% from Q1, resulting in an adjusted EBITDA margin of 45% [31][15] - Rig operating and maintenance expenses rose to $89.5 million, an increase of $4 million from Q1, primarily due to prior insurance proceeds affecting Q1 expenses [6] Business Line Data and Key Metrics Changes - The company secured seven new contracts and letters of award (LOAs) year-to-date, totaling an estimated duration of 1,771 days or $289 million in contract value, with an average day rate of approximately $163,000 [11] - The current contract revenue backlog stands at 34.1 rig years for a total of $1.64 billion, equating to an equivalent rate of $132,000 per day [18] Market Data and Key Metrics Changes - Jack-up rig utilization levels have increased, with modern rig utilization currently at 93.9%, a level not seen since 2014 [36] - The company noted an increase in average contract duration and a higher number of tenders and awards, indicating a strong demand for jack-up rigs [8] Company Strategy and Development Direction - The company is focused on building a quality backlog and has a positive outlook on the jack-up rig market, anticipating a multi-year upcycle in the shallow water offshore drilling industry [20] - The company is in discussions to expedite the delivery of two rigs, aiming to capitalize on current market opportunities [33][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the jack-up rig market, highlighting a strong demand visibility and tightness in the market that supports increasing rates [37] - The company aims to refinance its debt and return cash to investors, with dividends expected to be considered in 2024 if refinancing is successful [79] Other Important Information - The company has a contract coverage for 2024 of 70%, including firm contracts and priced options, with an average equivalent day rate of approximately $123,000 [13] - The company is actively marketing its rigs in regions experiencing lower day rate levels, such as the North Sea, while maintaining a focus on operational excellence [32][39] Q&A Session Summary Question: What is the company's strategy regarding refinancing and potential dividends? - Management indicated that refinancing debt is a key priority and that they are encouraged by recent refinancing trends in the industry, with dividends expected to be considered in 2024 if refinancing is successful [79] Question: How does the company view the West Africa market? - Management maintains a constructive view on West Africa, noting increasing requirements and exploration programs, although the market is smaller compared to the Middle East [64] Question: What is the company's approach to securing long-term contracts in a rising day rate market? - The company has demonstrated discipline in securing contracts, ensuring they can benefit from increasing market rates while being cautious about committing too much capacity too early [56][58]

| --- | --- | |----------------------|------------| | | Maturities | | (In $ millions) | | | 2023 | 50.0 | | 2024 | 114.0 | | 2025 | 870.9 | | 2026 | 322.8 | | Thereafter | 250.0 | | Total principal debt | 1,607.7 | At June 30, 2023 the scheduled maturities of our debt were as follows: Set forth below is a summary of some of the key terms of our New Secured Facility with DNB Bank ASA ("DNB Facility"), our Unsecured Convertible Bonds due in 2028 and our Senior Secured Bonds due in 2026, which were issued, en ...

38.0 157.4 360-400 0 50 100 150 200 250 300 350 400 450 FY 2021 FY 2022 2023E Guidance $M Source: International Energy Agency UTILIZATION AT HIGH LEVELS OVER 30% OF FLEET BEYOND RETIREMENT AGE MASTER 24 Q1 2023 PRESENTATION May 23, 2023 MASTER This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "shoul ...

We have a set of equipment that is working very well for us and allows us to perform at very high levels. So whatever we would do, when you think of consolidation or any type of M&A type of work, we would want that to be safeguarded. So whatever we need to do needs to be with assets that are of similar nature as ours, obviously, to keep that performance on where it needs to be. But from that point, we are looking at things that could be possible, but like I said, we have a very strong commitment to the divi ...