HAMILTON, Bermuda, Dec. 12, 2024 /PRNewswire/ -- Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) refers to i) its announcement on 6 November 2024, where the Company announced the authorization by its Board of Directors of a commitment to repurchase $20 million worth of shares within year end 2024, under its previously announced $100 million share repurchase authorization, and ii) the announcement on November 20, 2024, where the Company announced the completion of the first ...

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HAMILTON, Bermuda, Nov. 20, 2024 /PRNewswire/ -- Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) initiated a share repurchase program on November 12, 2024 to repurchase USD 10 million of the Company's common shares in open market transactions ("the First Tranche") on the OSE and NYSE until no later than November 30, 2024 pursuant to an agreement with DNB Markets, a part of DNB Bank ASA ("DNB Markets"). This was the initial step under the Board of Directors authorized commit ...

Group 1 - Borr Drilling Limited has received a notice of temporary suspension of operation for its rig "Arabia II" in Saudi Arabia [1] - The suspension will last for a period of up to 12 months, with the start date yet to be confirmed by the customer [1]

HAMILTON, Bermuda, Nov. 11, 2024 /PRNewswire/ -- Drew Holdings Ltd., a close associate of Mr. Tor Olav Trøim, has on 8 November, 2024, bought 1,500,000 common shares in Borr Drilling Limited at an average price of $3.9335 per share. Mr. Trøim is the chairman of Borr's board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Borr (a «PDMR»).Mr. Trøim and his close associates will, following the completion of this transaction, own 17,722,385 shares in Borr Drillin ...

Financial Data and Key Metrics Changes - Q3 2024 total operating revenues were $241.6 million, a decrease of $30.3 million compared to Q2 2024, primarily due to one-off items in Q2 that did not repeat in Q3 [10] - Adjusted EBITDA for Q3 2024 was $115.5 million, a decrease of $20.9 million or 15% compared to Q2 2024 [12] - Net income for Q3 2024 was $9.7 million, a decrease of $22 million compared to Q2 2024 [12] - Total liquidity at the end of Q3 2024 was approximately $335 million, including $185 million in cash and $150 million undrawn under the revolving credit facility [7][12] Business Line Data and Key Metrics Changes - Technical utilization was 98.7% and economic utilization was 96.9% for the quarter, indicating strong core operations [2] - The contract portfolio has strong revenue visibility into 2025, with 78% of the fleet contracted at an average day rate of $148,000 per day, which is 10% higher than in 2024 [3] Market Data and Key Metrics Changes - Modern rig utilization levels remain strong, above 94%, with around 90% adjusted for Aramco suspensions [19] - Regional utilization and day rates across Africa, North Sea, and Americas have remained steady, while Asia and Middle East have experienced a softer environment [20] Company Strategy and Development Direction - The completion of the newbuild program will increase cash flow in 2025, with the fleet reaching 24 premium rigs, the youngest in the industry [4] - The company is focused on maintaining strong operational efficiency and consistent revenues through contract extensions and securing new contracts [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged uncertainties in the jack-up market due to recent oil price declines and customer caution in confirming contracts [5] - The company updated its full-year 2024 adjusted EBITDA guidance to be at or above the lower end of the range of $500 million to $550 million [6] - Management remains optimistic about the long-term demand in the jack-up rig market, driven by an aging global fleet and no new orders in a decade [8] Other Important Information - The Board declared a cash distribution of $0.02 per share for a total of $4.8 million for Q3 2024 and committed to buy back $20 million in shares before the end of 2024 [7][26] - The company will maintain a single listing on the New York Stock Exchange after delisting from the Euronext Oslo Stock Exchange on December 30, 2024 [9] Q&A Session Summary Question: How has the dynamic with clients changed throughout the year regarding tenders? - Management noted that programs have shifted to the right, but the pipeline continues to grow positively, with some regions maintaining strong rig fixing levels [29] Question: Where do you see the strongest incremental demand heading into 2025 and 2026? - Management identified interesting pockets of activity in the Middle East, West Africa, and the Americas, with expectations of increased demand in 2025 [31][33] Question: Why was there a shift from cash dividends to share buybacks? - The Board believed it was more attractive to buy back shares at low levels rather than maintain cash dividends, while the gross amount of shareholder returns remains the same [36][37] Question: What is the current status of accounts receivable, particularly related to Pemex? - Management confirmed that lower payments from Pemex contributed to the increase in accounts receivable, and they are exploring options to monetize these receivables [39][40] Question: Will Pemex rigs potentially get extensions if there are no major changes to their capital plans for 2025? - Management expressed optimism about the long-term future of rigs in Mexico, given the government's commitment to maintain production levels [43]

HAMILTON, Bermuda, Nov. 7, 2024 /PRNewswire/ --Please find enclosed the presentation of Borr Drilling Limited's third quarter 2024 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on November 7, 2024. In order to listen to the presentation, you may do one of the following: Webcast To access the webcast, please go to the following link:https://edge.media-server.com/mmc/p/fcm3dyij  Conference Call Please use this link to register for the conference call,https://register. ...

HAMILTON, Bermuda, Nov. 6, 2024 /PRNewswire/ -- The Board of Directors of Borr Drilling Limited (the "Company") (OSE and NYSE "BORR") informs that it has resolved to grant 136,612 Restricted Stock Units (each, a "RSU") to its Directors.Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2025, and will be conditional on continuing to serve as a Director of the Company at the date of vesting. The RSUs will be settled through issuance of shares in the Company.Persons disch ...

Core Viewpoint - Borr Drilling Limited reported a decline in financial performance for the third quarter of 2024, with total operating revenues of $241.6 million, a net income of $9.7 million, and adjusted EBITDA of $115.5 million, all showing significant decreases compared to the previous quarter [2][3][6]. Financial Performance - Total operating revenues decreased by $30.3 million or 11% compared to the second quarter of 2024 [2]. - Net income fell by $22.0 million or 69% compared to the second quarter of 2024 [2]. - Adjusted EBITDA decreased by $20.9 million or 15% compared to the second quarter of 2024 [2]. Contractual Developments - The company has secured seventeen new contract commitments year-to-date, representing 4,129 days and $731 million in potential contract revenue [2]. - New contracts for rigs "Skald", "Norve", and "Natt" commenced with significantly higher day rates than previous contracts [4]. - Rigs "Gunnlod", "Gerd", and "Arabia I" experienced fewer operational days due to preparations for upcoming contracts [4]. Operational Updates - The technical utilization rate was reported at 98.7%, while the economic utilization rate was at 96.9% for the third quarter [3]. - The newbuild "Vali" was delivered in August and will begin operations in early 2025, while the final newbuild "Var" is scheduled for delivery in mid-November 2024 [5]. Market Conditions - Concerns regarding near-term oil supply exceeding demand have led to customer caution in confirming rig contracts, potentially delaying new projects [6]. - The company updated its full-year 2024 adjusted EBITDA guidance to be at or about the lower end of the range of $500 to $550 million [6]. Strategic Initiatives - Borr Drilling has 78% of its rig fleet contracted through 2025 at an average day rate of $148,000 per day, which is 10% higher than in 2024 [7]. - The board declared a cash distribution of $0.02 per share ($4.8 million) for the third quarter of 2024 and committed to a share buyback of $20 million before year-end 2024, totaling a shareholder return of $25 million [2][8].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ ___________________________ ____________________________________________ ____________________________________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 November 6, 2024 Commission File Number: 001-39007 Borr Drilling Limited S.E. Pearman Building 2 Floor 9 Par-la-Ville Road Hamilton HM11 Bermuda +1 (441) 542-9234 ...