Slide 1: Q1 2026 Presentation
Q1 2026 PRESENTATION May 21, 2026
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements These presentational materials 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
Slide 3: Q1 2026 Company Overview and Highlights
Q1 2026 Company Overview and Highlights Highlights Global Footprint and Diversified Portfolio Fleet Currently Expanded Fleet Remains the Youngest in Industry 29 24 Modern Rigs Active Rigs 3 Adj. EBITDA Adj. EBITDA Margin1 1 Europe Q1 2026 Adjusted EBITDA $88.5M 35.8% 4 1 MENA 7 1 Debt Amortization Q
Slide 4: Key Financials Q1 2026
Key Financials Q1 2026 Quarterly Revenue progression ($M) Related Party and BBC Revenue Management contract revenue Dayrate Revenues 271.9 277.1 263.1 267.7 259.4 241.6 20.3 26.7 247.0 37.2 25.5 9.4 23.6 8.9 11.7 27.4 12.8 216.6 10.8 26.6 10.9 12.1 6.8 7.6 In $ million Q1 2026 Q4 2025 Change ($) Cha
Slide 5: Fleet Overview
Fleet Overview 2026 YTD Contracting Statistics1 13 New Commitments 2,250+ Added Backlog Days $274M Added Backlog Revenue $120k Average Dayrate2 1 Contracting statistics based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto; Contracting statistics exclude backed added in r
Slide 6: Contract Coverage and Market
Contract Coverage and Market Contract Coverage1 (%) Regional Markets Middle East tendering pipeline progressing, modest delays due to regional tensions Near term disruptions create potential for pent-up demand Asia showing initial signs of new demand driven by energy security concerns Mexico’s produ
Slide 7: In Conclusion
In Conclusion 11 Macro events continue to strengthen the fundamental outlook for shallow water market Focused on near-term coverage; fleet availability in 2027- 2 2028 is a strategic asset Driving shareholder value via opportunistic asset 3 acquisitions and continuing to enhance capital structure 7
Slide 8: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 9: Adjusted EBITDA Reconciliation and Definitions
Adjusted EBITDA Reconciliation and Definitions (in US$ millions) Q1 2026 Q4 2025 Net income / (loss) (29.0) (1.0) Depreciation of non-current assets 42.5 37.8 Loss from equity method investments 1.2 0.4 Total financial expense, net 62.7 55.8 Income tax expense 11.1 12.2 Adjusted EBITDA 88.5 105.2 No
Slide 10: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling