Slide 1: Q2 2024 Presentation
Q2 2024 PRESENTATION August 15, 2024
Slide 2: Forward Looking Statement
Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbour" 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
Slide 3: Q2 2024 Company Overview and Highlights
Q2 2024 Company Overview and Highlights Highlights International Footprint and Diversified Portfolio Fleet Contracted Fleet1 Premium Fleet Fully Contracted 24 100% Modern Rigs 1 Adj. EBITDA Adj. EBITDA Margin2 Guidance $500 - 550M $136.4M 50.2% North Sea Adj. EBITDA Margin > 50% Q1 2024 $116.8M Q1 2
Slide 4: Key Financials Q2 2024
Key Financials Q2 2024 Quarterly Revenue progression ($m) 300 271.9 250 234.0 37,2 220.6 11.7 191.5 35,7 200 187.5 35,8 172.0 148.6 32,4 31,1 150 30,3 Change Change In $ million Q2 2024 Q1 2024 107.9 31,4 ($) (%) 105.3 100 223,0 17,6 17,4 184,8 198,3 Total operating revenues 271.9 234.0 37.9 16% 155
Slide 5: Strong contracting performance YTD
Strong contracting performance YTD Key Stats Recent Highlights North Sea 14 Prospector 1 had an option exercised and is now firmly contracted until Q2 2025 New Contracts1 Southeast Asia Gunnlod secured a binding LOA for c. 210 days commencing in November 2024 3,500+ Africa Backlog Days1 Norve secure
Slide 6: Strong revenue visibility
Strong revenue visibility Mob Full Year 2024 92% Coverage $135k/day average rate1 Full Year 2025 73% Coverage $148k/day average rate1 Contract Prep Contract Prep 1 Average dayrate is derived from Backlog Revenue divided by number of contracted days for the period 6
Slide 7: A structurally tight market
A structurally tight market 25 Aramco suspensions3 Modern Standard 1 20 4 4 (5) 328 15 (5) 10 18 5 12 0 Second Wave Recontracted First Wave Not Marketed Suspensions Net Aramco Modern Jackups (#) outside KSA Utilization 95% Illustrative Utilization ~97% Shipyard Orderbook4 15 (15 to 20) 10 ~10 (8) 12
Slide 8: In Conclusion
In Conclusion 1 YTD added over $650 million of backlog at $184,000/day 2 2024 Adjusted EBITDA guidance of $500 to $550 million 3 $0.40/share annualized dividend… More to come 8
Slide 9: Built to Make a Difference
BUILT TO MAKEA DIFFERENCE Borr ” Drilling
Slide 10: Appendix
oe “~ s Borr “24” Drilling Appendix
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ millions) Q2 2024 Q1 2024 Net income 31.7 14.4 Depreciation of non-current assets 31.9 31.8 Income from equity method investments 2.5 -5.4 Total financial expense, net 55.4 57.8 Income tax (credit)/expense 14.9 18.2 Adjusted EBITDA1 136.4 116.8 Non-GAAP Financi