Slide 1: Company presentation Q1 2018 Results
Borr Drilling Limited Company presentation Q1 2018 Results 31 May 2018 |
Slide 2: Important information and disclaimer
Important information and disclaimer This presentation (the “Presentation”) has been prepared by Borr Drilling Limited (the “Company”) and sets forth general background information about the Company's activities current as at the date hereof. Information in this Presentation, including forecast fina
Slide 3: We have spent the last 18 months building the leading jack-up drilling company
We have spent the last 18 months building the leading jack-up drilling company 1 Hercules Offshore 2 Transocean 3 PPL Shipyard 4 Paragon Offshore1 5 Keppel deal World-leading fleet Standard Standard NCW NCW Standard Semi Standard Standard NCW NCW NCW NCS Standard Standard Standard Standard Standard
Slide 4: Key Financials Q1 2018
Key Financials Q1 2018 Income Statement Comments ▪ Paragon consolidated from March 29, USDm Q1 2018 Q1 2017 2017 2018 Operating revenues 10.6 - 0.1 ▪ One-off G&A charges of US$3 million Rig operating and maintenance expenses (22.5) (2.3) (36.2) Depreciation, amort. and imp. (12.2) (1.0) (47.9) ▪ Res
Slide 5: Key Financials Q1 2018
Key Financials Q1 2018 Balance Sheet Key Numbers Comments ▪ Acquired 22 jack-up drilling rigs and one USDm Q1 2018 Q4 2017 Q1 2017 semisubmersible from Paragon with total estimated value of US$261 million Total assets 2,137.3 1,672.3 949.0 Long-term debt 261.0 87.0 - ▪ Delivery of three newbuildings
Slide 6: Fleet Status Report May 2018
Fleet Status Report May 2018 Fleet summary Operating Available Cold Stack Under Construction Premium Jack-Ups 29 4 10 1 14 Standard Jack-Ups 7 5 2 Total Jack-Ups 36 Semi - Submersible 1 1 Total Fleet 37 10 10 3 14 Fleet main movements and operations ▪ Net 11 rigs added to the Total Fleet in 2018 ▪ S
Slide 7: Utilisation is improving
Utilisation is improving Marketed utilisation for premium* jack-up rigs 90.0 85.0 Rig utilisation up 8.9 pct. points. 80.0 % 75.0 70.0 65.0 60.0 May 2015 May 2016 May 2017 May 2018 *Jack-ups built after 2000 *Percentage points from January 2017 to May 2018 Source: IHS/DNB 7|
Slide 8: When the market improves – rates move quickly
When the market improves – rates move quickly Rate recovery profile Increase in jack-up rig count in past cycles Index points 1995 1999 2004 2011 140 350 +124 in 44 months 120 300 +100 in 33 months 100 +88 in 24 months 250 80 60 200 40 150 20 100 0 0 2 4 6 8 10 12 14 16 18 20 22 24 1987-89 1999-01 1
Slide 9: Q&A
Q&A |