Borr Drilling Limited · NYSE:BORR
Borr Drilling — Debt Investor Presentation (December 2025)
32 slides from Borr Drilling's debt investor presentation, December 2025
Slide 1: Company Presentation
Company Presentation December 2025
Slide 2: Executive Summary
Executive Summary Borr Drilling, the largest pure-play modern jack-up contractor, owns and operates a fleet of 24 modern premium jack-up rigs1 providing drilling services to the oil and gas industry in water depths up to 400 feet Modern & Premium Fleet: Borr has the youngest fleet globally of modern
Slide 3: Table of Contents
Table of Contents 1 Company and Market Update 2 Acquisition Target Overview 3 Key Credit Highlights 4 Financial Overview 5 Appendix 3 ©Borr Drilling Ltd. 2023
Slide 4: Company Overview and Highlights
COMPANY AND MARKET UPDATE Company Overview and Highlights Borr’s best-in-class platform driving robust performance, supported by a strengthened balance sheet Highlights International Footprint and Diversified Portfolio 4 Fleet Q3 2025 Avg. Fleet Age Youngest Fleet with Global Footprint 24 23 8.1 Mod
Slide 5: The Sustainability Journey
COMPANY AND MARKET UPDATE The Sustainability Journey Progressive sustainability roadmap leveraging a modern shallow-water fleet, strengthened governance and data, and targeted innovations to reduce carbon intensity over time Fleet Rationalization to focus on efficient assets NOx Modern fleet reduces
Slide 6: Revenue Backlog and Securing New Contracts
COMPANY AND MARKET UPDATE Revenue Backlog and Securing New Contracts Borr has robust 1H26 coverage at an average dayrate of ~$139k/d, while maintaining exposure in 2H26 to upside potential as the market shows signs of strength 2025 YTD Contracting Statistics1 Contract Coverage2 100% 85% coverage 90%
Slide 7: Robust Activity in the Jack-up Market on the Back of Strong Demand
COMPANY AND MARKET UPDATE Robust Activity in the Jack-up Market on the Back of Strong Demand Low-cost shallow-water resources, aging global jack-up fleet and almost no newbuilds create a structurally tight market, enabling sustained demand and higher dayrates for modern rigs like those of Borr Attra
Slide 8: Modern Rigs Continue to be in Tight Supply With High Utilizations
COMPANY AND MARKET UPDATE Modern Rigs¹ Continue to be in Tight Supply With High Utilizations Modern rigs remain in tight supply with utilization rates above 90% and continue to be the preferred asset of choice for operators Marketed Utilization Contracted Rig Count $160k/d 100% $200k/d 350 $180k/d 9
Slide 9: Supply and Demand Outlook – In House View
COMPANY AND MARKET UPDATE Supply and Demand Outlook – In House View Positive recent market developments, with open demand of 10+ rigs that may lead to significant further tightening Nominal Supply and Demand Adjustments 324 Adj. Contracted Util Adjustment for 91% Aramco callbacks 29 publicly announc
Slide 10: Table of Contents
Table of Contents 1 Company and Transaction Market Update Overview 2 Acquisition Company and Target Overview Market Update 3 Key Credit Highlights Acquisition Target Overview 4 Financial Key CreditOverview Highlights 5 Appendix Financial Overview 10 ©Borr Drilling Ltd. 2023
Slide 11: Acquisition Transaction Overview
ACQUISITION TARGET OVERVIEW Acquisition Transaction Overview • Borr Drilling has signed an LOI to acquire 5 premium jack-up rigs for total consideration of $360m • Target fleet has proven rig designs and high technical capabilities • Complementary specifications and geographic footprint, allowing Bo
Slide 12: Target Fleet Overview
ACQUISITION TARGET OVERVIEW Target Fleet Overview Modern target fleet, with proven designs and complementary global footprint, offering low execution risk utilizing Borr’s best-in-class platform Summary Friede and Goldman JU-3000N (3x): PF Rig Count Singapore built between 2013 and 2014 29 Target ri
Slide 13: Borr will Continue to Own the Youngest Fleet of Premium Jack-Ups
ACQUISITION TARGET OVERVIEW Borr will Continue to Own the Youngest Fleet of Premium Jack-Ups 29 modern rigs at ~9 years average age, materially younger than peers and the global fleet Leader in Modern Rigs with One of the World’s Youngest Fleet 1 Fleet Size (#) Modern Standard Fleet Age (Yrs) Borr D
Slide 14: Pricing Benchmark and EV Upside
ACQUISITION TARGET OVERVIEW Pricing Benchmark and EV Upside Premium assets acquired at discount – leveraging value of the “Borr Platform” EV per Rig1 ($m) Potential Accretion2 ($m) $160 $160 Borr Valuation Based on Borr implied asset valuation of $140 $140 $122m/rig Borr Valuation Age Adjusted $122
Slide 15: Table of Contents
Table of Contents 1 Company and Transaction Market Update Overview 2 Acquisition Company and Target Overview Market Update 3 Key Credit Highlights Acquisition Acquisition Target TargetOverview Overview 4 Financial Key Credit Key CreditOverview Highlights Highlights 5 Appendix Financial Overview 15 ©
Slide 16: Key Credit Highlights
KEY CREDIT HIGHLIGHTS Key Credit Highlights 1 • Borr Drilling is one of the largest pure-play jack-up contractors, owning a fleet of 24 (29 PF) modern, high-spec shallow-water units with an average age of c. Superior Borr platform 8.1 years • Borr platform built on premium modern fleet, operational
Slide 17: Superior Platform with Modern, Standardized Fleet of Premium Units
KEY CREDIT HIGHLIGHTS 1 Superior Platform with Modern, Standardized Fleet of Premium Units One of the youngest asset bases in the sector with best-in-class fleet of 24 existing rigs, plus 5 target rigs to be acquired The Youngest Fleet of Premium Jack-ups PF Average Age: 9.2 Key Considerations PF To
Slide 18: Operational Excellence and Customer Centricity at the Core of Borr's Platform
KEY CREDIT HIGHLIGHTS Operational Excellence and Customer Centricity at the Core of 1 Borr’s Platform Consistently achieving high technical utilization and delivering strong operational performance for customers Technical Utilization of Operational Fleet Excellent Recognition from Customers Technica
Slide 19: Borr Securing Premium Rates with Market-Leading Utilization
KEY CREDIT HIGHLIGHTS 2 Borr Securing Premium Rates with Market-Leading Utilization Consistently securing contracts at the top end of the premium market, outperforming peers in terms of dayrate, while maintaining leading utilization Recent Fixtures Dayrate Levels For Premium Jack-up Rigs1 300,000 Pr
Slide 20: Solid Backlog Differentiated by Region and Type of Customers
KEY CREDIT HIGHLIGHTS 3 Solid Backlog Differentiated by Region and Type of Customers Dayrate Equivalent Backlog Summary1 (Split allocated based on backlog days) NW Europe Mexico represents 60% of total Americas Revenue Dayrate 3% dayrate equivalent Equivalent Backlog1 backlog days $1.3bn SE Asia 15%
Slide 21: Illustrative Revenue and Adj. EBITDA Based on Historical Dayrates
KEY CREDIT HIGHLIGHTS 4 Illustrative Revenue and Adj. EBITDA Based on Historical Dayrates Potential for significant revenue and adjusted EBITDA growth based on indicative market dayrate sensitivities Fleet and Utilization Indicative Dayrates1 Illustrative Total Revenue Illustrative Total Adjusted EB
Slide 22: Strong management team
KEY CREDIT HIGHLIGHTS 5 Strong management team Stable management team has significant experience with Borr since its 2016 inception Bruno Morand Magnus Vaaler Harvey Snowling Chief Executive Officer Chief Financial Officer Chief Operations Officer • 20+ years of experience in the Oil and Gas industr
Slide 23: Experienced board of directors
KEY CREDIT HIGHLIGHTS 5 Experienced board of directors Patrick Schorn Tor Olav Trøim Alexandra Kate Blankenship Thiago Mordehachvili Chairman of the Board Director Director Director • Serving as a Director on our Board • Founded Borr Drilling in 2016 • Has been serving as a Director on our • Has bee
Slide 24: Table of Contents
Table of Contents 1 Company and Transaction Market Update Overview 2 Acquisition Company and Target Overview Market Update 3 Key Credit Highlights Acquisition Acquisition Target TargetOverview Overview 4 Financial Key Credit Key CreditOverview Highlights Highlights 5 Appendix FinancialOverview Finan
Slide 25: Historical Performance
FINANCIAL OVERVIEW Historical Performance Revenue and Adj. EBITDA have experienced robust growth over the past few years, with steady margin expansion Revenues ($m) Commentaries Y-o-Y Growth (%) 74% 31% Q-o-Q Growth (%) 24% 4% 1,011 1,025 772 Revenue has increased 444 131% since 2022 due to (i) 217
Slide 26: Current Trading
FINANCIAL OVERVIEW Current Trading In $ million Q3 2025 Q2 2025 Change ($) Change (%) Quarterly Revenue Progression ($m) Related Party and BBC Revenue Dayrate Revenues Total operating revenues 277.1 267.7 9.4 3.5% 350 Management contract revenue 300 277.1 271.9 263.1 267.7 Total operating expenses (
Slide 27: Table of Contents
Table of Contents 1 Company and Transaction Market Update Overview 2 Acquisition Company and Target Overview Market Update 3 Key Credit Highlights Acquisition Acquisition Target TargetOverview Overview 4 Financial Key Credit Key CreditOverview Highlights Highlights 5 Appendix FinancialOverview Finan
Slide 28: Target Fleet Overview
APPENDIX Target Fleet Overview Target Rig #1 Target Rig #2 Target Rig #3 Target Rig #4 Target Rig #5 Rig design: F&G JU-3000N F&G JU-3000N F&G JU-3000N Gusto MSC CJ50 Gusto MSC CJ50 Year in Service: 2013 2013 2014 2008 2008 SPS Year: Nov-27 Aug-28 Jun-29 Aug-28 Feb-28 Status: Working to Jan-26 12-mo
Slide 29: Current Fleet Overview
APPENDIX Current Fleet Overview 2025 2026 Rig Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Hild Ran1 Gunnlod Idun Skald Groa Njord Prospector 51 Prospector 11 Thor Odin Grid Vali Mist Norve Gerd Saga Galar Gersemi Natt Arabia I Arabia III1 Arabia II Var Firm / LOA Options Prep Notes: 1) HD/HE Capability Source: Com
Slide 30: Adjusted EBITDA Reconciliation
APPENDIX Adjusted EBITDA Reconciliation (in US$ millions) Q3 2025 Q2 2025 LTM Q3 2025 Net income 27.8 35.1 72.3 Depreciation of non-current assets 37.6 36.7 145.9 Loss from equity method investments 0.3 0.2 4.8 Total financial expense, net 58.6 56.4 240.3 Income tax expense 11.3 4.8 38.3 Adjusted EB
Slide 31: Built to Make a Difference
BUILT TO MAKE A : DIFFERENCE * » Borr ” Drilling < » <
Slide 32: Forward Looking Statements
DISCLAIMER Forward Looking Statements This presentation and the information contained herein (unless otherwise indicated), have been prepared by Borr Drilling Limited (the “Parent Guarantor”), Borr IHC Limited (the “Issuer”) and Borr Finance LLC (the “Co- Issuer” and, together with their respective
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