Slide 1: Q4 2023 Presentation
Q4 2023 PRESENTATION February 22, 2024
Slide 2: Forward Looking Statement
Forward Looking Statement This announcement and related discussions include forward looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by wor
Slide 3: Company Overview and Highlights
Company Overview and Highlights Q4 2023 Highlights International Footprint and Diversified Portfolio Adj. EBITDA Q4 2023 Adj. EBITDA Q4 2023 $105.9m 48% Margin1 Contracted Fleet2 Adj. EBITDA FY 2023 100% $350.5m 1 North Sea 7 6 Asia Operational Excellence 2 Mexico 5 3 Middle TRIF3 Tech. Uptime4 East
Slide 4: Key Financials Q4 2023
Key Financials Q4 2023 Quarterly Revenue progression ($m) Change Change In $ million Q4 2023 Q3 2023 250 ($) (%) Dayrate Revenue 220.6 Total operating revenues 220.6 191.5 29.1 15% Related Party Revenue (Mexico) 187.5 191.5 Rig operating & maintenance expenses (98.5) (85.8) (12.7) 15% 200 172.0 35,8
Slide 5: Adjusted EBITDA guidance shows ability to de-lever balance sheet
Adjusted EBITDA guidance shows ability to de-lever balance sheet and distribute meaningful value to shareholders Annual Adjusted EBITDA progression Post-refinancing amort. and maturity profile $ million $ million 1 000 Adjusted EBITDA 2028 Notes Keppel Newbuilds1 Adjusted EBITDA margin 2030 Notes Co
Slide 6: Utilization is high and reaching prior cycle peak levels
Utilization is high and reaching prior cycle peak levels Marketed Utilization (%) 100% 95,4% 95% 90% 85% 80% 75% 70% 65% Modern Jackups Standard Jackups 60% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Petrodata by S&P Global as on 20 Feb 2024 6
Slide 7: Supply Constrained Market Remaining Tight
Supply Constrained Market Remaining Tight Modern Rig Availability is Tight … Limited additional supply …and headed towards undersupply Current Supply and Demand1 Orderbook deliveries within 24 months2 Demand outlook 24 months3 325 = (20 - 25) (4 - 9) Source: Petrodata by S&P Global as on 20 Feb 2024
Slide 8: Improving rates and earnings visibility
Improving rates and earnings visibility Strong contracting performance 2024 coverage reaching 90% Available Fleet Coverage (%) 100 % 87% Coverage 2023 YE 2024 YTD 90 % @ 135k/d 80 % 64% Coverage Contracted Fleet 100% 100% 70 % @ 134k/d 60 % New Contracts1 12 3 50 % 40 % Backlog $728m $82m 30 % 8% Co
Slide 9: In Conclusion
In Conclusion Strong market utilization with robust outlook 1 Supply constrained jackup market 2024 guidance underpinned by solid contract portfolio 2 87% fleet coverage in 2024 at market leading rates Long-term capital structure in place 3 Including deleveraging feature 4 Quarterly dividend distrib
Slide 10: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling