Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q2 2023 Earnings Presentation
9 slides from Borr Drilling's earnings presentation, Aug 17, 2023
Slide 1: Q2 2023 Presentation
Q2 2023 PRESENTATION August 17, 2023
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS This presentation and related discussions includes forward looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Forward looking statements are, typically, statements that do not refle
Slide 3: A Leading Pure Play Company
A LEADING PURE PLAY COMPANY Fleet People MODERN JACK-UP FLEET AND GLOBAL PRESENCE 24 2,250 (offshore) Premium rigs 300 (onshore) 1 Modern Fleet 7 Fleet Utilization 5 ~6yr 100% 3 Average Age 6 22 Contracted 2 Contract EBITDA 0 Warm Stacked Backlog1 Margin 2 Under construction $1.64bn 45% Source: Comp
Slide 4: Key Financials Q2 2023
KEY FINANCIALS Q2 2023 INCOME STATEMENT COMMENTS Q2 2023 USDm Q2 2023 Q1 2023 • Total operating revenues increased by $15.5m as a result of an increase of $13.4m in dayrate revenues, primarily a result of an increase day rates earned. Related party revenue, which is bareboat Operating revenues 187.5
Slide 5: Jackup Market Remains Tight
JACKUP MARKET REMAINS TIGHT UTILIZATION AT HIGH LEVELS AND FORWARD CONTRACT COVERAGE INCREASING 500 100% 80% 93.9% 450 95% 70% 400 89.7% 90% 60% 350 85% 50% 300 250 80% 40% 200 75% 30% 150 70% 20% Contracted Rigs 100 Mkt Utilization 65% 10% 50 0 60% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 6: Continuing to Build Quality Backlog
CONTINUING TO BUILD QUALITY BACKLOG TOTAL CONTRACT BACKLOG RECENT DEVELOPMENTS $1.64 34.1 $132k • Mist secured a new contract for a 244 days program in Thailand Avg Rate2 that will commence in January 2024 in direct continuation of its billion1 years current contract. • Thor secured a binding LOA fo
Slide 7: Set to Deliver Strong Results
SET TO DELIVER STRONG RESULTS ADJUSTED EBITDA & AVERAGE OPERATING RIGS1 STRONG 2024 VISIBILITY AND ADDITIONAL UPSIDE 90 24 % contract coverage and average dayrate1 84.0 100% 80 93% 72.4 @$120k/d 22 21.3 90% 70 80% 70% 20.0 @ $127k/d 60 19.9 19.6 20 55.1 70% 50 60% 45% 43.9 18 @$124k/d 17.1 50% @$120
Slide 8: In Conclusion
IN CONCLUSION ✓ Strong Q2 2023 with 45% Adj. EBITDA margin and an earnings fall through of 75% on the additional revenue Q-on-Q ✓ Backlog quality improving with higher dayrates – our long-term earnings potential is backed by premium assets ✓ Planning with shipyard to accelerate the delivery of the 2
Slide 9: Built to Make a Difference
BUILT TO MAKE A wot Bor »¢« Drilling DIFFERENCE betngcn a veove