Borr Drilling Limited · NYSE:BORR
Borr Drilling — Investor Presentation (May 2026)
24 slides from Borr Drilling's investor presentation, May 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Company Overview and Highlights
COMPANY AND DRILLING SECTOR UPDATE Company Overview and Highlights Globally diversified portfolio with youngest fleet, delivering robust performance Highlights Global Footprint and Diversified Portfolio Contracted Rigs by Region Diverse Group of Clients Fleet Avg. Fleet Age Currently Americas Younge
Slide 3: Strategic Transactions Update
COMPANY AND DRILLING SECTOR UPDATE Strategic Transactions Update Executed a focused strategy of positioning the company for long-term value creation while preserving balance sheet strength M&A — NOBLE JACK-UPS M&A — FONTIS JOINT VENTURE CAPITAL MARKETS – REFINANCING (JANUARY 2026) (MARCH 2026)2 (APR
Slide 4: Contract Coverage and Recent Commitments
COMPANY AND DRILLING SECTOR UPDATE Contract Coverage and Recent Commitments Continuing to execute on contracting strategy Contract Coverage Key Recent Contracting Updates +7% +7% -3% +17% 100% Prospector 5, West Africa New commitment with expected startup in Q3 2026, an estimated firm 90% 77% durati
Slide 5: The Jack-up Market in Summary
COMPANY AND DRILLING SECTOR UPDATE The Jack-up Market in Summary A Modern jack-ups • Jack-ups are used for offshore production in shallow waters with low oil breakeven ranging from $10 - 31/bbl support low-cost oil • Shallow water development have short-cycle time, leading to faster increase in acti
Slide 6: Rising Usage of Modern Jack-ups Supporting Low Breakeven
COMPANY AND DRILLING SECTOR UPDATE Rising Usage of Modern Jack-ups Supporting Low Breakeven A Offshore Production Attractive Resource Base Modern Rigs are the Preferred Choice 350 70 Onshore Middle East Shelf Share of modern North American Shale Ultra deepwater …to current c. 70% of jack-ups moving
Slide 7: Utilization Expected to Rise on Back of Increasing Demand and Constrained Supply
COMPANY AND DRILLING SECTOR UPDATE Utilization Expected to Rise on Back of Increasing Demand and B Constrained Supply Demand is Expected to Continue to Increase… …While the Supply Side is Constrained and Getting Older Newbuild Orderbook is Nonexistent The last time the jack-up 500 Current dayrates d
Slide 8: Dayrates at Inflection Point and Could Move Materially Higher
COMPANY AND DRILLING SECTOR UPDATE Dayrates at Inflection Point and Could Move Materially Higher By C Slight Uptick in Utilization Premium Marketed Utilization Historic Relationship between Utilization and Jack-up Dayrates Premium High-Spec Premium 250 100 229 The majority of BORR’s fleet is “High-S
Slide 9: Key Credit Highlights
KEY CREDIT HIGHLIGHTS Key Credit Highlights 1 Strong sector tailwinds for sustained drilling activity • Oil and gas as energy source to remain essential for decades with significant investments required to meet demand • Increasing capex guidance from upstream producers is foreshadowing increased dri
Slide 10: Oil & Gas Will Remain Essential for Decades with Significant New Investments Required
KEY CREDIT HIGHLIGHTS Oil & Gas Will Remain Essential for Decades with Significant New 1 Investments Required Energy Addition Rather Than Energy Transition Oil and Gas Supply World Energy Supply (EJ) Million Barrels of Oil Equivalents per Day 200 900 Required New 150 Investment Renewables/Other 600
Slide 11: Superior Platform with Modern, Standardized Fleet of Premium Units
KEY CREDIT HIGHLIGHTS 2 Superior Platform with Modern, Standardized Fleet of Premium Units Most modern fleet in the sector, with 29 premium rigs and diversified geographic and customer exposure Fleet Profile vs Peers (Ordered by Fleet Age) Jack-ups Other Key Highlights Fleet Geographic Customer Flee
Slide 12: Operational Excellence and Customer Centricity at the Core of Borr's Platform
KEY CREDIT HIGHLIGHTS Operational Excellence and Customer Centricity at the Core of 2 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 13: Borr Securing Premium Rates with Market-Leading Utilization
KEY CREDIT HIGHLIGHTS 3 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 Dayrate Levels For Premium Jack-up Rigs1 International Jack-Up Cont
Slide 14: Solid Backlog Differentiated by Region and Type of Customers
KEY CREDIT HIGHLIGHTS 4 Solid Backlog Differentiated by Region and Type of Customers Backlog is ~80% covered by NOCs and supermajors and diversified across key international Jack-up markets Dayrate Equivalent Backlog Summary1 (Split allocated based on backlog days) Europe 3% Revenue Dayrate Equivale
Slide 15: Illustrative Revenue and Adj. EBITDA Based on Historical Dayrates
KEY CREDIT HIGHLIGHTS 5 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 16: Strong Management Team
KEY CREDIT HIGHLIGHTS 6 Strong Management Team Stable management team has significant experience with Borr since its 2016 inception Bruno Morand Magnus Vaaler Harvey Snowling Charles Lee Chief Executive Officer Chief Financial Officer Chief Operating Officer Senior Vice President and General Counsel
Slide 17: Experienced Board of Directors
KEY CREDIT HIGHLIGHTS 6 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 18: Current Fleet Overview
APPENDIX Current Fleet Overview 29 modern rigs with ~$1.1bn of dayrate equivalent backlog 2026 2027 Rig Name Location Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Southeast Asia Gunnlod Vietnam HLHV JOC TLJOC Idun Vietnam PTTEP Mist Thailand Valeura Energy Saga Brunei Brunei Shell Petroleum Option Skald Malaysia Medco E
Slide 19: The Sustainability Journey
APPENDIX 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 time on rig and
Slide 20: Adjusted EBITDA Reconciliation and Definitions
Adjusted EBITDA Reconciliation and Definitions LTM Q1 (in $mm) Q1 2026 Q4 2025 FY 2025 FY 2024 FY 2023 2026 Net income / (loss) 32.9 (29.0) (1.0) 45.0 82.1 22.1 Depreciation of non-current assets 154.6 42.5 37.8 148.0 131.2 117.4 Loss from equity method investments 2.1 1.2 0.4 2.7 1.2 (4.9) Total fi
Slide 21: Built to Make a Difference
BUILT TO MAKE A : DIFFERENCE * » Borr ” Drilling < » <
Slide 22: Disclaimer (1/3)
DISCLAIMER Disclaimer (1/3) 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 subsidiar
Slide 23: Disclaimer (2/3)
DISCLAIMER Disclaimer (2/3) This presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Group in the United States or in any other jurisdiction. No part of this presentation, nor
Slide 24: Disclaimer (3/3)
DISCLAIMER Disclaimer (3/3) MiFID II Product Governance / Professional Investors and ECPs Target Market: Solely for the purposes of the product approval process of the manufacturers, the target market assessment in respect of the securities to be offered by the Issuer and the Co-Issuer has led to th