Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q4 2024 Earnings Presentation
12 slides from Borr Drilling's earnings presentation, Feb 20, 2025
Slide 1: Q4 2024 Presentation
Q4 2024 PRESENTATION February 20, 2025
Slide 2: Forward Looking Statement
Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such
Slide 3: Q4 2024 Company Overview and Highlights
Q4 2024 Company Overview and Highlights Highlights International Footprint and Diversified Portfolio Fleet Contract Coverage Youngest Premium Jackup Fleet in the Industry 24 77% Modern Rigs In 2025 1 Adj. EBITDA Adj. EBITDA Margin1 Strong day rates driving $136.7M 52.0% North Sea EBITDA growth Q3 20
Slide 4: Key Financials Q4 2024
Key Financials Q4 2024 Quarterly Revenue progression ($m) Related Party and BBC Revenue Management contract revenue Dayrate Revenues 300 271.9 263.1 250 234.0 37,2 241.6 25,5 220.6 11.7 27,4 12,8 35,7 12.1 200 187.5 191.5 35,8 172.0 32,4 31,1 Change Change 150 30,3 In $ million Q4 2024 Q3 2024 ($) (
Slide 5: Key Highlights
Key Highlights 2024FY Contracting Contracting Stats1 Norve has secured a new contract with Vaalco Energy in Gabon for a 320 days program commencing in July 2025 19 New Contracts Thor has secured a new contract with an undisclosed customer in Southeast Asia for a 45 days program commencing in May 202
Slide 6: Fleet Overview
Borr Drilling Fleet Overview Thor Q 8 8 & Q 8 8 Arabie I Ron! Gunnlod Prospector |! u Gere Mob/Prep. skola g Natt Gotar Gersomi Grid Njord odin ieun Hilo, Vali Contract Prep Groa Prospector 6 Norve Mist saga Arabia | Contract Prop Arabic I! Vor Firm | LOA / LO! Options Under Constr
Slide 7: Navigating volatility with strong backlog
Navigating volatility with strong backlog Robust revenue visibility into 2025 Utilization levels steady and around 90% Available Fleet Coverage1 (%) Marketed Utilization (%) 100 % 100% 91% Coverage 90 % @ 136k/d 95% 80 % 77% Coverage 93% @ 149k/d 90% ~90% 70 % 60 % 85% 50 % 80% 40 % 23% Coverage 75%
Slide 8: Contracting outlook improving into H2 2025
Contracting outlook improving into H2 2025 Backlog levels returning to positive territory Tendering pipeline improving Backlog (rig years), modern rigs Open tenders (#) by lead time Consumption 80 200 36+ months Additions 24-36 months Net 70 12-24 months 150 0-12 months 60 100 50 50 40 30 0 20 (50)
Slide 9: In Conclusion
In Conclusion 1 Delivered 2024 adjusted EBITDA - despite headwinds 2 Good contract coverage in 2025; some capacity available 3 Mexico collections provides foundation 4 Short term volatility; long-term fundamentals intact 9
Slide 10: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ millions) FY 2024 FY 2023 Q4 2024 Q3 2024 Net income 82.1 22.1 26.3 9.7 Depreciation of non-current assets 131.2 117.4 35.7 31.8 Income from equity method investments 1.2 (4.9) 2.5 1.6 Total financial expense, net 232.7 199.2 62.6 56.9 Income tax (credit)/expen
Slide 12: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling