Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q2 2025 Earnings Presentation
12 slides from Borr Drilling's earnings presentation, Aug 14, 2025
Slide 1: Q2 2025 Presentation
Q2 2025PRESENTATION August 14, 2025
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation 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: Q2 2025 Company Overview and Highlights
Q2 2025 Company Overview and Highlights 1 Adj. EBITDA margin is calculated by Adjusted EBITDA divided by Total Operating Revenues 2 Liquidity is based on Q2 cash closing balance, adjusted for July $102.5m equity raise (net of fees) and upsize of RCF capacity to a total of $234m (subject to documenta
Slide 4: Key Financials Q2 2025
Key Financials Q2 2025 In $ million Q2 2025 Q1 2025 Change ($) Change (%) Total operating revenues 267.7 216.6 51.1 24% Total operating expenses (171.2) (156.8) (14.4) 9% Operating income 96.5 60.2 36.3 60% Net income / (Loss) 35.1 (16.9) 52.0 - Adjusted EBITDA 133.2 96.1 37.1 39% Cash and cash equi
Slide 5: Fleet Overview: 2025 YTD Contracting Statistics
1 New mutual contracts, LOIs and LOAs including mobilization and demobilization revenues (includes bareboat charter contracts adjusted to a gross dayrate-equivalent basis) 2 Average dayrate is derived from Backlog Revenue divided by number of contracted days 5 Fleet Overview 14 New Commitments $318m
Slide 6: Premium fleet well placed to deliver high coverage
Premium fleet well placed to deliver high coverage Contract Coverage1 (%) Source: Company data 1 Coverage % represented by the number of contracted days divided by the total days available on a full year basis; includes ~5.5% coverage related to suspension periods in Mexico in 2025 2 Includes priced
Slide 7: Healthy utilization and strong long-term fundamentals
Healthy utilization and strong long-term fundamentals Source: Petrodata by S&P Global and Company data 7 Modern Util. %, adj for Saudi1 Marketed Utilization Rig retirements accelerating Potential for further retirements on the back of industry consolidation Visible incremental demand in the Middle E
Slide 8: SSS oS pats
SSS oS pats LRA TSS eae 4 Tey
Slide 9: In Conclusion
9 In Conclusion 2 Q2 Adj. EBITDA of $133.2m; Q3 activity expected at similar levels 1 Bruno Morand appointed as CEO effective September 1, 2025 4 Balance sheet proactively strengthened; positioned to execute on our long-term strategy 2 Comfortable with 2025 Adj. EBITDA consensus1 of approx. $470m 3
Slide 10: Appendix
9 es Ey iy Appendix
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION 11 (in US$ millions) Q2 2025 Q1 2025 Net income / (loss) 35.1 (16.9) Depreciation of non-current assets 36.7 35.9 Loss from equity method investments 0.2 1.8 Total financial expense, net 56.4 62.7 Income tax expense 4.8 12.6 Adjusted EBITDA1 133.2 96.1 Non-GAAP Financi
Slide 12: Borr Drilling: Built to make a difference
< “, Borr < : < Drilling BUILT TO MAKE A ; DIFFERENCE S veove