Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q2 2025 Earnings Presentation
12 slides from Borr Drilling's earnings presentation, Nov 5, 2025
Slide 1: Q2 2025 Presentation
Q2 2025 PRESENTATION 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 Highlights International Footprint and Diversified Portfolio Fleet Currently Youngest Fleet with Global Footprint 24 22 Modern Rigs Active Rigs 1 Adj. EBITDA Adj. EBITDA Margin1 Strong q-on-q Adjusted North EBITDA growth $133.2M 49.8% Sea 7 Asia 5 3 6 Mexico A
Slide 4: Key Financials Q2 2025
Key Financials Q2 2025 Quarterly Revenue progression ($M) 350 Related Party and BBC Revenue Dayrate Revenues 300 Management contract revenue 271.9 263.1 267.7 250 37.2 241.6 25.5 20.3 234.0 8.9 220.6 11.7 27.4 12.8 216.6 35.7 12.1 7.6 200 191.5 35.8 6.8 31.1 Change Change In $ million Q2 2025 Q1 202
Slide 5: Fleet Overview
Fleet Overview 2025 YTD Contracting Statistics1 14 New Commitments 2,500+ Backlog Days $318m Added Backlog Revenue $123k Avg Day Rate2 1 New mutual contracts, LOIs and LOAs including mobilization and demobilization revenues (includes bareboat charter contracts adjusted to a gross dayrate-equivalent
Slide 6: Premium fleet well placed to deliver high coverage
Premium fleet well placed to deliver high coverage Contract Coverage1 (%) 100% 91% Coverage @ 136k/d 84% Coverage 2025 coverage in line with our projection of 80-85% 90% @ 145k/d New awards in Asia illustrate ability to book new 80% contracts with limited to no idle time 70% Line of sight to contrac
Slide 7: Healthy utilization and strong long-term fundamentals
Healthy utilization and strong long-term fundamentals Marketed Utilization Supportive brent price, despite complex macro environment 100% Q2 average price of $68/bbl remains supportive for shallow water 95% 91% Jack-up demand driven by brownfield projects 90% Resilient demand with low breakeven pric
Slide 8: Aix / Asia
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Slide 9: In Conclusion
In Conclusion 1 Q2 Adj. EBITDA of $133.2m; Q3 activity expected at similar levels 2 Balance sheet proactively strengthened; positioned to 2 execute on our long-term strategy 3 Comfortable with 2025 Adj. EBITDA consensus1 of approx. $470m 4 Bruno Morand appointed as CEO effective September 1, 2025 9
Slide 10: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ 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 Financial
Slide 12: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling