Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q1 2024 Earnings Presentation
10 slides from Borr Drilling's earnings presentation, May 23, 2024
Slide 1: Q1 2024 Presentation
Q1 2024 PRESENTATION May 23, 2024
Slide 2: Forward Looking Statement
Forward Looking Statement This announcement and related discussions include forward looking statements made under the "safe harbour" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements are, typically, statements that do not reflect historical facts and
Slide 3: Q1 2024 Company Overview and Highlights
Q1 2024 Company Overview and Highlights Highlights International Footprint and Diversified Portfolio Fleet Contracted Fleet1 Attractive and uniform fleet of modern rigs 24 100% Modern Rigs Adj. EBITDA Adj. EBITDA Margin2 Continued EBITDA $116.8M 47.2% 1 improvements and on track to meet guidance Q4
Slide 4: Key Financials Q1 2024
Key Financials Q1 2024 Quarterly Revenue progression ($m) 250 234,0 220,6 187,5 191,5 35,7 200 172,0 35,8 148,6 32,4 31,1 150 30,3 105,3 107,9 31,4 Change Change In $ million Q1 2024 Q4 2023 100 82,0 17,6 17,4 198,3 ($) (%) 184,8 155,1 160,4 18,7 141,7 Total operating revenues 234.0 220.6 13.4 6% 11
Slide 5: Strong contracting performance YTD
Strong contracting performance YTD Summary of fixtures Highlights North Sea Prospector 1 secured 2 new contracts and is now firm into 2025. 11 1,700+ New Contracts1 Backlog Days1 Southeast Asia Gunnlod secured a new contract for c. 90 days in direct continuation. Thor secured 2 new commitments for c
Slide 6: Robust revenue pipeline
Robust revenue pipeline 2024 coverage above 90% Market for modern rigs remains tight Available Fleet Coverage (%) Marketed Utilization (%) Modern Util. % Standard Util. % 93% Coverage 100% 100 % @ 134k/d 95% 95% 90 % 71% Coverage @ 142k/d 80 % 90% 70 % 85% 60 % 80% 50 % 40 % 75% 30 % 9% Coverage 70%
Slide 7: In Conclusion
In Conclusion 1 Added over $300 million of backlog at $183,000 per day 2 2024 Adjusted EBITDA guidance of $500 to $550 million 3 Doubling quarterly dividends to 10 cents per share 7
Slide 8: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling
Slide 9: Appendix
oe “~ “ Borr < > one »&¢« Drilling Appendix
Slide 10: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ millions) Q1 2024 Q4 2023 Net income 14.4 28.4 Depreciation of non-current assets 31.8 30.8 Income from equity method investments -5.4 2.5 Total financial expense, net 57.8 59.1 Income tax (credit)/expense 18.2 -9.3 Adjusted EBITDA1 116.8 111.5 Non-GAAP Financi