Borr Drilling Limited · NYSE:BORR
Borr Drilling — Q3 2024 Earnings Presentation
11 slides from Borr Drilling's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Presentation
Q3 2024 PRESENTATION November 7, 2024
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: Q3 2024 Company Overview and Highlights
Q3 2024 Company Overview and Highlights Highlights International Footprint and Diversified Portfolio Fleet Contract Coverage Premium fleet Robust revenue visibility 24 78% Modern Rigs In 2025 1 Adj. EBITDA Adj. EBITDA Margin1 Adj. EBITDA at lower end of $115.5M 47.8% North Sea guidance $500 - 550M Q
Slide 4: Key Financials Q3 2024
Key Financials Q3 2024 Quarterly Revenue progression ($m) 300 271.9 250 234.0 37.2 241.6 220.6 11.7 27.4 191.5 35.7 12.1 200 187.5 35.8 172.0 148.6 32.4 31.1 150 30.3 Change Change In $ million Q3 2024 Q2 2024 107.9 31.4 ($) (%) 105.3 223.0 100 17.6 17.4 184.8 198.3 202.1 Total operating revenues 24
Slide 5: Key Highlights
Key Highlights YTD Contracting Contracting Stats Mist secured an extension with Valeura Energy and is now firmly contracted until August 2026 17 Prospector 1 had further option exercised and is now firmly contracted until July 2025 New Contracts1 Hild secured an extension with Fieldwood Energy and i
Slide 6: Market remains tight and Borr is well positioned
Market remains tight and Borr is well positioned Utilization levels remain strong and around 90% Robust revenue visibility into 2025 Marketed Utilization (%) Available Fleet Coverage(%) 100% 100 % 91% Coverage @ 135k/d 78% Coverage 90 % @ 148k/d 95% 94% 80 % 90% ~90% 70 % 85% 60 % 80% 50 % 24% Cover
Slide 7: Fleet Overview
Fleet Overview 2024 2025 Rig Name Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Thor Ran Gerd Prep/Mob Groa Gunnlod Norve Prospector 1 Mist Skald Arabia II Natt Galar Gersemi Grid Njord Odin Idun Hild Vali Prep/Mob Prospector 5 Saga Arabia I Prep/Mob Arabia III Var 7
Slide 8: In Conclusion
In Conclusion 1 Adj. EBITDA guidance kept throughout the year Updated our FY24 adj. EBITDA guidance of $500 - 550m to be at or around the lower end of the range 2 Solid revenue visibility 78% contract coverage in 2025 at accretive rates 3 Shareholder return intact Pivoting this quarter towards buyba
Slide 9: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling
Slide 10: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 11: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ millions) Q3 2024 Q2 2024 Net income 9.7 31.7 Depreciation of non-current assets 31.8 31.9 Income from equity method investments 1.6 2.5 Total financial expense, net 56.9 55.4 Income tax (credit)/expense 15.5 14.9 Adjusted EBITDA1 115.5 136.4 Non-GAAP Financial