Borr Drilling Limited · NYSE:BORR
Borr Drilling — Fearnley Securities Annual Offshore Drilling Seminar NYC & London 2025
11 slides from Borr Drilling's conference presentation, Jan 16, 2025
Slide 1: Fearnley Securities Annual Offshore Drilling Seminar NYC & London
Fearnley Securities Annual Offshore Drilling Seminar NYC & London 15 & 16 January 2025 CEO Patrick Schorn CFO Magnus Vaaler
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 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 76% 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: Our high quality and future proof fleet
Our high quality and future proof fleet The industry’s youngest fleet … amidst an aging global fleet Average Age Fleet Size # of rigs 90 8 24 80 70 Noble 13 13 60 50 Valaris 18 35 40 Over 30% of global fleet is beyond retirement age 30 Arabian Drilling 21 10 20 10 Saipem 22 4 0 33-36 3-6 9-12 18-21
Slide 5: Orderbook next to nothing
Orderbook next to nothing Low newbuild jack-up orderbook 160 Orderbook as % of Total Fleet 30% • No new jack-up orders for approx. a decade 140 • 10 rigs in the orderbook (~2% of total fleet), a 25% record low since early 2000’s 120 • Only ~4 newbuilds perceived as available and competitive in the n
Slide 6: Shallow water is key
Shallow water is key Significant production at attractive breakeven costs Favorable fundamentals 70 Onshore Middle East Shelf North American Shale Ultra deepwater Deepwater Extra heavy oil Row onshore Oil sands Global offshore Shallow water represents ~66% of 60 Russia onshore Weighted average break
Slide 7: Strong revenue visibility
Strong revenue visibility Adding backlog1 at $795M $177k/d attractive rates 2024 Avg. dayrate2 Full year 2024 91% $136k/d Coverage Avg. dayrate2 Full year 2025 76% $150k/d Coverage Avg. dayrate2 1 Backlog Revenue includes new contracts, LOIs and LOAs including mobilization and demobilization revenue
Slide 8: Strong Customer History Portfolio
Strong Customer History Portfolio
Slide 9: Illustrative Revenue and EBITDA scenarios at full fleet utilization
Illustrative Revenue and EBITDA scenarios at full fleet utilization Fleet and Indicative Illustrative Total Illustrative Total Utilization Market Dayrates1 Revenue Adjusted EBITDA4 $150k/d $1 248m $731m 24 95% Modern Jackup Utilization $175k/d $1 456m $940m Rate3 Rigs2 $200k/d $1 664m $1 148m Note:
Slide 10: In Conclusion
In Conclusion 1 Global fleet of 24 modern and highly capable jack-ups 2 Short term volatility; long-term fundamentals intact 3 Global presence in key markets 4 Strong cash generation with end of our new build capex program 5 Sustainable long-term capital structure 10
Slide 11: Built to make a difference
BUILT TO MAKE A : DIFFERENCE * » Borr ” Drilling < » <
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