Slide 1: Company presentation Q2 2018 Results
Borr Drilling Limited Company presentation Q2 2018 Results 23 August 2018 |
Slide 2: Important information and disclaimer
Important information and disclaimer This presentation (the “Presentation”) has been prepared by Borr Drilling Limited (the “Company”) and sets forth general background information about the Company's activities current as at the date hereof. Information in this Presentation, including forecast fina
Slide 3: Highlights
Highlights ▪ Operating revenues of US$51.1 million, EBITDA* of US$3.2 million and net loss of 7.4 million for the second quarter 2018. ▪ Acquired five jack-up drilling rigs from Keppel FELS Limited (“Keppel”) for a total consideration of US$742.5 million in May 2018. ▪ Took delivery of three premium
Slide 4: Key Financials Q2 2018
Key Financials Q2 2018 Income Statement Comments USDm Q2 2018 Q2 2017 YTD 2018 Operating revenues 51.1 - 61.7 ▪ Nine operating rigs in the quarter Gain on disposals 17.5 - 17.5 Rig operating and maintenance expenses (52.4) (3.1) (74.9) ▪ Gain on disposals includes sale of 17 rigs for total proceeds
Slide 5: Key Financials Q2 2018
Key Financials Q2 2018 Balance Sheet Key Numbers Comments ▪ Increase in total assets in Q2 2018 includes: - pre-delivery instalment of US$288.0 million for the acquisition USDm Q2 2018 Q1 2018 Q2 2017 of five high spec newbuild jack-up drilling rigs from Keppel FELS Total assets 2,652.2 2,137.3 1,02
Slide 6: Fleet Status Report August 2018
Fleet Status Report August 2018 Fleet summary Operating/Committed Available Cold Stack Under Construction Premium Jack-Ups 29 5 12 1 11 Standard Jack-Ups 7 5 2 Total Jack-Ups 36 Semi - Submersible 1 1 Total Fleet 37 11* 12 3 11 Fleet main movements and operations ▪ In Q2 2018 Borr secured contracts
Slide 7: Marketed utilisation for jack-up rigs is on the rise
Market Marketed utilisation for jack-up rigs is on the rise Increasing # of fixtures and preference for modern rigs 90 160 140 85 Modern rig utilisation up 8.1 pct. 120 points* Marketed utilisation % 80 100 Modern rigs ~65% → 80 75 60 70 40 20 65 0 2016 YTD 2017 YTD 2018 YTD Total Modern Standard St
Slide 8: Falling oil production for oil majors
Market Falling oil production for oil majors… …and free cash flow positive for 8 consecutive quarters 9,500 30 30 USDbn 25 25 25 23 9,400 21 22 20 20 18 9,300 17 16 16 15 1616 15 12 9,200 11 11 10 9 9 10 8 8 7 ‘000 bbl/day 9,100 5 4 9,000 0 -0 -1 -1 -2 8,900 -5 -5 -10 -8 8,800 -10 -11 -15 8,700 -16
Slide 9: Expected to lead to increased need and incentive for offshore investments
Market Expected to lead to increased need and incentive for offshore investments Well investments in offshore shelf fields, by approval year, in water depths 0 – 125 meters 70,000 60,000 50,000 40,000 USDm 30,000 20,000 10,000 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2
Slide 10: Q&A
Q&A |