Slide 1: Q1 2025 Presentation
Q1 2025 PRESENTATION May 22, 2025
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: Q1 2025 Company Overview and Highlights
Q1 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 On track to deliver North consensus $96.1M 44.4% Sea 7 2 Asia 5 6 Mexico 1 Africa
Slide 4: Key Financials Q1 2025
Key Financials Q1 2025 Quarterly Revenue progression ($m) Related Party and BBC Revenue Management contract revenue Dayrate Revenues 300 271.9 263.1 250 234.0 37,2 241.6 25,5 220.6 11.7 27,4 12,8 216.6 35,7 12.1 7.6 200 187.5 191.5 35,8 6.8 32,4 31,1 Change Change 150 In $ million Q1 2025 Q4 2024 ($
Slide 5: Fleet Overview
Fleet Overview 2025 YTD Contracting Stats1 9 New Commitments 1,550 Backlog Days $221m Added Backlog Revenue $141k Avg Day Rate2 1 New mutual contracts, LOIs and LOAs including mobilization and demobilization revenues (includes bareboat charter contracts adjusted to a gross dayrate-equivalent basis)
Slide 6: Premium fleet well placed to deliver high coverage
Premium fleet well placed to deliver high coverage Contract Coverage1 (%) 100 % 91% Coverage 90 % @ 136k/d 79% Coverage Pipeline of opportunities in 2025 80 % @ 147k/d Coverage expected to increase to 80-85% for full year 70 % 60 % 50 % Focus on increasing coverage in 2026 35% Coverage 40 % Coverage
Slide 7: Healthy utilization and strong long-term fundamentals
Healthy utilization and strong long-term fundamentals Marketed Utilization Near-term volatility likely to drive jackup retirements 100% And no newbuilds expected to enter the market in near future 95% 92% Jackup demand driven by brownfield projects 90% ~89% Resilient demand with shorter cycle and lo
Slide 8: In Conclusion
In Conclusion Increasing contract coverage in 2025; Anticipate to further 1 increase to 80-85% for full year 22 rigs operating in May (vs. 16 in Q1) to drive earnings 2 improvement All rigs in Mexico active in May; Enabling contract renewal 3 discussions Despite short term volatility, long-term fund
Slide 9: Appendix
oe Pea oa Borr “24 Drilling Appendix
Slide 10: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION (in US$ millions) Q1 2025 Q4 2024 Net income (16.9) 26.3 Depreciation of non-current assets 35.9 35.7 Loss from equity method investments 1.8 2.5 Total financial expense, net 62.7 62.6 Income tax expense 12.6 9.6 Adjusted EBITDA1 96.1 136.7 Non-GAAP Financial Measures
Slide 11: Built to Make a Difference
BUILT TO MAKE A DIFFERENCE Borr ” Drilling