Borr Drilling Limited (BORR) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the Board Trillings Limited Q1 2025 results presentation, webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link at any time during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Patrick Sean, CEO. Please go ahead. Thank you. Good morning, and thank you for participating in the Board Drilling first quarter earnings call. I'm Patrick Schorn, and with me here today in London are Bruno Morant, our Chief Commercial Officer, and Magnus Fahler, our Chief Financial Officer. Next slide, please. First, covering the required disclaimers. I would like to remind all participants that some of the statements will be forward-looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I therefore refer you to our latest public filings. Next slide, please. Our first quarter results were largely as expected, reflecting the impact of temporary rig suspensions and preparatory work for upcoming contracts. Total operating revenue declined by 46.5 million quarter over quarter, resulting in adjusted EBITDA of 96.1 million for the period. During the quarter, we averaged 16 active rigs out of our 24 rig fleet. Despite ...