Borr Drilling Limited (BORR) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining Board Drilling's first quarter earnings call. I'm Bruno Moran and with me here today in Bermuda is Magnus Waller, our Chief Financial Officer. I'd like to remind all participants that certain statements made on this call are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. For further details, please refer to our latest public findings. On today's call, I'll start with a review of the first quarter and key developments since quarter end. Magnus will then cover financial results, after which I'll return to discuss contract activity and our market outlook. Before I begin, I'd like to recognize our teams around the world for their continued commitment to safe and reliable operations. During the quarter, several rigs achieved important safety milestones. The GERD, NAT, and MIST each achieved seven years LTI-free, while the SAGA and the Arabia III reached six and three years respectively. The NORVA also attained two years recordable incident-free. These milestones reflect a strong safety culture across the organization, and I would like to thank all of my colleagues for their continued dedication to zero-harm operations. Operationally, we delivered technical utilization of 99.4% and economic utilization of 97% in the first quarter. Revenue for the period was $247 million and adjusted EBITDA of $8.5 million, primarily impacted by the delayed startup of the Oden $14 million credit loss provision. During the quarter, the Oden completed its mobilization from Mexico of where operations had initially been expected to start in February. However, the startup was disruptions during transit, additional contract preparation work approvals. While th...