Borr Drilling Limited (BORR) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for participating in the Board Earnings Second Quarter Earnings Call. I'm Patrick Schorn, and with me here today in Dubai are Bruno Moran, our Chief Commercial Officer, and Magnus Feiler, our Chief Financial Officer. Next slide, please. 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 inform risks and uncertainties that could cause the deficit to differ materially from those projected in these states. I therefore refer you to our latest public filings. Now before we dive into our second quarter results, I'd like to briefly reference the recent press release announcing both our new financing package and the CEO succession plan. We will cover the financing package in detail during our prepared remarks. a significant step forward in strengthening our capital position and supporting our long-term strategy. I will return to the CEO succession towards the end of the call. Our second quarter results were strong, with technical utilization of 99.6% and an economic utilization of 97.8%. As anticipated, our activity rebounded in the second quarter with 22 out of 24 rigs Revenue increased by 51.1 million this quarter and EBITDA rose by 37.33 million by 39% versus the first quarter of this year, underscoring profitability of the revenue stream. Additionally, 106.5 million free cash flow was generated in the first six months of the year. During the quarter, we have secured significant new awards, including a multi-rigged contract in Asia and a new contract for the Arabian Sea, which is expected to return to our active fleet in September. These contract awards and commitments improve our contract coverage to 84% at an average day rate ...