Borr Drilling Limited (BORR) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, and thank you for participating in Board Drilling Third Quarter Earnings Call. I'm Bruno Moran, and with me here today in Bermuda is Magnus Waller, our Chief Financial Officer. 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. For today's call, I'll start with a review of Q3 and highlight key developments since quarter end. Magnus will then review our quarterly financial results. I'll follow with a deeper look in the market and our commercial execution, and we'll conclude with your questions. Let's get started. Our third quarter results were strong, extending the rebound delivery in the second quarter. With 23 or 24 rigs active, Our commercial team continues to execute at the highest levels, delivering strategically and timely contracts despite a volatile and dynamic market. Revenue increased by $9.4 million quarter over quarter and adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the quality of our earnings. Operational execution continues to be industry leading with technical utilization of 97.9 and economic utilization of 97.4% across the fleet. Subsequent to quarter end in October, we're pleased to announce three contract extensions in Mexico. Mexico remains an important market for board drilling. Notably, collections restarted in September with approximately 19 million received in September and October. These inflows together with the recent government actions to strengthen PMAX finances, are the base for our confidence in continued normalization o...