Borr Drilling Limited Announces Fourth Quarter and Twelve Months 2023 Results
Highlights Fourth Quarter of 2023
- Total operating revenues of
$220.6 million , an increase of$29.1 million or 15% compared to the third quarter of 2023 - Net income of
$28.4 million , an increase of$28.1 million compared to the third quarter of 2023 - Adjusted EBITDA of
$105.9 million , an increase of$17.7 million or 20% compared to the third quarter of 2023 - Completed the refinancing of all the Company's secured debt, established a
$180 million RCF and completed a private placement of new shares for gross proceeds of$50.0 million - Total contract revenue backlog as at
December 31, 2023 of$1.75 billion , includingMexico rigs
Subsequent events
- 2024 year to date, the Company has been awarded three new contract commitments, representing 495 days and
$82.2 million of potential contract revenue - The Board declared a cash dividend of
$0.05 per share for the fourth quarter to shareholders of record onMarch 4, 2024 . Payment date will be on or aboutMarch 18, 2024 .
CEO, Patrick Schorn commented:
"Our fourth quarter performance has been strong, enabling us to close the year having achieved several major milestones.
On the operational front, we finished the year with excellent technical utilization for the quarter at 98.7% and a total recordable injury frequency of 0.65, the latter being well below the industry average. These numbers reflect the professionalism of our operational team, who have activated rigs continuously for the last three years, and who have successfully commenced operations in numerous new countries and regions.
On the contracting front, we closed the year with all of our 22 delivered rigs contracted. Over the course of 2023, we also secured several new contracts adding
Our Adjusted EBITDA increased by 20% from the third quarter to
With the issuance of our
Subsequent to the period covered by this quarter's report, there has been significant focus in the media on the announcements by Saudi Aramco regarding their production targets for 2027. While we fully respect that only Saudi Aramco can give meaningful information about how this will potentially affect the onshore and offshore activity levels going forward, a few comments specifically in relation to
CONTACT:
Questions should be directed to:
The following files are available for download:
https://mb.cision.com/Public/16983/3933554/a506fb0c1b9eabe9.pdf |
Borr Drilling Fleet Status Report |
https://mb.cision.com/Public/16983/3933554/a71cfbf2b847c28b.pdf |
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