Borr Drilling Limited Announces First Quarter 2024 Results
Highlights
- Total operating revenues of
$234.0 million , an increase of$13.4 million or 6% compared to the fourth quarter of 2023. - Net income of
$14.4 million , a decrease of$14.0 million compared to the fourth quarter of 2023. - Adjusted EBITDA of
$116.8 million , an increase of$5.3 million or 5% compared to the fourth quarter of 2023. - Raised
$200 million of additional principal amount of debt under the 2028 Senior Secured Notes. - Year to date of report, the Company has been awarded eleven new contract commitments, representing 1,743 days and
$318 million of potential contract revenue, including five new contract commitments signed after the end of the first quarter of 2024. - On
May 22, 2024 , the Board declared an increase in cash dividend to$0.10 per share for the first quarter of 2024 to be paid on or aboutJune 17, 2024 .
CEO,
"The first quarter results have been strong, driven by solid operational performance with technical utilization coming in at 99.0% and economic utilization at 98.6%, keeping us right on track to meet our annual plan. We finished the quarter with all 22 delivered rigs operating, however after the close of the quarter, the contract for one of our rigs, "Arabia I" in
On the contracting front, we continue to deliver strong results, securing
Given the high utilization of our rigs and limited near term availability, we are working closely with our customers to optimize the deployment of our fleet to best serve their requirements. As such, it is our expectation that the newbuild rig "Vali", to be delivered from the shipyard by the end of 2024, will immediately join the operational fleet to cover this work scope.
On the back of the strong operational performance and the positive market outlook, the board has approved an increase of the quarterly dividend to
CONTACT:
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The following files are available for download:
https://mb.cision.com/Public/16983/3986507/a91a2415120c28cb.pdf |
Borr Drilling Limited Fleet Status Report Q1-24 |
https://mb.cision.com/Public/16983/3986507/8a7f0660804b7c58.pdf |
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