Borr Drilling Limited Announces Second Quarter 2024 Results
Highlights
- Total operating revenues of
$271.9 million , an increase of$37.9 million or 16% compared to the first quarter of 2024 - Net income of
$31.7 million , an increase of$17.3 million or 120% compared to the first quarter of 2024 - Adjusted EBITDA1 of
$136.4 million , an increase of$19.6 million or 17% compared to the first quarter of 2024 - Year to date of report, the Company has been awarded fourteen new contract commitments, representing 3,537 days and
$651 million of potential contract revenue - In August, the Company raised
$150 million of additional principal amount of debt under the 2028 Senior Secured Notes to finance the delivery of the newbuild "Vali" - On
August 14, 2024 , the Board declared a cash dividend of$0.10 per share for the second quarter of 2024 to be paid on or aboutSeptember 6, 2024
CEO,
"The second quarter operational performance has been strong, with a technical utilization rate of 99.2% and an economic utilization rate of 98.4%. As a result, we have generated
In terms of contracting, we've continued to secure new contracts at accretive day rates, including the recently announced long-term contract for the "Arabia I" in
Regarding our newbuilds, we anticipate taking delivery of the "Vali" later this week. We're pleased to report that we are in the final stages of assigning this rig to a previously announced contract in
From a financial perspective, the year is progressing largely as we anticipated. While the suspensions in
From a cash standpoint, we are well-positioned for the future. We have an undrawn
After the close of the quarter, we secured an additional
While the market has experienced some turbulence, we have successfully maintained steady and predictable performance. Our outlook for 2025 and beyond remains unchanged, and we are confident this will enable us to consistently deliver increased earnings and incremental returns for our shareholders."
Conference Call
A conference call and webcast is scheduled for
In order to listen to the presentation, you may do one of the following:
a) Webcast
To access the webcast, please go to the following link: https://edge.media-server.com/mmc/p/oog8fcz6
b) Conference Call
Please use the below link to register for the conference call, https://register.vevent.com/register/BI5537d561434e4a0482d85516e384dbe1.
Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.
The complete Earnings Report and Fleet Status Report are enclosed.
CONTACT:
Questions should be directed to:
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The following files are available for download:
https://mb.cision.com/Public/16983/4024431/8d049a3054c28ee4.pdf |
Borr Drilling Limited Fleet Status Report Aug-24 |
https://mb.cision.com/Public/16983/4024431/b57126545fe1201f.pdf |
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