Press Release
|
|
99.2 |
Borr Drilling Limited Q3-23 Earnings Release |
99.3 |
Borr Drilling Limited Fleet Status Report February-24 |
|
BORR DRILLING LIMITED
|
|
Date: February 22, 2024
|
By:
|
/s/ Mi Hong Yoon
|
|
Name:
|
Mi Hong Yoon
|
|
Title:
|
Director
|
•
|
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, including Mexico rigs
|
•
|
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 on March 4, 2024. Payment date will be on or about March 18, 2024.
|
• |
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 EBITDA1 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 backlog2 as at December 31, 2023 of $1.75 billion, including Mexico rigs
|
• |
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 on March 4, 2024. Payment date will be on or about March 18, 2024.
|
In $ million
|
Q4 2023
|
Q3 2023
|
Change ($)
|
Change (%)
|
Total operating revenues
|
220.6
|
191.5
|
29.1
|
15%
|
Rig operating and maintenance expenses
|
(98.5)
|
(85.8)
|
(12.7)
|
15%
|
Total operating expenses
|
(140.1)
|
(127.8)
|
(12.3)
|
10%
|
Operating income
|
80.7
|
63.8
|
16.9
|
26%
|
Total financial expenses, net
|
(59.1)
|
(50.0)
|
(9.1)
|
18%
|
Income tax expense
|
9.3
|
(14.6)
|
23.9
|
(164)%
|
Net income
|
28.4
|
0.3
|
28.1
|
9367%
|
Adjusted EBITDA
|
105.9
|
88.2
|
17.7
|
20%
|
Cash and cash equivalents
|
102.5
|
94.4
|
8.1
|
9%
|
Total equity
|
984.0
|
918.1
|
65.9
|
7%
|
(in US$ millions)
|
Q4 2023
|
Q3 2023
|
Net income
|
28.4
|
0.3
|
Depreciation of non-current assets
|
30.8
|
30.4
|
Income from equity method investments
|
2.5
|
(1.1)
|
Total financial expense, net
|
59.1
|
50.0
|
Income tax (credit)/expense
|
(9.3)
|
14.6
|
Amortization of deferred mobilization and contract preparation costs
|
11.8
|
8.0
|
Amortization of deferred mobilization and demobilization revenue
|
(17.4)
|
(14.0)
|
Adjusted EBITDA
|
105.9
|
88.2
|
(in US$ millions)
|
Q4 2023
|
Q3 2023
|
Net (loss) / income
|
(4.9)
|
2.1
|
Depreciation of non-current assets
|
0.4
|
0.5
|
Financial expense
|
1.8
|
2.1
|
Income tax (credit)/expense
|
5.3
|
(4.4)
|
Amortization of deferred costs
|
0.9
|
2.6
|
Amortization of deferred revenue
|
(0.9)
|
(2.6)
|
Adjusted EBITDA
|
2.6
|
0.3
|
|
Three months
ended December 31,
2023
|
Three months
ended December
31, 2022
|
Twelve months
ended December
31, 2023
|
Twelve months
ended December
31, 2022
|
||||||||||||
Operating revenues
|
||||||||||||||||
Dayrate revenue
|
184.8
|
117.2
|
642.0
|
358.7
|
||||||||||||
Related party revenue
|
35.8
|
31.4
|
129.6
|
85.1
|
||||||||||||
Total operating revenues
|
220.6
|
148.6
|
771.6
|
443.8
|
||||||||||||
|
||||||||||||||||
Gain on disposals
|
0.2
|
3.6
|
0.6
|
4.2
|
||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Rig operating and maintenance expenses
|
(98.5
|
)
|
(83.4
|
)
|
(359.3
|
)
|
(264.9
|
)
|
||||||||
Depreciation of non-current assets
|
(30.8
|
)
|
(28.3
|
)
|
(117.4
|
)
|
(116.5
|
)
|
||||||||
Impairment of non-current assets
|
—
|
—
|
—
|
(131.7
|
)
|
|||||||||||
General and administrative expenses
|
(10.8
|
)
|
(11.0
|
)
|
(45.1
|
)
|
(36.8
|
)
|
||||||||
Total operating expenses
|
(140.1
|
)
|
(122.7
|
)
|
(521.8
|
)
|
(549.9
|
)
|
||||||||
|
||||||||||||||||
Operating income / (loss)
|
80.7
|
29.5
|
250.4
|
(101.9
|
)
|
|||||||||||
|
||||||||||||||||
Other non-operating income
|
—
|
—
|
—
|
2.0
|
||||||||||||
(Loss) / income from equity method investments
|
(2.5
|
)
|
1.4
|
4.9
|
1.2
|
|||||||||||
|
||||||||||||||||
Financial income (expenses), net
|
||||||||||||||||
Interest income
|
0.7
|
0.7
|
4.9
|
5.4
|
||||||||||||
Interest expense
|
(55.3
|
)
|
(41.9
|
)
|
(177.2
|
)
|
(139.2
|
)
|
||||||||
Other financial expenses, net
|
(4.5
|
)
|
(8.2
|
)
|
(26.9
|
)
|
(41.9
|
)
|
||||||||
Total financial expenses, net
|
(59.1
|
)
|
(49.4
|
)
|
(199.2
|
)
|
(175.7
|
)
|
||||||||
|
||||||||||||||||
Income / (loss) before income taxes
|
19.1
|
(18.5
|
)
|
56.1
|
(274.4
|
)
|
||||||||||
Income tax credit / (expense)
|
9.3
|
(2.8
|
)
|
(34.0
|
)
|
(18.4
|
)
|
|||||||||
Net income / (loss) attributable to shareholders of Borr Drilling Limited
|
28.4
|
(21.3
|
)
|
22.1
|
(292.8
|
)
|
||||||||||
Total comprehensive income / (loss) attributable to shareholders of Borr Drilling Limited
|
28.4
|
(21.3
|
)
|
22.1
|
(292.8
|
)
|
||||||||||
|
||||||||||||||||
Basic income / (loss) per share
|
0.11
|
(0.09
|
)
|
0.09
|
(1.64
|
)
|
||||||||||
Diluted income / (loss) per share
|
0.11
|
(0.09
|
)
|
0.09
|
(1.64
|
)
|
||||||||||
Weighted-average shares outstanding - basic
|
251,567,518
|
228,935,247
|
244,270,405
|
178,404,637
|
||||||||||||
Weighted-average shares outstanding - diluted
|
289,516,383
|
228,935,247
|
248,150,614
|
178,404,637
|
December 31, 2023
|
December 31, 2022
|
|||||||
ASSETS
|
Unaudited
|
Audited
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
102.5
|
108.0
|
||||||
Restricted cash
|
0.1
|
2.5
|
||||||
Trade receivables, net
|
56.2
|
43.0
|
||||||
Prepaid expenses
|
11.0
|
9.6
|
||||||
Deferred mobilization and contract preparation costs
|
39.4
|
38.4
|
||||||
Accrued revenue
|
73.7
|
57.4
|
||||||
Due from related parties
|
95.0
|
65.6
|
||||||
Other current assets
|
32.0
|
25.4
|
||||||
Total current assets
|
409.9
|
349.9
|
||||||
Non-current assets
|
||||||||
Non-current restricted cash
|
—
|
8.0
|
||||||
Property, plant and equipment
|
3.5
|
3.9
|
||||||
Newbuildings
|
5.4
|
3.5
|
||||||
Jack-up drilling rigs, net
|
2,578.3
|
2,589.1
|
||||||
Equity method investments
|
15.7
|
20.6
|
||||||
Other non-current assets
|
67.3
|
26.7
|
||||||
Total non-current assets
|
2,670.2
|
2,651.8
|
||||||
Total assets
|
3,080.1
|
3,001.7
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
35.5
|
47.7
|
||||||
Accrued expenses
|
77.0
|
80.8
|
||||||
Short-term accrued interest and other items
|
42.3
|
77.7
|
||||||
Short-term debt
|
82.9
|
445.9
|
||||||
Short-term deferred mobilization, demobilization and other revenue
|
59.5
|
57.3
|
||||||
Other current liabilities
|
63.2
|
36.2
|
||||||
Total current liabilities
|
360.4
|
745.6
|
||||||
Non-current liabilities
|
||||||||
Long-term accrued interest and other items
|
—
|
29.7
|
||||||
Long-term debt
|
1,618.8
|
1,191.1
|
||||||
Long -term deferred mobilization, demobilization and other revenue
|
56.6
|
68.7
|
||||||
Other non-current liabilities
|
5.8
|
14.3
|
||||||
Onerous contracts
|
54.5
|
54.5
|
||||||
Total non-current liabilities
|
1,735.7
|
1,358.3
|
||||||
Total liabilities
|
2,096.1
|
2,103.9
|
||||||
Shareholders’ Equity
|
|
|
|
|
|
|
|
|
Common shares of par value $0.10 per share: authorized 315,000,000 (2022:255,000,000) shares,
issued 264,080,391 (2022: 229,263,598) shares and outstanding 252,582,036 (2022:
228,948,087) shares
|
|
|
26.5
|
|
|
|
23.0
|
|
Treasury shares
|
|
|
(8.9
|
) |
|
|
(9.8
|
) |
Additional paid in capital and contributed surplus
|
|
|
2,325.3
|
|
|
|
2,265.6
|
|
Accumulated deficit
|
|
|
(1,358.9
|
) |
|
|
(1,381.0
|
) |
Total equity
|
|
|
984.0
|
|
|
|
897.8
|
|
Total liabilities and equity
|
|
|
3,080.1
|
|
|
|
3,001.7
|
Three months
ended December
31, 2023
|
Three months
ended December
31, 2022
|
Twelve months
ended December
31, 2023
|
Twelve months
ended December
31, 2022
|
|||||||||||||
Cash flows from operating activities
|
||||||||||||||||
Net income / (loss)
|
28.4
|
(21.3
|
)
|
22.1
|
(292.8
|
)
|
||||||||||
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
|
||||||||||||||||
Non-cash compensation expense related to stock based employee and directors' compensation
|
1.5
|
1.6
|
5.4
|
2.6
|
||||||||||||
Depreciation of non-current assets
|
30.8
|
28.3
|
117.4
|
116.5
|
||||||||||||
Impairment of non-current assets
|
—
|
—
|
—
|
131.7
|
||||||||||||
Amortization of deferred mobilization and contract preparation costs
|
11.8
|
13.6
|
44.6
|
36.7
|
||||||||||||
Amortization of deferred mobilization, demobilization and other revenue
|
(17.4
|
)
|
(12.8
|
)
|
(61.9
|
)
|
(22.1
|
)
|
||||||||
Gain on disposal of assets and other non-operating income
|
(0.2
|
)
|
(3.6
|
)
|
(0.6
|
)
|
(4.2
|
)
|
||||||||
Amortization of debt discount
|
1.0
|
—
|
1.0
|
—
|
||||||||||||
Amortization of deferred finance charges
|
13.7
|
3.1
|
21.3
|
7.9
|
||||||||||||
Bank commitment, guarantee and other fees
|
(3.2
|
)
|
8.2
|
(2.9
|
)
|
15.7
|
||||||||||
Effective interest rate adjustments
|
(17.0
|
)
|
(2.8
|
)
|
(19.7
|
)
|
2.8
|
|||||||||
Loss / (income) from equity method investments
|
2.5
|
(1.4
|
)
|
(4.9
|
)
|
(1.2
|
)
|
|||||||||
Deferred income tax
|
(16.1
|
)
|
(2.1
|
)
|
(16.5
|
)
|
(2.1
|
)
|
||||||||
Change in assets and liabilities:
|
||||||||||||||||
Amounts due to/from related parties
|
(4.7
|
)
|
11.3
|
(29.4
|
)
|
(17.0
|
)
|
|||||||||
Accrued expenses
|
20.1
|
8.5
|
2.1
|
89.8
|
||||||||||||
Accrued interest
|
(65.6
|
)
|
(21.7
|
)
|
(66.1
|
)
|
(35.8
|
)
|
||||||||
Other current and non-current assets
|
(32.0
|
)
|
(44.2
|
)
|
(107.7
|
)
|
(139.2
|
)
|
||||||||
Other current and non-current liabilities
|
(33.2
|
)
|
112.8
|
44.9
|
173.2
|
|||||||||||
Net cash (used in) / provided by operating activities
|
(79.6
|
)
|
77.5
|
(50.9
|
)
|
62.5
|
||||||||||
Cash flows from investing activities
|
||||||||||||||||
Purchase of property, plant and equipment
|
(0.2
|
)
|
(0.8
|
)
|
(1.5
|
)
|
(1.8
|
)
|
||||||||
Proceeds from sale of fixed assets
|
—
|
—
|
—
|
0.7
|
||||||||||||
Repayment of loan from equity method investments
|
—
|
—
|
9.8
|
—
|
||||||||||||
Additions to newbuildings
|
(1.3
|
)
|
—
|
(1.3
|
)
|
—
|
||||||||||
Additions to jack-up drilling rigs
|
(34.0
|
)
|
(38.7
|
)
|
(111.2
|
)
|
(81.5
|
)
|
||||||||
Net cash used in investing activities
|
(35.5
|
)
|
(39.5
|
)
|
(104.2
|
)
|
(82.6
|
)
|
||||||||
Cash flows from financing activities
|
||||||||||||||||
Proceeds from share issuance, net of issuance cost
|
48.6
|
—
|
58.2
|
298.1
|
||||||||||||
Repayment of debt
|
(1,390.0
|
)
|
(355.5
|
)
|
(1,800.6
|
)
|
(355.5
|
)
|
||||||||
Debt proceeds, net of discount and issuance costs
|
1,465.2
|
150.0
|
1,881.5
|
150.0
|
||||||||||||
Purchase of treasury shares
|
(0.7
|
)
|
—
|
(0.7
|
)
|
—
|
||||||||||
Proceeds from exercise of share options
|
0.1
|
—
|
0.8
|
—
|
||||||||||||
Net cash provided by / (used in) financing activities
|
123.2
|
(205.5
|
)
|
139.2
|
92.6
|
|||||||||||
|
—
|
—
|
—
|
—
|
||||||||||||
Net increase / (decrease) in cash, cash equivalents and restricted cash
|
8.1
|
(167.5
|
)
|
(15.9
|
)
|
72.5
|
||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
94.5
|
286.0
|
118.5
|
46.0
|
||||||||||||
Cash, cash equivalents and restricted cash at the end of the period
|
102.6
|
118.5
|
102.6
|
118.5
|
||||||||||||
Supplementary disclosure of cash flow information
|
||||||||||||||||
Interest paid
|
(99.2
|
)
|
(51.9
|
)
|
(217.4
|
)
|
(83.9
|
)
|
||||||||
Income taxes paid
|
(9.9
|
)
|
(5.7
|
)
|
(38.2
|
)
|
(16.2
|
)
|
||||||||
Non-cash offset of debt and assets held for sale
|
—
|
(87.0
|
)
|
—
|
(87.0
|
)
|
||||||||||
Non-cash offset of accrued interest and assets held for sale
|
—
|
(33.0
|
)
|
—
|
(33.0
|
)
|
||||||||||
Issuance of long term debt as non-cash settlement of back-stop fee
|
—
|
0.7
|
—
|
8.2
|
(In $ millions)
|
December 31, 2023
|
December 31, 2022
|
||||||
Cash and cash equivalents
|
102.5
|
108.0
|
||||||
Restricted cash
|
0.1
|
2.5
|
||||||
Non-current restricted cash
|
—
|
8.0
|
||||||
Total cash and cash equivalents and restricted cash
|
102.6
|
118.5
|
Borr Drilling
Fleet Status Report - 22 February 2024
|
||||
New Contracts / Extensions / Amendments
|
||||
Gunnlod
|
||||
• Contract (from LOA): January 2024 to May 2024, ROC Oil,
Malaysia
|
||||
Norve
|
||||
• Contract extension: June 2024 to July 2024, BW Energy, Gabon
|
||||
Mist
|
||||
• Contract extension: September 2024 to August 2025, Valeura Energy, Thailand
|
||||
Prospector 1
|
||||
• Options exercised: February 2024 to March 2024, Neptune
Energy, Netherlands
|
||||
Letters of Award / Letters of Intent / Negotiations
|
||||
Thor
|
||||
• LOA: July 2024 to September 2024, Undisclosed, Southeast Asia
|
||||
Other Developments
|
||||
Gerd
|
||||
• Commenced operations with Bunduq, United Arab Emirates in
early December 2023
|
||||
Thor
|
||||
• Commenced operations with Petronas Carigali, Indonesia in late January 2024
|
||||
Gunnlod
|
||||
• Commenced operations with ROC Oil, Malaysia in late January 2024
|
||||
Idun
|
||||
• Commenced operations with PTTEP, Thailand in early February 2024
|
||||
This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of
intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
|
||||
Borr Drilling
Fleet Status Report - 22 February 2024
|
||||||||||||||||
Rig Name
|
Rig Design
|
Rig Water
Depth (ft)
|
Year Built
|
Customer / Status
|
Contract Start
|
Contract End
|
Location
|
Comments
|
||||||||
Contracted Rigs
|
||||||||||||||||
Arabia I
|
KFELS B Class
|
400 ft
|
2020
|
Saudi Aramco
|
October - 2022
|
October - 2025
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
Arabia II
|
KFELS B Class
|
400 ft
|
2019
|
Saudi Aramco
|
October - 2022
|
October - 2025
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
Arabia III 1
|
KFELS Super A Class
|
400 ft
|
2013
|
Saudi Aramco
|
September - 2023
|
September - 2028
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
Galar
|
PPL Pacific Class 400
|
400 ft
|
2017
|
Opex Perforadora (PEMEX)
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Gerd
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Bunduq
|
December - 2023
|
August - 2024
|
United Arab Emirates
|
Operating with option to extend
|
||||||||
Gersemi
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Opex Perforadora (PEMEX)
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Grid
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Opex Perforadora (PEMEX)
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Groa
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Qatar Energy
|
April - 2022
|
April - 2024
|
Qatar
|
Operating with option to extend
|
||||||||
Gunnlod
|
PPL Pacific Class 400
|
400ft
|
2018
|
ROC Oil
|
January - 2024
|
May - 2024
|
Malaysia
|
Operating
|
||||||||
Hild
|
KFELS Super B Class
|
400 ft
|
2020
|
Fieldwood Energy
|
October - 2023
|
October - 2025
|
Mexico
|
Operating
|
||||||||
Idun
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
PTTEP
|
February - 2024
|
February - 2026
|
Thailand
|
Operating with option to extend
|
||||||||
Mist
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Valeura Energy
|
December - 2023
|
August - 2024
|
Thailand
|
Operating
|
||||||||
September - 2024
|
August - 2025
|
Thailand
|
Committed with option to extend
|
|||||||||||||
Natt
|
PPL Pacific Class 400
|
400 ft
|
2018
|
ENI
|
January - 2022
|
March - 2024
|
Congo
|
Operating
|
||||||||
April - 2024
|
December - 2025
|
Congo
|
LOA
|
|||||||||||||
Njord
|
PPL Pacific Class 400
|
400 ft
|
2019
|
Opex Perforadora (PEMEX)
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Norve
|
PPL Pacific Class 400
|
400 ft
|
2011
|
BW Energy
|
December - 2022
|
May - 2024
|
Gabon
|
Operating
|
||||||||
June - 2024
|
July - 2024
|
Gabon
|
Committed
|
|||||||||||||
Odin
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Opex Perforadora (PEMEX)
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Prospector 1 1
|
F&G, JU2000E
|
400 ft
|
2013
|
Neptune Energy
|
September - 2023
|
March - 2024
|
Netherlands
|
Operating
|
||||||||
Prospector 5 1
|
F&G, JU2000E
|
400 ft
|
2014
|
ENI
|
November - 2022
|
March - 2024
|
Congo
|
Operating
|
||||||||
April - 2024
|
May - 2026
|
Congo
|
LOA
|
|||||||||||||
Ran 1
|
KFELS Super A Class
|
400 ft
|
2013
|
TotalEnergies
|
November - 2023
|
September - 2024
|
Mexico
|
Operating with option to extend
|
||||||||
Wintershall
|
October - 2024
|
December - 2024
|
Mexico
|
Committed
|
||||||||||||
Saga
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
Brunei Shell Petroleum
|
November - 2022
|
November - 2026
|
Brunei
|
Operating with option to extend
|
||||||||
Skald
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
PTTEP
|
June - 2021
|
June - 2024
|
Thailand
|
Operating
|
||||||||
July - 2024
|
September - 2025
|
Thailand
|
Committed with option to extend
|
|||||||||||||
Thor
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
Petronas Carigali
|
January - 2024
|
June - 2024
|
Indonesia
|
Operating
|
||||||||
Undisclosed
|
July - 2024
|
September - 2024
|
Southeast Asia
|
LOA
|
||||||||||||
Available Rigs
|
||||||||||||||||
None
|
||||||||||||||||
Under Construction Rigs
|
||||||||||||||||
Vale
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Available in October - 2024
|
|||||||||||
Var
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Available in January - 2025
|
|||||||||||
1 - HD/HE Capability.
|
||||||||||||||||
Operating / Committed
|
Available
|
Cold Stacked
|
Under Construction
|
|||||||||||||
|
Total Fleet
|
24
|
22
|
0
|
0
|
2
|
Borr Drilling
Fleet Status Report - 22 February 2024
|
||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
Rig Name
|
Location
|
2023
|
2024
|
2025
|
2026
|
|||||||||||||||||||||||||||||||||||||
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
||||||||||||||||||||||||||||||
Premium Jack-Ups
|
||||||||||||||||||||||||||||||||||||||||||
Asia
|
||||||||||||||||||||||||||||||||||||||||||
Thor
|
Indonesia / Southeast Asia
|
CPOC
|
Petronas Carigali
|
Undisclosed
|
||||||||||||||||||||||||||||||||||||||
Gunnlod
|
Malaysia
|
Sapura OMV
|
ROC Oil
|
|||||||||||||||||||||||||||||||||||||||
Idun
|
Thailand
|
Petronas Carigali
|
Prep
|
PTTEP
|
Option
|
|||||||||||||||||||||||||||||||||||||
Mist
|
Thailand
|
Valeura Energy
|
Option
|
|||||||||||||||||||||||||||||||||||||||
Saga
|
Brunei
|
Brunei Shell Petroleum
|
||||||||||||||||||||||||||||||||||||||||
Skald
|
Thailand
|
PTTEP
|
Option
|
|||||||||||||||||||||||||||||||||||||||
Middle East
|
||||||||||||||||||||||||||||||||||||||||||
Arabia I
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
|||||||||||||||||||||||||||||||||||||||
Arabia II
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
|||||||||||||||||||||||||||||||||||||||
Arabia III 1
|
Saudi Arabia
|
Saudi Aramco
|
||||||||||||||||||||||||||||||||||||||||
Groa
|
Qatar
|
QatarEnergy
|
Option
|
|||||||||||||||||||||||||||||||||||||||
Gerd
|
United Arab Emirates
|
Contract Prep
|
Bunduq
|
Option
|
||||||||||||||||||||||||||||||||||||||
Europe and Africa
|
||||||||||||||||||||||||||||||||||||||||||
Prospector 1 1
|
Netherlands
|
Neptune
|
||||||||||||||||||||||||||||||||||||||||
Natt
|
Congo
|
ENI
|
||||||||||||||||||||||||||||||||||||||||
Norve
|
Gabon
|
BWE
|
||||||||||||||||||||||||||||||||||||||||
Prospector 5 1
|
Congo
|
ENI
|
||||||||||||||||||||||||||||||||||||||||
Mexico
|
||||||||||||||||||||||||||||||||||||||||||
Ran 1
|
Mexico
|
FWE
|
TotalEnergies
|
Wintershall
|
Option
|
|||||||||||||||||||||||||||||||||||||
Galar
|
Mexico
|
Opex Perforadora (PEMEX)
|
||||||||||||||||||||||||||||||||||||||||
Gersemi
|
Mexico
|
Opex Perforadora (PEMEX)
|
||||||||||||||||||||||||||||||||||||||||
Grid
|
Mexico
|
Opex Perforadora (PEMEX)
|
||||||||||||||||||||||||||||||||||||||||
Njord
|
Mexico
|
Opex Perforadora (PEMEX)
|
||||||||||||||||||||||||||||||||||||||||
Odin
|
Mexico
|
Opex Perforadora (PEMEX)
|
||||||||||||||||||||||||||||||||||||||||
Hild
|
Mexico
|
Fieldwood Energy
|
||||||||||||||||||||||||||||||||||||||||
Jack-Ups Under Construction
|
||||||||||||||||||||||||||||||||||||||||||
Vale
|
KFELS shipyard, Singapore
|
Available in October 2024 | ||||||||||||||||||||||||||||||||||||||||
Var
|
KFELS shipyard, Singapore
|
Available in January 2025 |
||||||||||||||||||||||||||||||||||||||||
Firm / LOA |
Option
|
Available
|
Under Construction
|
|||||||||||||||||||||||||||||||||||||||
1 - HD/HE Capability
|
Borr Drilling
Fleet Status Report - 22 February 2024
|
|||||
Additional information regarding this Fleet Status Report
|
|||||
This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
|
|||||
Forward Looking Statements:
The statements described in this status report that are not historical facts are "Forward Looking Statements".
Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No
assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if
one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual
terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.
No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.
We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be
required by law.
|