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Borr Drilling Limited (BDRILL) Announces Preliminary Results for the Fourth Quarter and Year Ended 2018

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Hamilton, Bermuda, February 28, 2019: Borr Drilling Limited (“Borr” or the “Company”) announces preliminary results for the three and twelve months ended December 31, 2018

Highlights in the fourth quarter 2018

  •  Operating revenues of US$53.5 million, EBITDA of negative US$18.7 million and net loss of US$110.7 million for the fourth quarter of 2018
  •  Operating revenues of US$164.9 million, EBITDA of negative US$65.8 million and net loss of US$190.9 million for the year ended December 31, 2018
  •  Technical utilisation for the operating rigs was 99.6% in the fourth quarter of 2018Added total backlog of 108 months with estimated total revenue of US$257 million
  •  Took delivery of the premium jack-up rig “Natt” in October from PPL Shipyard
  •  Realised US$16.1 million in cash proceeds from sale of forward contracts in a listed offshore drilling company and recorded a mark to market loss on its positions of US$32.2 million 

Subsequent events

  •  Secured US$160 million revolving credit and guarantee facility 
  •  Completed the successful activation of the premium jack-ups “Gerd” and “Natt”, and the reactivation of “Odin”, all of which are undergoing mobilisation prior to the commencement of their respective contracts  
  •  The Company is currently offering rigs in multiple open tender processes equivalent to over 40 rigs vs. Borr’s available capacity of ten units built after 2010
  •  As of February 27, 2019, the market value of the securities portfolio had increased by US$15.1 million since the balance sheet date.

The full report is available in the enclosed files.

Please visit our website at: www.borrdrilling.com

February 28, 2019
The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915

Borr Q4 2018 BOD

Consolidated Financial Statements Q4 2018

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