Borr Drilling Limited (BDRILL) Announces Results for the First Quarter 2019

Hamilton, Bermuda, May 29, 2019: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three months ended March 31, 2019

Highlights in the first quarter 2019

  • Operating revenues of $51.9 million, EBITDA of negative $15.3 million and net loss of $56.4 million for the first quarter of 2019
  • Technical utilisation for the operating rigs was 99.1% in the first quarter of 2019
  • Purchased a KFELS Super B Bigfoot jack-up newbuild, the “Thor”, from BOT Lease Co., Ltd. for a cash consideration of $122.1 million, financed by a $120 million bridge loan facility from two commercial banks
  • Awarded two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico, under an integrated services model with our principal shareholder Schlumberger, with scheduled commencement mid-2019  
  • Secured $160 million revolving credit and guarantee lines facility from two commercial banks 
  • Took delivery of the premium jack-up rig “Njord” from PPL Shipyard including delivery financing of $87.0 million

Subsequent events

  • Received final credit approved commitments for financing in the total amount of $645 million
  • Completed the successful activation/reactivation and commencement of contracts for the premium jack-ups Gerd, Groa, Natt, Odin and Ran 
  • Secured contract for premium jack-up “Mist” for an approximate six-month program in Malaysia
  • Entered into agreement to sell three standard jack-up rigs for non-drilling activities, two of which were sold in May 2019, and the third expected to be sold early 2020 with total net cash proceeds of $9 million

The full report is available in the enclosed files.May 29, 2019

The Board of Directors
Borr Drilling Limited
Hamilton, BermudaQuestions 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 / +47 90088411