The following is a summary of the Borr Drilling Limited (BORR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Borr Drilling's Q1 2024 reported an increase in revenue of 6% and an adjusted EBITDA increase of 5% quarter-on-quarter.

• Operating revenues reached $234 million, while net income was $14.4 million, decreasing due to positive one-offs in income tax expense in the previous quarter.

• The company closed the quarter with a healthy free cash position of $282.7 million and approximately $432 million available liquidity.

Business Progress:

• Borr Drilling successfully contracted $318 million in revenue backlog with an average day rate of $183,000 per day, this includes the company's first-ever contract exceeding $200,000 per day.

• The newbuild rig, Vali, expected to be delivered by the end of 2024 will join the operational fleet immediately to cover new work scopes.

• An anticipated incremental demand of 20 to 25 rigs within the next 12 to 18 months is supported by current tenders and customer discussions.

• The Board has recognized this positive outlook by doubling the quarterly dividend to $0.10 per share.

More details: Borr Drilling IR

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