The following is a summary of the Borr Drilling Limited (BORR) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Borr Drilling reported Q3 2024 total operating revenues of $241.6 million, a decrease from the previous quarter primarily due to absence of one-off items.

• Adjusted EBITDA for Q3 was $115.5 million, representing a decrease of 15% from Q2.

• Net income for Q3 was $9.7 million, down from Q2 by $22 million.

Business Progress:

• Launched new contracts for the Skald, Norve, and Natt rigs at higher rates.

• Contracted 78% of fleet through 2025 at an average day rate of $148,000 per day, a 10% increase from 2024.

• The Var rig delivery marks the completion of Borr's newbuild program, enhancing fleet capabilities.

• Constructive ongoing engagement with Pemex despite payment delays.

Opportunities:

• The aging global jack-up rig market and no new orders in a decade significantly strength Borr's market position with the youngest fleet.

• Strong revenue visibility into 2025, with nearly 80% fleet coverage at robust day rates suggests solid future demand for Borr's services.

Risks:

• Potential near-term market uncertainties due to fluctuating oil prices and customer caution, which might lead to contract delays or cancellations.

• Lingering impacts from rig suspensions earlier in the year and possible further suspensions could affect overall operational efficiency and profitability.

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