Borr Drilling (BORR) Pareto Securities' 32nd Annual Energy Conference Presentation summary

Fleet and market position

• Operates 24 modern jackup rigs with an average age of 8 years and market-leading utilization rates, achieving 85% contract coverage for 2025 at an average dayrate of $145k.

• Maintains a balanced global presence with significant operations in the North Sea, Mexico, Africa, South America, Middle East, and Asia.

• Recent contracts have increased 2026 coverage by 33 percentage points, with Mexico representing about 20% of available coverage.

• Industry fundamentals remain strong, with a structurally tight supply and 30% of the global fleet beyond retirement age.

• The newbuild orderbook is minimal, supporting a supply-constrained market environment.

Financial performance and outlook

• Achieved strong quarter-on-quarter Adjusted EBITDA growth, reaching $133.2M in Q2 2025 and maintaining a margin of 49.8%.

• Comfortable with 2025 Adjusted EBITDA consensus of approximately $470M.

• Added $361M in backlog revenue year-to-date 2025, with an average new contract dayrate of $125k.

• Illustrative scenarios at full fleet utilization show potential annual revenue of $1.18B–$1.58B and Adjusted EBITDA of $666M–$1.06B, depending on dayrates.

• Pro forma liquidity stands at $425M post recent equity raise and RCF upsize, with annual debt amortization of $135M.

Strategic initiatives and risk management

• Focused on strengthening the balance sheet and executing a long-term strategy.

• Proactive deleveraging with a clear debt reduction profile through 2028.

• Maintains flexibility to pursue dividends and share buybacks, subject to liquidity and debt covenants.

• Actively manages risks related to market trends, customer demand, geopolitical events, and climate-related regulations.

• Utilizes non-GAAP financial measures, primarily Adjusted EBITDA, to provide meaningful insight into operational performance.