Borr Drilling (BORR) Pareto Securities' 33rd Annual Energy Conference presentation summary

Strategic transactions and portfolio expansion

• Acquired five premium jack-up rigs from Noble for $360M, expanding the fleet to 29 rigs and maintaining the youngest fleet in the industry.

• Entered a $287M joint venture to acquire five additional jack-ups in Mexico, increasing the wholly and jointly owned fleet to 34 rigs.

• Restructured Mexican operations by divesting a 51% interest in Perfomex JVs, simplifying structure while preserving economic benefits and contract coverage.

Financial performance and capital structure

• Liquidity at $473.6M, with LTM Adjusted EBITDA of $373.1M as of Q2 2026.

• Refinanced nearly all existing debt in Q2, extending maturities to 2032-34 and lowering average coupon by 1.375%.

• Upsized revolving credit facility to $250M with improved terms and no significant debt maturities until 2032.

Market position and operational highlights

• Operates a global fleet with 74% contract coverage for 2026 and an average dayrate of $135k.

• Maintains a diversified client base including major oil companies and national oil companies.

• Fleet remains the youngest among peers, with an average age of 10.1 years.