Hamilton, Bermuda, February 28, 2019: Borr Drilling Limited (“Borr” or the “Company”) announces preliminary results for the three and twelve months ended December 31, 2018
Highlights in the fourth quarter 2018
· Operating revenues of US$53.5 million, EBITDA of negative US$18.7 million and net loss of US$110.7 million for the fourth quarter of 2018
· Operating revenues of US$164.9 million, EBITDA of negative US$65.8 million and net loss of US$190.9 million for the year ended December 31, 2018
· Technical utilisation for the operating rigs was 99.6% in the fourth quarter of 2018Added total backlog of 108 months with estimated total revenue of US$257 million
· Took delivery of the premium jack-up rig “Natt” in October from PPL Shipyard
· Realised US$16.1 million in cash proceeds from sale of forward contracts in a listed offshore drilling company and recorded a mark to market loss on its positions of US$32.2 million
Subsequent events
· Secured US$160 million revolving credit and guarantee facility
· Completed the successful activation of the premium jack-ups “Gerd” and “Natt”, and the reactivation of “Odin”, all of which are undergoing mobilisation prior to the commencement of their respective contracts
· The Company is currently offering rigs in multiple open tender processes equivalent to over 40 rigs vs. Borr’s available capacity of ten units built after 2010
· As of February 27, 2019, the market value of the securities portfolio had increased by US$15.1 million since the balance sheet date.
The full report is available in the enclosed files.
Please visit our website at: www.borrdrilling.com
February 28, 2019
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Questions 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
Borr Q4 2018 BOD (https://mb.cision.com/Public/16983/2752660/bab045fc7a98aec7.pdf)
Consolidated Financial Statements Q4 2018 (https://mb.cision.com/Public/16983/2752660/8d1a0e7f4406ac47.pdf)