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Borr Drilling Limited (BDRILL) Announces Preliminary Results for the Fourth Quarter and Year Ended 2018

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)

Consolidated Financial Statements Q4 2018

Registered office

Borr Drilling Limited

S.E. Pearman Building, 2nd Fl,
9 Par-la-Ville Road,
Hamilton HM11,
Bermuda

London office

Borr Drilling Management (UK) Ltd.
70 Victoria Street
6th Floor, The Zig Zag Building
London SW1E 6SQ
United Kingdom

Aberdeen office

Regional office

Pavilion 4
Westpoint Business Park
Prospect Road, Westhill
Aberdeen AB32 6FE
United Kingdom

+44 (0) 1224 289200

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