Hamilton, Bermuda, May 29, 2019: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three months ended March 31, 2019
Highlights in the first quarter 2019
• Operating revenues of $51.9 million, EBITDA of negative $15.3 million and net loss of $56.4 million for the first quarter of 2019
• Technical utilisation for the operating rigs was 99.1% in the first quarter of 2019
• Purchased a KFELS Super B Bigfoot jack-up newbuild, the “Thor”, from BOT Lease Co., Ltd. for a cash consideration of $122.1 million, financed by a $120 million bridge loan facility from two commercial banks
• Awarded two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico, under an integrated services model with our principal shareholder Schlumberger, with scheduled commencement mid-2019
• Secured $160 million revolving credit and guarantee lines facility from two commercial banks
• Took delivery of the premium jack-up rig “Njord” from PPL Shipyard including delivery financing of $87.0 million
Subsequent events
• Received final credit approved commitments for financing in the total amount of $645 million
• Completed the successful activation/reactivation and commencement of contracts for the premium jack-ups Gerd, Groa, Natt, Odin and Ran
• Secured contract for premium jack-up “Mist” for an approximate six-month program in Malaysia
• Entered into agreement to sell three standard jack-up rigs for non-drilling activities, two of which were sold in May 2019, and the third expected to be sold early 2020 with total net cash proceeds of $9 million
The full report is available in the enclosed files.
May 29, 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 / +47 90088411
Consolidated Financial Statements Q1 2019