Borr Drilling Limited (the “Company”) announces that the annual report for the year ended 31 December 2018 has been approved by the Board of Directors of the Company.
The report is enclosed to this release and is also available on the Company’s website http://www.borrdrilling.com/
Hamilton, Bermuda
30 April, 2019
This information is subject to disclosure requirements pursuant to Sections 5-12 of the Norwegian Securities Trading Act.
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)
Please find enclosed a company presentation from Borr Drilling Limited in relation to the proposed convertible bond offering
Borr – Investor presentation May 2018.
Hamilton, Bermuda, 15 May 2018