Borr Drilling Limited - Updated 2022 and 2023 guidance

24 Jan 2023 22:31 CET

Hamilton, Bermuda, 24 January 2023

Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") is pleased to
announce updates to its preliminary Revenue and EBITDA guidance for 2022 and
2023.

For 2022, Borr Drilling expects to record revenues of $435-$450 million and
adjusted EBITDA of $152-$162 million* (previous guidance was revenue between
$375-$400 million and Adjusted EBITDA of $115-140 million). This implies
estimated Q4 2022 Revenues between $140 - $155 million, and Q4 2022 Adjusted
EBITDA of between $50-$60 million.

For 2023, based on current contracts and projections for new contracts, the
Company expects to generate revenues of $740 - $780 million and Adjusted EBITDA
of $360-$400 million (previous guidance was adjusted EBITDA of $290 - 330
million).

The cash and cash equivalents balance at year end 2022 is estimated to be ~$105
million.

"Borr Drilling has been through a transformational journey the last years,
activating and putting 21 rigs successfully to work and significantly
strengthening the Company's balance sheet. The outlook for the industry and our
Company is continuing to improve, which is likely to lead to further increased
utilisation and higher day-rates." says CEO Patrick Schorn

It is important to note that the financial preliminary guidance for Q4 and 2022
is based on estimates, and the financial results are not finalised. The results
are also subject to audit, and as such are subject to change.

Forward looking statements

This press release includes forward looking statements, which do not reflect
historical facts and may be identified by words such as "expect", "will" and
similar expressions and include statements relating to letter of awards
including the duration of such contracts and backlog, and other non-historical
statements. These forward-looking statements reflect the Company's beliefs,
intentions and current expectations concerning, among other things, the
Company's results of operations, financial condition, preliminary and  expected
financial results, including revenue and adjusted EBITDA, cash and cash
equivalents, industry outlook, further increased utilization and higher day
rates and other non-historical statements. Such forward-looking statements are
subject to risks, uncertainties, contingencies and other factors could cause
actual events to differ materially from the expectations expressed or implied by
the forward-looking statements included herein, and other risks and
uncertainties described in the section entitled "Risk Factors" in our most
recent annual report on Form 20-F and other filings with the Securities and
Exchange Commission. Such risks, uncertainties, contingencies and other factors
could cause actual events to differ materially from the expectations expressed
or implied by the forward -looking statements included herein. These forward
-looking statements are made only as of the date of this release. We do not
undertake to update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.

* The Company provides guidance on expected adjusted EBITDA, which is a
financial measure calculated on a basis other than in accordance with accounting
principles generally accepted in the United States (US GAAP). Adjusted EBITDA
represents our periodic net loss adjusted for: depreciation and impairment of
non-current assets, other non-operating income; (income)/loss from equity method
investments, total financial (income) expense net, income tax expense,
amortization of deferred mobilization costs and revenue. The Company provides
guidance on Adjusted EBITDA because it believes this measure provides useful
information regarding the Company's expected operational performance. Due to the
forward-looking nature of Adjusted EBITDA, management cannot reliably predict
certain of the necessary components of the most directly comparable forward
-looking GAAP measure. Accordingly the Company is unable to present a
quantitative reconciliation of such forward looking non-GAAP financial measure
to the most directly comparable forward-looking GAAP financial measure without
unreasonable effort.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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