Borr Drilling Limited Announces Fourth Quarter and Full Year 2022 Preliminary Results

16 Feb 2023 07:30 CET

Hamilton, Bermuda, February 16, 2023: Borr Drilling Limited ("Borr", "Borr
Drilling" or the "Company") announces preliminary unaudited results for the
three and twelve months ended December 31, 2022.

Highlights Fourth Quarter of 2022

· Total operating revenues of $148.6 million, an increase of $40.7 million or
38% compared to the third quarter of 2022.

· Net loss of $21.3 million, a decrease in loss of $33.6 million compared to
the third quarter of 2022.

· Cash and cash equivalents of $108.0 million at the end of the fourth quarter
of 2022.

· Adjusted EBITDA of $55.1 million, an increase of $11.2 million or 26%
compared to the third quarter of 2022.

· Total contract revenue backlog on December 31, 2022 stood at $1.7 billion,
an increase of nearly 200% year-on-year (including rigs in the Mexican JV on a
100% basis).

Subsequent events

· In January 2023, we successfully raised $400 million of gross proceeds
through the issuance of a $250 million unsecured convertible bond due in 2028
and a $150 million senior secured bond due in 2026, which will be used to
refinance our existing $350 million convertible bond due in May 2023 at or
before maturity.

· In 2023 YTD, we have been awarded five new contracts, extensions, exercised
options and letters of awards ("LOAs") representing 825 days and $100.6 million
of potential revenue.

CEO, Patrick Schorn commented:

"Our fourth quarter showed strong performance, both from an operational and
financial perspective. Both the technical and economic utilization of our fleet
were above 98.5% for the quarter and at the same time our top line grew by 38%.
This elevated level of technical utilization in a rapidly expanding operation is
a clear testament to the strong service quality focus of our teams in the field.
Safety, service quality and delivering the value our customers deserve, are the
key priorities in our organization.

The rig "Frigg" is currently being prepared for work in the Middle East, where
she will start operation as "Arabia III" in Q3 of this year. We are also
activating our last rig "Hild" to be ready to commence operations in a similar
timeframe. This would result in all 22 delivered rigs in our fleet to be
contracted and active.

During the fourth quarter we completed the refinancing of our secured debt and
extended maturities from 2023 to 2025. Subsequent to year-end, we have raised
$400 million of additional debt through the issuance of a $250 million
convertible bond and a $150 million secured bond, which will be used to
refinance the outstanding $350 million convertible bond maturing in May 2023.
With all near-term maturities addressed, our financial focus now turns to
delivering on our guidance of Adjusted EBITDA between $360 million to $400
million for the full year 2023. The strong increase in Adjusted EBITDA and the
subsequent deleveraging of the balance sheet could enable a global refinancing
of the Company in 2024, which should ultimately accommodate dividend payments to
shareholders."

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

More information:
Access the news on Oslo Bors NewsWeb site

582602_Borr_Drilling_Fleet_Status_Report_16_February_2023.pdf
582602_Borr_Drilling_Limited_Q4_22_Earnings_Release.pdf