Exhibit 99.1
Borr Drilling Limited Q3 2019 results presentation26 November 2019
Important information and disclaimer 2 This presentation (the “Presentation”) has been prepared
by Borr Drilling Limited (the “Company”) and sets forth general background information about the Company's activities current as at the date hereof. Information in this Presentation, including forecast financial information, should not be
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Highlights 3 Operating revenues of $102.7 million, net loss of $79.2 million and Adjusted EBITDA of
$13.8 million for the third quarter of 2019 vs $1.5 million in second quarter for 2019Technical utilisation for the operating rigs was 99.1% in the third quarter and 99.0% for the first nine months of 2019In October, Paal Kibsgaard, the
former Chairman and CEO of Schlumberger, was appointed as new Chairman of the Board, replacing Tor Olav Trøim, who continues to serve on the Board as Deputy Chairman. Mr Kibsgaard will in his initial year, serve as executive Chairman, focused
on strengthening the Company’s organization, operating processes and its integrated service offeringSince the previous quarterly results, the Company has been awarded contracts, LOAs and extensions for 6 rigs with a combined revenue backlog
of approximately $169 million. Total additional backlog added year to date is approximately $465 millionOn October 15, the company took delivery of the new build jack-up rig Hermod from the Keppel FELS shipyard in SingaporeIn November 2019,
the Company sold marketable securities, resulting an estimated total realised loss of $16.4 million, and improving the liquidity position by $20.2 million The Company uses certain financial information calculated on a basis other than in
accordance with accounting principles generally accepted in the United States (US GAAP) including Adjusted EBITDA. Adjusted EBITDA as used above represents our periodic net loss adjusted for: depreciation and impairment of non-current assets,
amortization of contract backlog, loss from equity method investments, total financial income (expenses) net, income tax expense and amortisation of deferred mobilisation costs. Adjusted EBITDA is included here by the Company because the
Company believes that the measure provides useful information regarding the Company’s operational performance.
Key Financials Q3 2019 4 Income Statement USDm YTD 2019 Q3 2019 Q2 2019 Operating revenues
241.2 102.7 86.6 Gain on disposals 3.9 - 3.9 Rig operating and maintenance expenses (226.4) (87.9) (81.4) Depreciation (74.3) (25.8) (24.6) Impairment (11.4) - - Amortisation of contract backlog
(18.6) (4.1) (7.1) G&A (35.0) (10.9) (14.0) Total operating expenses (365.7) (128.7) (127.1) Operating loss (120.6) (26.0) (36.6) Loss from equity method investments (1.6) (1.6) - Total financial income
(expenses), net (110.1) (47.8) (64.1) Loss before income taxes (232.3) (75.4) (100.7) Tax (6.5) (3.8) (2.5) Net loss (238.8) (79.2) (103.2) Basic loss per share ($/share) (2.21) (0.72) (0.98) Comments Q3
2019 Revenues increased quarter on quarter mainly due to a full quarter of operations for four additional rigsRig operating and maintenance expenses increased due to: four additional rigs with a full quarter of operation increase in
amortisation of mobilisation costs of $4.0 million $3.0 million in non-cash accrual for legal expenses G&A reduction due to lower legal costs and professional fees than in second quarter related to IPO and refinancingTotal financial
expenses, main itemsmark-to-market losses on forward contracts relating for shares in Valaris of $16.7 million, Recycled unrealised loss on marketable securities of $12.0 million related to Oro Negro reclassified from OCI Net interest expense
of $13.1 million (additionally, interest of $4.5 million was capitalised in the quarter)
Key Financials Q3 2019 5 Balance Sheet Key Numbers USDm Q3 2019 Q2 2019 Q4 2018 Total assets
3,199.5 3,196.0 2,913.7 Total liabilities 1,848.6 1,823.1 1,380.2 Total equity 1,350.9 1,372.9 1,533.5 Cash and cash equivalents 39.5 44.8 27.9 Restricted cash 77.1 62.0 63.4 Movements in Q3 2019 Total
assets flat quarter on quarterTotal liabilities increased by US$25.5 million, mainly attributable to US$10.0 million in long-term debtIncreased unrealized loss position on forward contracts of $16.7 million.On July 31, 2019, the Company
completed the initial public offering on NYSE. A total number of 5,750,000 shares were sold in the offering, providing additional net equity of around $50 million.
Fleet Status Report November 2019 6 Fleet Summary Contractual Developments Other Fleet Updates *
Includes Eir, which is under sales agreement, expected to be concluded early 2020, subject to conditions Time Rig Client Contract Status Jul-19 Dhabi II ADNOC 3 Years Extension from July 19 Aug-19 Norve BW Energy Commenced
Contract Aug-19 Grid Pemex Commenced Contract Aug-19 Gersemi Pemex Commenced Contract Aug-19 Prospector 1 Total Commenced Contract Aug-19 Prospector 5 Undisclosed LOA: Q3 2020 to Q3 2021 Aug-19 Odin Pemex Contract: Q4 2019
to Q2 2021 Oct-19 Frigg Undisclosed 1 Year extension from December 2019 Oct-19 Galar Pemex Contract: Q1 2020 to Q2 2021 Oct-19 Njord Pemex Contract: Q1 2020 to Q2 2021 Nov-19Nov-19 Mist Idun Vestigo HLJOC Contract Extension Q1
2020 Commenced Contract Nov-19 Idun JVPC LOA: Q2 2020 to Q3 2020 Nov-19 Saga Undisclosed LOI: Q1 2020 to Q2 2020
Jack-up demand growing – shallow water is low cost 7 US onshore rig count Floater rig count Jack-up
rig count Source: Bloomberg and IHS, Rystad -13% +5% +24% Break-even USD55/bbl Break-even USD45-50/bbl Break-even USD18-40/bbl
The jack-up market is growing 8 Core countries are drilling significantly more today Rig intensity
going up Source: IHS Petrodata, DNB Markets, Borr Drilling # Jack-ups pr mmboe production – Saudi-Arabia # Jack-ups 2000: 2 Jack-ups needed for 1m/day production2019: 12 Jack-ups needed for 1m/day production Rig intensity up
5.5x Outstanding and expected tenders
Jack-up demand is mainly brownfield 9 Source: Borr
Drilling 3% 2% Exploration Greenfielddevelopment Infill drilling Workover P&A Brownfield Greenfield 6 months 3 months 2 years 3 years 7 years 3-4 years 1 year 6 months Time to first oil
Yard overhang quickly diminishing 10 Only 17 rigs with same standard as the Borr rigs
left Contracted jack-ups Source: Borr Drilling and IHS # units stranded in yards down 82 Modern contracted units up 90 Total contracted units up 75 Built after 2000 (RHS) Total (LHS)
Market trends confirms Borr’s modern rig strategy 11 Marketed Utilization continues to trend
upwards… Modern JU availability is tight … while market bifurcation continues to play out Source: IHS, Borr Drilling Marketed Utilization (%) Modern (>=2000) Standard (<2000) Average 234 113 193 223 + 44% -50% Supply
and Demand matrix Modern rigs # of rigs Total fleet 299 Not marketed 17 Marketed fleet 282 Marketed utilisation 90% Contracted fleet 254 Utilization competitive modern jackups Jun 2019 Aug 2019 Nov 2019 Middle
East 92% 94% 94% West Africa 100% 100% 100% Total 86% 87% 90% 166 130
From 0 to 19 rigs in operations – 99.1% technical utilization YTD 12 Growth from 0 to 19 rigs since
end 2017 19 operating rigs Feb-19 1 operating rigDec -17
Limited number of available rigs 13 Only 14 warm stacked units left – Borr controls >
1/3 Source: Borr Drilling and IHS Visible incremental demand Middle East 19 Mexico 12 South-east Asia 9 West Africa 8 India 3 Rest of the world ? Total >50
Significant cash-flow potential 14 Run-rate illustrative EBITDA and cash-flow *Excluding possible
activation cost and contract preparation Day rate scenario Current market Average 10y Last 10y peak Day-rate USD/day 100,000 145,000 250,000 Utilisation Pct 98% 98% 98% Opex and G&A USD/day
50,000 50,000 50,000 # rigs working 28 28 28 Revenue USDm 1002 1452 2504 Costs " -511 -511 -511 EBITDA " 491 941 1993 Revenue tax " -40 -58 -100 Interest cost
" -120 -120 -120 Free cash flow " 330 763 1773 1 incremental rig contracted improves free cash flow to equity by ~USD20m/year*Borr Drilling has 12 units left to contract
Summary 15 Market has reached 90% utilization for modern assets – first time in this cycle Only 14
modern warm stacked units – 17 stranded units in the ship yard Visible demand for more than 50 units – rig count expected to surpass 400 within next 12 months Borr has 19 contracted rigs – with another 12 to fix (5 rigs available and 7 to
be delivered) Currently positive cash generation from operations after financing cost 1 incremental rig fixed at current rates of USD100k/day gives ~USD20m/year in FCF Strong increase in EBITDA expected in 2020
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