Press Release
|
Borr Drilling Limited Q1-23 Earnings Release |
|
99.3 |
Borr Drilling Limited Fleet Status Report May-23
|
|
BORR DRILLING LIMITED
|
|
Date: May 23, 2023
|
By:
|
/s/ Mi Hong Yoon
|
|
Name:
|
Mi Hong Yoon
|
|
Title:
|
Director
|
•
|
Total operating revenues of $172.0 million, an increase of $23.4 million or 16% compared to the fourth quarter of 2022.
|
•
|
Income before taxes of $7.9 million, an increase of $26.4 million compared to $18.5 million in the fourth quarter of 2022.
|
•
|
Net loss of $7.4 million, a decrease in loss of $13.9 million compared to the fourth quarter of 2022.
|
•
|
Cash and cash equivalents of $90.3 million at the end of the first quarter of 2023.
|
•
|
Adjusted EBITDA 1,2 of $72.4 million, an increase of $17.3 million or 31% compared to the fourth quarter of 2022.
|
• |
Total contract revenue backlog as at March 31, 2023 was $1.64 billion, a more than three time increase compared to March 31, 2022 (including rigs in the Mexican JV on a 100% basis).
|
•
|
Raised $400 million of gross proceeds through the issuance of $250 million unsecured convertible bonds due in 2028 and $150 million senior secured bonds due in 2026, primarily used to refinance the existing
$350 million convertible bonds due in May 2023.
|
•
|
In April, the Company increased the $150 million DNB loan facility by $25 million, and entered into a facility with DNB to provide guarantees and letters of credit of up to $25 million.
|
• |
In 2023 YTD, we have been awarded eight new contracts, extensions, exercised options and letters of awards representing 1,797 days and $253 million of potential revenue, of which 1,075 days and $177 million relate to four new contracts
and LOAs awarded this year. This includes a binding LOA, not previously announced, for "Ran".
|
In $ million
|
Q1 - 2023
|
Q4 - 2022
|
Change ($)
|
Change (%)
|
||||||||||||
Total operating revenues
|
172.0
|
148.6
|
23.4
|
16%
|
|
|||||||||||
Rig operating and maintenance expenses
|
(85.5)
|
(83.4)
|
(2.1)
|
3%
|
|
|||||||||||
Total operating expenses
|
(126.1)
|
(122.7)
|
(3.4)
|
3%
|
|
|||||||||||
Operating income
|
46.0
|
29.5
|
16.5
|
56%
|
|
|||||||||||
Total financial expenses, net
|
(40.5)
|
(49.4)
|
8.9
|
(18)%
|
|
|||||||||||
Income tax expense
|
(15.3)
|
|
(2.8)
|
(12.5)
|
446%
|
|
||||||||||
Net loss
|
(7.4)
|
(21.3)
|
|
13.9
|
(65)%
|
|
||||||||||
Adjusted EBITDA
|
72.4
|
55.1
|
17.3
|
31%
|
Cash and cash equivalents |
90.3
|
108.0
|
(17.7)
|
(16)%
|
||||||||||||
Restricted cash |
168.4
|
10.5
|
157.9
|
1504%
|
||||||||||||
Total equity |
904.1
|
897.8
|
6.3
|
1%
|
(in US$ millions)
|
Q1 - 2023
|
Q4 - 2022
|
||||||
Net loss
|
(7.4)
|
|
(21.3)
|
|||||
Depreciation of non-current assets
|
28.2
|
28.3
|
||||||
Income from equity method investments
|
(2.4)
|
|
(1.4)
|
|||||
Gain on disposals (1)
|
0.0
|
(3.5)
|
||||||
Total financial expense, net
|
40.5
|
49.4
|
||||||
Income tax expense
|
15.3
|
2.8
|
||||||
Amortization of deferred mobilization and contract preparation costs
|
13.6
|
13.6
|
||||||
Amortization of deferred mobilization and demobilization revenue
|
(15.4)
|
|
(12.8)
|
|||||
Adjusted EBITDA
|
72.4
|
55.1
|
(in US$ millions)
|
Q1 - 2023
|
Q4 - 2022
|
||||||
Net income
|
4.7
|
2.8
|
||||||
Depreciation of non-current assets
|
0.5
|
0.5
|
||||||
Financial expense/(income)
|
(5.7)
|
(1.8)
|
|
|||||
Income tax (income)/expense
|
2.2
|
0.8
|
||||||
Amortization of deferred costs
|
2.7
|
2.0
|
||||||
Amortization of deferred revenue
|
(2.5)
|
|
(2.0)
|
|
||||
Adjusted EBITDA
|
1.9
|
2.3
|
Three months ended
March 31, 2023
|
Three months ended
March 31, 2022
|
|||||||
Operating revenues
|
||||||||
Dayrate revenue
|
141.7
|
63.3
|
||||||
Related party revenue
|
30.3
|
18.7
|
||||||
Total operating revenues
|
172.0
|
82.0
|
||||||
Gain on disposals
|
0.1
|
—
|
||||||
Operating expenses
|
||||||||
Rig operating and maintenance expenses
|
(85.5
|
)
|
(55.6
|
)
|
||||
Depreciation of non-current assets
|
(28.2
|
)
|
(29.5
|
)
|
||||
General and administrative expenses
|
(12.4
|
)
|
(9.2
|
)
|
||||
Total operating expenses
|
(126.1
|
)
|
(94.3
|
)
|
||||
Operating income / (loss)
|
46.0
|
(12.3
|
)
|
|||||
Income from equity method investments
|
2.4
|
1.1
|
||||||
Financial income (expenses), net
|
||||||||
Interest income
|
2.4
|
—
|
||||||
Interest expense
|
(36.8
|
)
|
(27.2
|
)
|
||||
Other financial expenses, net
|
(6.1
|
)
|
(8.1
|
)
|
||||
Total financial expenses, net
|
(40.5
|
)
|
(35.3
|
)
|
||||
Income / (loss) before income taxes
|
7.9
|
(46.5
|
)
|
|||||
Income tax expense
|
(15.3
|
)
|
(4.8
|
)
|
||||
Net loss attributable to shareholders of Borr Drilling Limited
|
(7.4
|
)
|
(51.3
|
)
|
||||
Total comprehensive loss attributable to shareholders of Borr Drilling Limited
|
(7.4
|
)
|
(51.3
|
)
|
||||
Basic and diluted loss per share
|
(0.03
|
)
|
(0.35
|
)
|
||||
Weighted-average shares outstanding
|
234,781,420
|
145,783,175
|
March 31, 2023
|
December 31, 2022
|
|||||||
ASSETS
|
Unaudited
|
Audited
|
||||||
Current assets
|
||||||||
Cash and cash equivalents
|
90.3
|
108.0
|
||||||
Restricted cash
|
160.4
|
2.5
|
||||||
Trade receivables, net
|
52.8
|
43.0
|
||||||
Prepaid expenses
|
10.0
|
9.6
|
||||||
Deferred mobilization and contract preparation costs
|
30.9
|
38.4
|
||||||
Accrued revenue
|
52.8
|
57.4
|
||||||
Due from related parties
|
72.2
|
65.6
|
||||||
Other current assets
|
29.5
|
25.4
|
||||||
Total current assets
|
498.9
|
349.9
|
||||||
Non-current assets
|
||||||||
Non-current restricted cash
|
8.0
|
8.0
|
||||||
Property, plant and equipment
|
3.7
|
3.9
|
||||||
Newbuildings
|
3.5
|
3.5
|
||||||
Jack-up drilling rigs, net
|
2,595.7
|
2,589.1
|
||||||
Equity method investments
|
23.0
|
20.6
|
||||||
Other non-current assets
|
29.4
|
26.7
|
||||||
Total non-current assets
|
2,663.3
|
2,651.8
|
||||||
Total assets
|
3,162.2
|
3,001.7
|
||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities
|
||||||||
Trade payables
|
34.2
|
47.7
|
||||||
Accrued expenses
|
84.7
|
80.8
|
||||||
Short-term accrued interest and other items
|
90.1
|
77.7
|
||||||
Short-term debt
|
252.5
|
445.9
|
||||||
Short-term deferred mobilization, demobilization and other revenue
|
54.3
|
57.3
|
||||||
Other current liabilities
|
34.3
|
36.2
|
||||||
Total current liabilities
|
550.1
|
745.6
|
||||||
Non-current liabilities
|
||||||||
Long-term accrued interest and other items
|
31.8
|
29.7
|
||||||
Long-term debt
|
1,547.4
|
1,191.1
|
||||||
Long -term deferred mobilization, demobilization and other revenue
|
58.2
|
68.7
|
||||||
Other non-current liabilities
|
16.1
|
14.3
|
||||||
Onerous contracts
|
54.5
|
54.5
|
||||||
Total non-current liabilities
|
1,708.0
|
1,358.3
|
||||||
Total liabilities
|
2,258.1
|
2,103.9
|
||||||
Shareholders’ Equity
|
||||||||
Common shares of par value $0.10 per share: authorized 315,000,000 (2022:255,000,000) shares, issued 254,263,598 (2022: 229,263,598) shares and outstanding 243,948,087 (2022: 228,948,087)
shares
|
25.5
|
23.0
|
||||||
Treasury shares
|
(10.8
|
)
|
(9.8
|
)
|
||||
Additional paid in capital
|
2,277.8
|
2,265.6
|
||||||
Accumulated deficit
|
(1,388.4
|
)
|
(1,381.0
|
)
|
||||
Total equity
|
904.1
|
897.8
|
||||||
Total liabilities and equity
|
3,162.2
|
3,001.7
|
Three months ended
March 31, 2023
|
Three months ended
March 31, 2022
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss
|
(7.4
|
)
|
(51.3
|
)
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Non-cash compensation expense related to stock based and directors' compensation
|
1.3
|
0.3
|
||||||
Depreciation of non-current assets
|
28.2
|
29.5
|
||||||
Amortization of deferred mobilization and contract preparation costs
|
13.6
|
6.6
|
||||||
Amortization of deferred mobilization, demobilization and other revenue
|
(15.4
|
)
|
(2.4
|
)
|
||||
Gain on disposal of assets
|
(0.1
|
)
|
—
|
|||||
Amortization of deferred finance charges
|
1.8
|
1.6
|
||||||
Effective interest rate adjustments
|
(1.7
|
)
|
3.1
|
|||||
Income from equity method investments
|
(2.4
|
)
|
(1.1
|
)
|
||||
Deferred income tax
|
(0.1
|
)
|
(0.1
|
)
|
||||
Change in assets and liabilities:
|
||||||||
Amounts due to/from related parties
|
(6.6
|
)
|
(11.1
|
)
|
||||
Accrued expenses
|
(1.7
|
)
|
60.8
|
|||||
Accrued interest
|
14.5
|
(44.1
|
)
|
|||||
Other current and non-current assets
|
(18.3
|
)
|
(30.2
|
)
|
||||
Other current and non-current liabilities
|
(13.9
|
)
|
23.7
|
|||||
Net cash used in operating activities
|
(8.2
|
)
|
(14.7
|
)
|
||||
Cash flows from investing activities
|
||||||||
Purchase of property, plant and equipment
|
(0.2
|
)
|
—
|
|||||
Additions to jack-up drilling rigs
|
(28.8
|
)
|
(7.1
|
)
|
||||
Net cash used in investing activities
|
(29.0
|
)
|
(7.1
|
)
|
||||
Cash flows from financing activities
|
||||||||
Proceeds from share issuance, net of issuance cost
|
—
|
34.1
|
||||||
Repayment of debt
|
(213.9
|
)
|
—
|
|||||
Net proceeds from issuance of debt
|
391.3
|
—
|
||||||
Net cash provided by financing activities
|
177.4
|
34.1
|
||||||
Net increase in cash, cash equivalents and restricted cash
|
140.2
|
12.3
|
||||||
Cash, cash equivalents and restricted cash at the beginning of the period
|
118.5
|
46.0
|
||||||
Cash, cash equivalents and restricted cash at the end of the period
|
258.7
|
58.3
|
||||||
Supplementary disclosure of cash flow information
|
||||||||
Interest paid
|
(29.5
|
)
|
(7.1
|
) |
||||
Income taxes paid
|
(10.0
|
) |
(1.6
|
) |
(In $ millions)
|
March 31, 2023
|
December 31, 2022
|
||||||
Cash and cash equivalents
|
90.3
|
108.0
|
||||||
Restricted cash
|
160.4
|
2.5
|
||||||
Non-current restricted cash
|
8.0
|
8.0
|
||||||
Total cash and cash equivalents and restricted cash
|
258.7
|
118.5
|
Number of
outstanding shares
|
Common shares
|
Treasury shares
|
Additional paid in capital
|
Accumulated deficit
|
Total
equity
|
|||||||||||||||||||
Balance as at December 31, 2021
|
136,811,842
|
13.8
|
(13.7
|
)
|
1,978.0
|
(1,088.2
|
)
|
889.9
|
||||||||||||||||
Issue of common shares
|
14,840,323
|
1.5
|
—
|
33.7
|
—
|
35.2
|
||||||||||||||||||
Equity issuance costs
|
—
|
—
|
—
|
(1.1
|
)
|
—
|
(1.1
|
)
|
||||||||||||||||
Share-based compensation
|
—
|
—
|
—
|
0.3
|
—
|
0.3
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(51.3
|
)
|
(51.3
|
)
|
||||||||||||||||
Balance as at March 31, 2022
|
151,652,165
|
15.3
|
(13.7
|
)
|
2,010.9
|
(1,139.5
|
)
|
873.0
|
Number of
outstanding shares
|
Common shares
|
Treasury shares
|
Additional paid in capital
|
Accumulated deficit
|
Total
equity
|
|||||||||||||||||||
Balance as at December 31, 2022
|
228,948,087
|
23.0
|
(9.8
|
)
|
2,265.6
|
(1,381.0
|
)
|
897.8
|
||||||||||||||||
Issue of common shares
|
15,000,000
|
2.5
|
(1.0
|
)
|
—
|
—
|
1.5
|
|||||||||||||||||
Convertible debt issuance cost
|
—
|
—
|
—
|
10.9
|
—
|
10.9
|
||||||||||||||||||
Share based compensation
|
—
|
—
|
—
|
1.3
|
—
|
1.3
|
||||||||||||||||||
Total comprehensive loss
|
—
|
—
|
—
|
—
|
(7.4
|
)
|
(7.4
|
)
|
||||||||||||||||
Balance as at March 31, 2023
|
243,948,087
|
25.5
|
(10.8
|
)
|
2,277.8
|
(1,388.4
|
)
|
904.1
|
Borr Drilling
Fleet Status Report - 23 May 2023
|
||||
New Contracts / Extensions / Amendments
|
||||
Hild
|
||||
• Contract: September 2023 to August 2025, Fieldwood Energy, Mexico
|
||||
Gunnlod
|
||||
• Contract (from LOA): June 2023 to December 2023, Undisclosed, South East Asia
|
||||
Norve
|
||||
• Option exercised: August 2023 to September 2023, BWE, Gabon
|
||||
Thor
|
||||
•Option exercised: October 2023 to January 2024, CPOC, Malaysia-Thailand JDA
|
||||
Ran
|
||||
• Contract (from LOA): October 2023 to April 2024, TotalEnergies, Mexico
|
||||
• Contract: May 2024 to July 2024, Undisclosed, Americas
|
||||
Letters of Award / Letters of Intent / Negotiations
|
||||
None
|
||||
Other Developments
|
||||
Gunnlod
|
||||
• Commenced operations with Petra Energy, Malaysia in April 2023
|
||||
This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of intent/award and advanced
negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
|
||||
Borr Drilling
Fleet Status Report - 23 May 2023
|
||||||||||||||||
Rig Name
|
Rig Design
|
Rig Water
Depth (ft)
|
Year Built
|
Customer / Status
|
Contract Start
|
Contract End
|
Location
|
Comments
|
||||||||
Contracted Rigs
|
||||||||||||||||
Arabia I
|
KFELS B Class
|
400 ft
|
2020
|
Saudi Aramco
|
October - 2022
|
October - 2025
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
Arabia II
|
KFELS B Class
|
400 ft
|
2019
|
Saudi Aramco
|
October - 2022
|
October - 2025
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
Arabia III 1
|
KFELS Super A Class
|
400 ft
|
2013
|
Saudi Aramco
|
December- 2022
|
August - 2023
|
Middle East
|
Contract Preparations
|
||||||||
September - 2023
|
September - 2028
|
Saudi Arabia
|
Committed with option to extend
|
|||||||||||||
Galar
|
PPL Pacific Class 400
|
400 ft
|
2017
|
(Opex Perforadora) PEMEX
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Gerd
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Addax
|
February - 2022
|
January - 2024
|
Cameroon
|
Operating
|
||||||||
Gersemi
|
PPL Pacific Class 400
|
400 ft
|
2018
|
(Opex Perforadora) PEMEX
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Grid
|
PPL Pacific Class 400
|
400 ft
|
2018
|
(Opex Perforadora) PEMEX
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Groa
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Qatar Energy
|
April - 2022
|
April - 2024
|
Qatar
|
Operating with option to extend
|
||||||||
Gunnlod
|
PPL Pacific Class 400
|
400ft
|
2018
|
Petra Energy
|
April - 2023
|
May - 2023
|
Malaysia
|
Operating
|
||||||||
Undisclosed
|
June - 2023
|
December - 2023
|
South East Asia
|
Committed
|
||||||||||||
Hild
|
KFELS Super B Class
|
400 ft
|
2020
|
Fieldwood Energy
|
April -2023
|
August - 2023
|
Singapore
|
Contract Preparations
|
||||||||
September - 2023
|
August - 2025
|
Mexico
|
Committed
|
|||||||||||||
Idun
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Petronas Carigali
|
March - 2022
|
November -2023
|
Malaysia
|
Operating
|
||||||||
Mist
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Valeura Energy
|
January - 2023
|
November - 2023
|
Thailand
|
Operating
|
||||||||
Natt
|
PPL Pacific Class 400
|
400 ft
|
2018
|
ENI
|
January - 2022
|
March -2024
|
Congo
|
Operating with option to extend
|
||||||||
Njord
|
PPL Pacific Class 400
|
400 ft
|
2019
|
(Opex Perforadora) PEMEX
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Norve
|
PPL Pacific Class 400
|
400 ft
|
2011
|
BW Energy
|
December - 2022
|
September - 2023
|
Gabon
|
Operating with option to extend
|
||||||||
Odin
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
(Opex Perforadora) PEMEX
|
October - 2022
|
December - 2025
|
Mexico
|
Operating
|
||||||||
Prospector 1 1
|
F&G, JU2000E
|
400 ft
|
2013
|
Neptune
|
March - 2022
|
August - 2023
|
Netherlands / United Kingdom
|
Operating
|
||||||||
Prospector 5 1
|
F&G, JU2000E
|
400 ft
|
2014
|
ENI
|
November - 2022
|
February - 2024
|
Congo
|
Operating with option to extend
|
||||||||
Ran 1
|
KFELS Super A Class
|
400 ft
|
2013
|
Wintershall
|
October - 2022
|
July - 2023
|
Mexico
|
Operating
|
||||||||
Fieldwood Energy
|
August - 2023
|
September - 2023
|
Mexico
|
Committed
|
||||||||||||
TotalEnergies
|
October - 2023
|
April - 2024
|
Mexico
|
Committed
|
||||||||||||
Undisclosed
|
May-2024
|
July-2024
|
Americas
|
Committed with option to extend
|
||||||||||||
Saga
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
Brunei Shell Petroleum
|
November - 2022
|
November - 2026
|
Brunei
|
Operating with option to extend
|
||||||||
Skald
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
PTTEP
|
June - 2021
|
June - 2024
|
Thailand
|
Operating with option to extend
|
||||||||
Thor
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
CPOC
|
July - 2022
|
January -2024
|
Malaysia-Thailand JDA
|
Operating
|
||||||||
Available Rigs
|
||||||||||||||||
None
|
||||||||||||||||
Under Construction Rigs
|
||||||||||||||||
Var
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Delivery in September - 2025
|
|||||||||||
Vale
|
KFELS Super B Bigfoot Class
|
400 ft
|
Under Construction
|
KFELS shipyard, Singapore
|
Delivery in July - 2025
|
|||||||||||
1 - HD/HE Capability.
|
||||||||||||||||
Operating / Committed
|
Available
|
Cold Stacked
|
Under Construction
|
|||||||||||||
Total Fleet
|
24
|
22
|
0
|
0
|
2
|
Borr Drilling
Fleet Status Report - 23 May 2023
|
|||||||||||||||||||||||||||||||||||
Rig Name
|
Location
|
2023
|
2024
|
2025
|
2026
|
||||||||||||||||||||||||||||||
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Q1
|
Q2
|
Q3
|
Q4
|
Premium Jack-Ups
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Asia
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Thor
|
Malaysia-Thailand JDA
|
CPOC
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Gunnlod
|
Malaysia
|
PTTEP
|
Petra
|
Undisclosed
|
|||||||||||||||||||||||||||||||||||||||||||||||
Idun
|
Malaysia
|
Petronas Carigali
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Mist
|
Thailand
|
Valeura Energy
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Saga
|
Brunei
|
Brunei Shell Petroleum
|
![]() |
||||||||||||||||||||||||||||||||||||||||||||||||
Skald
|
Thailand
|
PTTEP
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Middle East
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Arabia I
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Arabia II
|
Saudi Arabia
|
Saudi Aramco
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Arabia III 1
|
Middle East/Saudi Arabia
|
Contract Prep
|
Saudi Aramco
|
![]() |
|||||||||||||||||||||||||||||||||||||||||||||||
Groa
|
Qatar
|
QatarEnergy
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Europe and Africa
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Prospector 1 1
|
Netherlands/United Kingdom
|
Neptune
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Gerd
|
Cameroon
|
ADDAX
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Natt
|
Congo
|
ENI
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Norve
|
Gabon
|
BWE
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Prospector 5 1
|
Congo
|
ENI
|
Option
|
||||||||||||||||||||||||||||||||||||||||||||||||
Mexico
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Ran 1
|
Mexico
|
Wintershall
|
FWE
|
TotalEnergies
|
Undisclosed
|
Option
|
|||||||||||||||||||||||||||||||||||||||||||||
Galar
|
Mexico
|
Opex (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Gersemi
|
Mexico
|
Opex (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Grid
|
Mexico
|
Opex (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Njord
|
Mexico
|
Opex (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Odin
|
Mexico
|
Opex (PEMEX)
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Hild
|
Singapore/Mexico
|
Warm Stacked
|
Fieldwood Energy
|
||||||||||||||||||||||||||||||||||||||||||||||||
Jack-Ups Under Construction
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Vale
|
KFELS shipyard, Singapore
|
Delivery in July 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Var
|
KFELS shipyard, Singapore
|
Delivery in September 2025
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Firm |
Option | Available |
Under Construction |
||||||||||||||||||||||||||||||||||||||||||||||||
1-HD/HE Capability |
Borr Drilling
Fleet Status Report - 23 May 2023
|
|||||
Additional information regarding this Fleet Status Report
|
|||||
This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual
drilling contract.
|
|||||
Forward Looking Statements:
The statements described in this status report that are not historical facts are "Forward Looking Statements". Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally. No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.
We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.
|
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