BORR DRILLING LIMITED BARCLAYS CEO ENERGY-POWER CONFERENCE
Patrick Schorn
6 September 2022
FORWARD LOOKING STATEMENTS
This presentation and related discussions includes forward looking statements, which may be identified by words such as "continue", "estimate", "expect", "illustrative," "intends", "may", "project," "potential," "will" and similar expressions and include expectations regarding industry trends and market outlook, including expected trends and activity levels in the jack-up rig and oil industry, developments with respect to inflation include statements including expected trends and activity levels in the jack-up rig and oil industry, developments with respect to inflation, expected financial results for 2023 and 2024 including expected Adjusted EBITDA, expected utilization levels and tendering activity and new tenders, expected supply and demand, statements with respect to expected contracting of our fleet, demand for and expected utilization of rigs, contract backlog, LOIs and LOAs, tendering and contracting activity, market opportunities and contract terms including estimated duration of contracts and activity of rigs on particular contracts, potential revenue from contracts and extensions, expected number of rigs required, projected day-rates, expected E&P capex, statements about our ability to improve financial performance and our financial obligations and maturities, statements as to market sentiment statements with respect to the proposed refinancing with certain of our lenders for which binding term sheets or other agreements are expected to be concluded during August 2022, expected payments to our lenders, the expected terms and expected benefits of the refinancing and the binding agreements we expect to enter into with lenders, including our expectation that the refinancing will contribute to a more solid financial position, and our plan to refinance our convertible bonds, including statements with respect to the high visibility on the refinancing of these bonds, expected financial results, expected industry trends, including expected incremental earnings, asset sale or new debt, statements with respect to the LOI to sell three of our rigs under construction, statements about substantially extended liquidity runway, statements with respect to the strong fundamentals drilling activity increase and quick paybacks, statements about the drilling market, including this market to be soon undersupplied, the shallow water drilling being a true growth market, statements about the high profitable drilling industry, including illustrative internal rate of returns (IRR), modern rig demand, market and dayrates growth in shallow water drilling market, illustrative annual cash flow potential, upside potential, statements in relation in connection with our fleet contract overview, focus on shareholder returns, including dividends from 2024, and other non-historical statements. These 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, including the risk that we may not be able to refinance our indebtedness as it falls due, risks relating to the offering and that our shareholders will not approve the increases in our authorized share capital, the risk that we will not enter into binding term sheets or other agreements with all applicable lenders prior to the anticipated closing date of the offering or at all, including the risks that board approvals for the binding agreements or other agreements with our lenders are not obtained, the risk that we are unable to obtain necessary consents from other creditors, or reach final agreements and execute definitive documentation with our creditors for the binding agreements and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including the payment requirements of these agreements, the risk that we will not consummate the proposed refinancing on expected terms or at all, the risk that we may not raise the equity we are seeking in the offering, risks relating risks relating to our ability to meet the conditions to closing and to consummate the proposed offering, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations, risks relating to our business and industry including industry conditions, the risk that actual results will be lower than those anticipated, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets and the risk that future equity issuances will dilute existing shareholders, risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts, risks relating to future performance including risks that upside potential and illustrative cash flow potential is not achieved, risks relating to industry supply and demand trends and rates and utilization, risks relating to ability to pay dividends, including contractual and legal restrictions and available liquidity, and other risks included in our filings with the Securities and Exchange Commission including those set forth under "Risk Factors" in our annual report on Form 20-F for the year ended December 31, 2021.
2
THE BORR DRILLING STORY
BUILT TO MAKE A DIFFERENCE
DEC | OCT | PARAGON | MAY | SEP | |||||||||
TRANSOCEAN | HAKURYU - 15 | ||||||||||||
2016 | 2017 | + 2 premium | 2018 | 2022 | |||||||||
+ 9 premium | + 1 premium | ||||||||||||
jack-ups | |||||||||||||
jack-ups | jack-ups | ||||||||||||
(+Organisation) | |||||||||||||
HERCULES | PPL SHIPYARD | KFELS SHIPYARD | 28 Premium | ||||||||||
+ 2 premium | + 9 premium | + 5 premium | jack-ups | ||||||||||
jack-ups | MAY | jack-ups | MAR | jack-ups | MAR | ||||||||
2017 | 2018 | 2019 |
- Dual listed NYSE and OSE listed (BORR)
- Acquired 64 drilling rigs and divested 36 non-core assets since December 2016
- Current fleet of 28 jack ups with an average age of 5 years
- 2022 YTD, the company has been awarded 15.4 years contract backlog, equalling $650 M in potential revenue.
*Source: IHS Petrodata
A LEADING PURE PLAY COMPANY
MODERN JACKUP FLEET AND GLOBAL PRESENCE
2035
Contracted | Available | Under Construction |
2
Corporate
Office
6 | 3 |
2 5
1 | 6 |
3
Total People
2,267
Large and Pure-
Play Fleet
28
Jackup Rigs
Standardized and
Capable Fleet
4
Rig Designs
People
2,024 (offshore)
243 (onshore)
Modern and Young
Fleet
~ 5yr
Average Age
Global Footprint
11
Operating Offices
Source: Company data
Rigs in Mexico operated through a joint venture
STRONG EXPERIENCE
Diversified Portfolio of over 30
Customers Across NOCs,
Majors And Independent Oil Companies
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Borr Drilling Ltd. published this content on 06 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 07:50:01 UTC.
