Highlights
- Total (EPA:) operating revenues of
$241.6 million , a decrease of$30.3 million or 11% compared to the second quarter of 2024
- Net income of
$9.7 million , a decrease of$22.0 million or 69% compared to the second quarter of 2024
- Adjusted EBITDA of
$115.5 million , a decrease of$20.9 million or 15% compared to the second quarter of 2024
- Year to date of report, the Company has been awarded seventeen new contract commitments, representing 4,129 days and
$731 million of potential contract revenue
- On
November 6, 2024 , the Board declared a cash distribution of$0.02 per share ($4.8 million ) for the third quarter of 2024 to be paid on or aboutDecember 16, 2024 , and committed to buy back$20 million worth of shares before year end 2024, equalling a total shareholder return of$25 million , an amount in line with previous quarters
CEO,
“The operational performance in the third quarter was solid, with a technical utilization rate of 98.7% and an economic utilization rate of 96.9%. As expected, our third quarter financial results came in slightly below those of the second quarter. This difference was primarily due to one-off items in the second quarter related to the change in operating structure of our Mexico JV contracts and suspension of the “Arabia I”, both of which had positively impacted prior quarter results.
In terms of contracts, the rigs “Skald”, “Norve”, and “Natt” began new contracts with significantly higher day rates than their previous contracts. Meanwhile, the rigs “Gunnlod”, “Gerd”, and “Arabia I” had fewer operational days in comparison to the prior quarter. This is due to the preparation of the rigs for their upcoming accretive contracts, which are scheduled to start in the fourth quarter of 2024 and the first quarter of 2025.
We took delivery of the newbuild “Vali” in August, and it will begin operations in early 2025. The delivery of the “Var,” our final newbuild, is on schedule to be delivered in
Concerns about near-term oil supply exceeding demand have recently led customers to exercise greater caution in confirming rig contracts and options, and, in some cases, to delay the start of new projects. This, coupled with the lingering impact of rig suspensions in
Borr is well-prepared for potential market volatility, with 78% of its rig fleet already contracted through 2025 at an average day rate of
The board has decided to continue with a quarterly total shareholder return of
Conference call
A conference call and webcast is scheduled for
In order to listen to the presentation, you may do one of the following:
a) Webcast
To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/fcm3dyij
b) Conference Call
Please use the below link to register for the conference call, https://register.vevent.com/register/BIea4864aaf4d64820b9752cb43cff5bf1.
Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.
The complete Earnings Release and Fleet Status Report are enclosed.
CONTACT:
Questions should be directed to:
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https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-third-quarter-2024-results,c4061840
The following files are available for download:
https://mb.cision.com/Public/16983/4061840/9f350264ce6d62bb.pdf |
Borr Drilling Limited Q3-24 Earnings Release |
https://mb.cision.com/Public/16983/4061840/97e4080a7991f3d4.pdf |
Borr Drilling – Fleet Status Report Q3-24 |