Q1 2024 Borr Drilling Ltd Earnings Call Transcript
Good morning, and thank you for participating in the Borr Drilling first-quarter 2024 earnings call. I'm Patrick Schorn, and with me here today is Bruno Morand, our Chief Commercial Officer; and Magnus Vaaler, our Chief Financial Officer. Next slide, please.
First, covering the required disclaimers, I would like to remind all participants that some of the statements will be forward looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I therefore refer you to our latest public filings. Next slide.
The first-quarter results have been strong, driven by solid operational performance, with technical utilization coming in at 99% and economic utilization at 98.6%. We operate currently a fleet of 22 rigs and have two new builds join the fleet later this year. The adjusted EBITDA margin increased this quarter to 47.2%, keeping us right on track to meet our annual plan.
We finished the first quarter with
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