Q2 2024 Borr Drilling Ltd Earnings Call Transcript
Key Points
- All 22 delivered rigs are contracted and committed, with high utilization rates.
- Generated $253 million in adjusted EBITDA year-to-date, positioning well to meet full-year guidance of $500 million to $550 million.
- Strong cash position with nearly $200 million in cash and an undrawn $150 million RCF.
- Board approved a quarterly dividend of $0.10 per share, amounting to approximately $100 million in annual dividends.
- Secured new contracts at accretive day rates, including a long-term contract for the Arabia in Brazil.
- Total operating expenses increased by $18.4 million compared to the first quarter.
- Decrease in operating days for Arabia I due to contract termination.
- Cash position decreased by $88.5 million in the quarter.
- Higher number of special periodic surveys in 2024, leading to increased costs.
- Potential competitive pressure in some markets due to Aramco suspensions.
Good morning and thank you for participating in the Borr Drilling second quarter 2024 earnings call. I'm Patrick Schorn and with me here today in Dubai 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.
I'm pleased with the second quarter results and performance. All 22 delivered rigs are contracted and committed. In addition, one of the newbuild rigs, The Vale, has been delivered today for which we already have a work scope assigned and The Var our final newbuild remains on schedule for delivery in late Q4 2024.
On the back of our strong contract portfolio, we generated $253 million in adjusted
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