Borr Drilling Ltd (NYSE:BORR)
$ 5.79 -0.02 (-0.34%) Market Cap: 1.46 Bil Enterprise Value: 3.06 Bil PE Ratio: 70.01 PB Ratio: 1.52 GF Score: 69/100
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Q4 2023 Borr Drilling Ltd Earnings Call Transcript

Feb 22, 2024 / 02:00PM GMT
Release Date Price: $6.48 (+0.47%)
Patrick Schorn
Borr Drilling Ltd - CEO & Director

Good morning, good afternoon, and thank you for participating in the Borr Drilling fourth-quarter 2023 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. 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. Our fourth-quarter performance has been strong, and we have closed the year, having achieved several major milestones. In the fourth quarter, revenue increased by 15% to $220 million, and our adjusted EBITDA increased to $105 million, which is 20% over previous quarter, resulting in a 48% adjusted EBITDA margin.

Full year 2023 adjusted EBITDA reached $350 million. Our backlog has grown and improved significantly in quality

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