Q1 2025 Borr Drilling Ltd Earnings Call Transcript
Key Points
- Borr Drilling Ltd (BORR) reported strong operational performance with technical utilization at 99.2% and economic utilization at 97.9% for active rigs.
- The company received industry recognition for safety, including awards from Qatar Energy and PTTEP.
- Borr Drilling Ltd (BORR) secured nine new contract commitments, adding $221 million to its backlog at an average rate of $141,000 per day.
- The company's liquidity position improved with the collection of approximately $120 million in outstanding receivables from Mexico and additional mobilization fees.
- Borr Drilling Ltd (BORR) increased its operating rig count to 22, laying a foundation for stronger financial performance in upcoming quarters.
- Total operating revenue declined by $46.5 million quarter over quarter, resulting in a decrease in adjusted EBITDA.
- The company experienced temporary rig suspensions and mobilization issues, leading to only 16 out of 24 rigs working on average during the quarter.
- Net loss for the first quarter was $16.9 million, a significant decrease compared to the net income in the previous quarter.
- The board decided to suspend the dividend due to uncertain market conditions, aiming to reinforce the balance sheet.
- Recent changes in trade policies and OPEC's decisions have introduced uncertainty and price volatility in commodity markets, impacting future activity levels.
Good day and thank you for standing by. Welcome to the Borr Drilling Limited Q1 2025 results presentation, webcast and conference call.
(Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, Mr. Patrick Schorn, CEO. Please go ahead.
Thank you. Good morning and thank you for participating in the board drilling first quarter earnings call. I'm Patrick Schorn, and with me here today in London are Bruno Moran, a Chief Commercial Officer, and Magnus Vaaler, a 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.
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