BORR - Borr Drilling Limited (BORR) Q4 2023 Earnings Call Transcript
2024-02-22 15:27:08 ET
Borr Drilling Limited (BORR)
Q4 2023 Earnings Call Transcript
February 22, 2024 9:00 AM ET
Company Participants
Patrick Schorn - CEO & Director
Magnus Vaaler - Chief Financial Officer
Bruno Morand - CCO
Conference Call Participants
Fredrik Stene - Clarksons Securities
Greg Lewis - BTIG
Michael Boam - Sona Asset Management
Presentation
Patrick Schorn
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've 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 during 2023 where we added $728 million to our revenue at an implied average day rate of $161,000 per day. On the operational front, we have finished the year with excellent technical utilization for the quarter at 98.7% and a total recordable injury frequency of 0.65, the latter being well below the industry average....
Borr Drilling Limited (BORR) Q4 2023 Earnings Call Transcript