BORR - Borr Drilling reports Q4 earnings; initiates FY23 Adjusted EBITDA guidance

• Borr Drilling press release ( NYSE: BORR ): Q4 GAAP EPS of -$0.09.
• Revenue of $148.6M (+115.1% Y/Y).
• Cash and cash equivalents of $108.0 million at the end of the fourth quarter of 2022.
• Adjusted EBITDA of $55.1 million, an increase of $11.2 million or 26% compared to the third quarter of 2022.
• Total contract revenue backlog on December 31, 2022 stood at $1.7 billion, an increase of nearly 200% year-on-year.
• "With all near-term maturities addressed, our financial focus now turns to delivering on our guidance of Adjusted EBITDA between $360 million to $400 million for the full year 2023. The strong increase in Adjusted EBITDA and the subsequent deleveraging of the balance sheet could enable a global refinancing of the Company in 2024, which should ultimately accommodate dividend payments to shareholders."

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