HAMILTON, Bermuda, Feb. 22, 2024 /PRNewswire/ --Borr Drilling Limited ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the three and twelve months ended December 31, 2023.
Highlights Fourth Quarter of 2023
- Total operating revenues of $220.6 million, an increase of $29.1 million or 15% compared to the third quarter of 2023
- Net income of $28.4 million, an increase of $28.1 million compared to the third quarter of 2023
- Adjusted EBITDA of $105.9 million, an increase of $17.7 million or 20% compared to the third quarter of 2023
- Completed the refinancing of all the Company's secured debt, established a $180 million RCF and completed a private placement of new shares for gross proceeds of $50.0 million
- Total contract revenue backlog as at December 31, 2023 of $1.75 billion, including Mexico rigs
Subsequent events
- 2024 year to date, the Company has been awarded three new contract commitments, representing 495 days and $82.2 million of potential contract revenue
- The Board declared a cash dividend of $0.05 per share for the fourth quarter to shareholders of record on March 4, 2024. Payment date will be on or about March 18, 2024.
CEO, Patrick Schorn commented:
"Our fourth quarter performance has been strong, enabling us to close the year having achieved several major milestones.
On the ...