Borr Drilling ( NYSE: BORR ) -5.9% pre-market Wednesday after updating preliminary EBITDA and revenue guidance for 2022 and 2023.
For FY 2022, Borr Drilling ( BORR ) expects adjusted EBITDA of $152M-$162M and revenues of $435M-$450M, raised from previous guidance for adjusted EBITDA of $115M-$140M and revenues of $375M-$400M, implying Q4 adjusted EBITDA of $50M-$60M and revenues of $140M-$155M.
For FY 2023, based on current contracts and projections for new contracts, the company expects adjusted EBITDA of $360M-$400M, above prior guidance of $290M-$330M, and revenues of $740M-$780M; the company also estimated cash and cash equivalents balance at year-end 2022 of $105M.
Even assuming further recovery in the jackup market to be muted, Borr Drilling ( BORR ) likely will generate very substantial amounts of free cash flow going forward, Henrik Alex writes in an analysis newly published on Seeking Alpha .
For further details see:
Borr Drilling sinks despite improved full-year guidance