HAMILTON, Bermuda, Jan. 25, 2023 /PRNewswire/ — Borr Drilling Restricted (the “Firm”) (NYSE: BORR) (OSE: BORR) is happy to announce updates to its preliminary Income and EBITDA steerage for 2022 and 2023.
For 2022, Borr Drilling expects to report revenues of $435–$450 million and adjusted EBITDA of $152–$162 million* (earlier steerage was income between $375–$400 million and Adjusted EBITDA of $115-140 million). This means estimated This autumn 2022 Revenues between $140–$155 million, and This autumn 2022 Adjusted EBITDA of between $50–$60 million.
For 2023, based mostly on present contracts and projections for brand spanking new contracts, the Firm expects to generate revenues of $740–$780 million and Adjusted EBITDA of $360–$400 million (earlier steerage was adjusted EBITDA of $290-330 million).
The money and money equivalents steadiness at 12 months finish 2022 is estimated to be ~$105 million.
“Borr Drilling has been by a transformational journey the final years, activating and placing 21 rigs efficiently to work and considerably strengthening the Firm’s steadiness sheet. The outlook for the trade and our Firm is constant to enhance, which is more likely to result in additional elevated utilisation and better day-rates,” says CEO Patrick Schorn
You will need to observe that the monetary preliminary steerage for This autumn and 2022 relies on estimates, and the monetary outcomes will not be finalised. The outcomes are additionally topic to audit, and as such are topic to vary.
Ahead wanting statements
This press launch consists of ahead wanting statements, which don’t mirror historic information and could also be recognized by phrases equivalent to “anticipate”, “will” and related expressions and embrace statements regarding letter of awards together with the period of such contracts and backlog, and different non-historical statements. These forward-looking statements mirror the Firm’s beliefs, intentions and present expectations regarding, amongst different issues, the Firm’s outcomes of operations, monetary situation, preliminary and anticipated monetary outcomes, together with income and adjusted EBITDA, money and money equivalents, trade outlook, additional elevated utilization and better day charges and different non-historical statements. Such forward-looking statements are topic to dangers, uncertainties, contingencies and different elements might trigger precise occasions to vary materially from the expectations expressed or implied by the forward-looking statements included herein, and different dangers and uncertainties described within the part entitled “Threat Components” in our most up-to-date annual report on Type 20-F and different filings with the Securities and Trade Fee. Such dangers, uncertainties, contingencies and different elements might trigger precise occasions to vary materially from the expectations expressed or implied by the ahead -looking statements included herein. These forward-looking statements are made solely as of the date of this launch. We don’t undertake to replace or revise the forward-looking statements, whether or not on account of new data, future occasions or in any other case.
* The Firm offers steerage on anticipated adjusted EBITDA, which is a monetary measure calculated on a foundation apart from in accordance with accounting rules typically accepted in the USA (US GAAP). Adjusted EBITDA represents our periodic internet loss adjusted for: depreciation and impairment of non-current belongings, different non-operating revenue; (revenue)/loss from fairness methodology investments, complete monetary (revenue) expense internet, revenue tax expense, amortization of deferred mobilization prices and income. The Firm offers steerage on Adjusted EBITDA as a result of it believes this measure offers helpful data relating to the Firm’s anticipated operational efficiency. Because of the forward-looking nature of Adjusted EBITDA, administration can not reliably predict sure of the mandatory parts of essentially the most straight comparable forward-looking GAAP measure. Accordingly the Firm is unable to current a quantitative reconciliation of such ahead wanting non-GAAP monetary measure to essentially the most straight comparable forward-looking GAAP monetary measure with out unreasonable effort.
Questions must be directed to: Magnus Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Restricted