Borr Drilling (BORR) Investor presentation summary

Portfolio and operational highlights

• Operates a globally diversified fleet of 29 modern jack-up rigs with an average age of 9.8 years, achieving 99.4% technical utilization and a $1.1bn dayrate equivalent backlog.

• Maintains strong liquidity of $480mm and a market capitalization of $1.9bn as of Q1 2026.

• Achieved LTM Q1 2026 adjusted EBITDA of $462.5mm with a 44% margin.

• Backlog is diversified across regions and clients, with 64% from NOCs and 36% from non-NOCs.

Strategic transactions and financial structure

• Acquired 5 premium rigs from Noble for $360mm and agreed to acquire 5 more via a $300mm Fontis JV, expanding the fleet to 29 rigs.

• Completed a $300mm convertible bond refinancing, repurchasing $195.2mm of 2028 notes and extending debt maturity to 2033.

• Financing structure includes senior secured debt, non-recourse seller's credit, and limited equity exposure.

Market environment and outlook

• Modern jack-ups are critical for low-cost, shallow-water oil production, with demand rising ~25% from 2018–2026.

• Utilization for modern rigs is at 90%, with dayrates at an inflection point and potential for further increases as supply remains constrained and ~30% of the global fleet is beyond retirement age.

• Key regional opportunities in the Middle East and Southeast Asia could drive utilization above 90%.