HAMILTON, Bermuda, Jan. 25,
2023 /PRNewswire/ -- Borr Drilling Limited (the
"Company") (NYSE: BORR) (OSE: BORR) is pleased to announce updates
to its preliminary Revenue and EBITDA guidance for 2022 and
2023.
For 2022, Borr Drilling expects to record revenues of
$435-$450
million and adjusted EBITDA of $152-$162 million*
(previous guidance was revenue between $375-$400 million
and Adjusted EBITDA of $115-140
million). This implies estimated Q4 2022 Revenues between
$140-$155
million, and Q4 2022 Adjusted EBITDA of between $50-$60
million.
For 2023, based on current contracts and projections for new
contracts, the Company expects to generate revenues of $740-$780 million
and Adjusted EBITDA of $360-$400 million
(previous guidance was adjusted EBITDA of $290-330 million).
The cash and cash equivalents balance at year end 2022 is
estimated to be ~$105 million.
"Borr Drilling has been through a transformational journey the
last years, activating and putting 21 rigs successfully to work and
significantly strengthening the Company's balance sheet. The
outlook for the industry and our Company is continuing to improve,
which is likely to lead to further increased utilisation and higher
day-rates," says CEO Patrick Schorn
It is important to note that the financial preliminary guidance
for Q4 and 2022 is based on estimates, and the financial results
are not finalised. The results are also subject to audit, and as
such are subject to change.
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expect", "will" and similar expressions and include statements
relating to letter of awards including the duration of such
contracts and backlog, and other non-historical statements. These
forward-looking statements reflect the Company's beliefs,
intentions and current expectations concerning, among other things,
the Company's results of operations, financial condition,
preliminary and expected financial results, including revenue
and adjusted EBITDA, cash and cash equivalents, industry outlook,
further increased utilization and higher day rates and other
non-historical statements. Such forward-looking statements are
subject to risks, uncertainties, contingencies and other factors
could cause actual events to differ materially from the
expectations expressed or implied by the forward-looking statements
included herein, and other risks and uncertainties described in the
section entitled "Risk Factors" in our most recent annual report on
Form 20-F and other filings with the Securities and Exchange
Commission. Such risks, uncertainties, contingencies and other
factors could cause actual events to differ materially from the
expectations expressed or implied by the forward -looking
statements included herein. These forward-looking statements are
made only as of the date of this release. We do not undertake to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise.
* The Company provides guidance on expected
adjusted EBITDA, which is a financial measure calculated on a basis
other than in accordance with accounting principles generally
accepted in the United States (US
GAAP). Adjusted EBITDA represents our periodic net loss adjusted
for: depreciation and impairment of non-current assets, other
non-operating income; (income)/loss from equity method investments,
total financial (income) expense net, income tax expense,
amortization of deferred mobilization costs and revenue. The
Company provides guidance on Adjusted EBITDA because it believes
this measure provides useful information regarding the Company's
expected operational performance. Due to the forward-looking nature
of Adjusted EBITDA, management cannot reliably predict certain of
the necessary components of the most directly comparable
forward-looking GAAP measure. Accordingly the Company is unable to
present a quantitative reconciliation of such forward looking
non-GAAP financial measure to the most directly comparable
forward-looking GAAP financial measure without unreasonable
effort.
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited