Borr Drilling Limited Announces Second Quarter 2024 Results
Borr Drilling reported Q2 2024 results with total operating revenues of $271.9 million, up 16% from Q1 2024. Net income was $31.7 million, a 120% increase. Adjusted EBITDA reached $136.4 million, a 17% rise. Year-to-date, Borr secured fourteen new contracts, totaling 3,537 days and $651 million in potential revenue. In August, Borr raised $150 million in debt for the delivery of the newbuild "Vali." A cash dividend of $0.10 per share for Q2 2024 was declared, payable on September 6, 2024.
The company saw a strong operational performance with technical utilization at 99.2% and economic utilization at 98.4%. Borr plans to meet its FY 2024 Adjusted EBITDA guidance of $500-$550 million. Borr's newbuild "Vali" is set for delivery soon, and the final newbuild "Var" is on schedule for Q4 2024. Financially, Borr is stable with $200 million in cash and undrawn credit facilities.
Borr Drilling ha riportato i risultati del secondo trimestre 2024 con ricavi operativi totali di 271,9 milioni di dollari, un aumento del 16% rispetto al primo trimestre 2024. L'utile netto è stato di 31,7 milioni di dollari, con un incremento del 120%. EBITDA rettificato ha raggiunto i 136,4 milioni di dollari, un aumento del 17%. Da inizio anno, Borr ha acquisito quattordici nuovi contratti, per un totale di 3.537 giorni e 651 milioni di dollari di potenziale fatturato. Ad agosto, Borr ha raccolto 150 milioni di dollari in debito per la consegna della nuova costruzione "Vali". È stato dichiarato un dividendo in contante di 0,10 dollari per azione per il secondo trimestre 2024, pagabile il 6 settembre 2024.
L'azienda ha registrato una forte performance operativa con un utilizzo tecnico del 99,2% e un utilizzo economico del 98,4%. Borr prevede di raggiungere la guidance per l'EBITDA rettificato dell'anno fiscale 2024 tra 500 e 550 milioni di dollari. La nuova costruzione "Vali" è prevista per una consegna a breve, e l'ultima nuova costruzione "Var" è in programma per il quarto trimestre 2024. Dal punto di vista finanziario, Borr è stabile con 200 milioni di dollari in contante e linee di credito non utilizzate.
Borr Drilling reportó resultados del segundo trimestre de 2024 con ingresos operativos totales de 271,9 millones de dólares, un aumento del 16% respecto al primer trimestre de 2024. La ganancia neta fue de 31,7 millones de dólares, lo que representa un incremento del 120%. EBITDA ajustado alcanzó los 136,4 millones de dólares, un aumento del 17%. Hasta la fecha, Borr ha obtenido catorce nuevos contratos, sumando 3.537 días y 651 millones de dólares en ingresos potenciales. En agosto, Borr recaudó 150 millones de dólares en deuda para la entrega de la nueva construcción "Vali". Se declaró un dividendo en efectivo de 0,10 dólares por acción para el segundo trimestre de 2024, que será pagadero el 6 de septiembre de 2024.
La empresa mostró un fuerte rendimiento operativo con una utilización técnica del 99,2% y una utilización económica del 98,4%. Borr planea cumplir con su guía de EBITDA ajustado para el año fiscal 2024 entre 500 y 550 millones de dólares. La nueva construcción "Vali" está programada para ser entregada pronto, y la última nueva construcción "Var" está en camino de ser entregada en el cuarto trimestre de 2024. Desde el punto de vista financiero, Borr se mantiene estable con 200 millones de dólares en efectivo y líneas de crédito no utilizadas.
Borr Drilling은 2024년 2분기 결과를 보고하며 총 운영 수익이 2억 7190만 달러로, 2024년 1분기 대비 16% 증가했다고 밝혔습니다. 순이익은 3170만 달러로 120% 증가했습니다. 조정 EBITDA는 1억 3640만 달러에 도달하여 17% 상승했습니다. 연중 Borr은 3537일 및 6억 5100만 달러의 잠재적 수익을 포함하는 14개의 새로운 계약을 확보했습니다. 8월에는 새로운 건조선 "Vali"의 인도를 위해 1억 5000만 달러의 부채를 조달했습니다. 2024년 2분기를 위해 주당 0.10달러의 현금 배당금이 선언되었으며, 이는 2024년 9월 6일에 지급될 예정입니다.
회사는 기술 활용률이 99.2%이고 경제적 활용률이 98.4%로 강력한 운영 성과를 보였습니다. Borr는 2024 회계연도 조정 EBITDA 목표를 5억~5억 5000만 달러로 설정하고 있습니다. 새로운 건조선 "Vali"는 곧 인도될 예정이며, 마지막 새로운 건조선 "Var"는 2024년 4분기 일정에 맞춰 진행되고 있습니다. 재무적으로 Borr는 2억 달러의 현금과 미인출 신용 시설을 보유하고 있어 안정적입니다.
Borr Drilling a annoncé les résultats du deuxième trimestre 2024, avec des revenus d'exploitation totaux de 271,9 millions de dollars, en hausse de 16 % par rapport au premier trimestre 2024. Le bénéfice net s'élevait à 31,7 millions de dollars, soit une augmentation de 120 %. EBITDA ajusté a atteint 136,4 millions de dollars, en hausse de 17 %. Depuis le début de l'année, Borr a sécurisé quatorze nouveaux contrats, totalisant 3 537 jours et 651 millions de dollars de revenus potentiels. En août, Borr a levé 150 millions de dollars de dettes pour la livraison du nouveau bâtiment "Vali". Un dividende en espèces de 0,10 dollar par action pour le deuxième trimestre 2024 a été déclaré, payable le 6 septembre 2024.
L'entreprise a connu une forte performance opérationnelle avec un taux d'utilisation technique de 99,2 % et un taux d'utilisation économique de 98,4 %. Borr prévoit d'atteindre son objectif de l'EBITDA ajusté pour l'exercice 2024 de 500 à 550 millions de dollars. Le nouveau bâtiment "Vali" doit être livré prochainement, et le dernier nouveau bâtiment "Var" est dans les délais pour le quatrième trimestre 2024. Sur le plan financier, Borr est stable avec 200 millions de dollars en liquidités et des lignes de crédit non tirées.
Borr Drilling hat die Ergebnisse für das zweite Quartal 2024 bekannt gegeben, die gesamten Betriebseinnahmen von 271,9 Millionen US-Dollar zeigen, was einem Anstieg von 16% im Vergleich zum ersten Quartal 2024 entspricht. Der Nettogewinn betrug 31,7 Millionen US-Dollar, was einem Anstieg von 120% entspricht. Bereinigtes EBITDA erreichte 136,4 Millionen US-Dollar und stieg um 17%. Im laufenden Jahr sicherte sich Borr vierzehn neue Verträge mit einer Gesamtdauer von 3.537 Tagen und einem potenziellen Umsatz von 651 Millionen US-Dollar. Im August nahm Borr 150 Millionen US-Dollar an Schulden auf, um die neue Einheit "Vali" zu liefern. Eine Barkausdividende von 0,10 US-Dollar pro Aktie für das zweite Quartal 2024 wurde erklärt, zahlbar am 6. September 2024.
Das Unternehmen verzeichnete eine starke betriebliche Leistung mit einer technischen Auslastung von 99,2% und einer wirtschaftlichen Auslastung von 98,4%. Borr plant, die Prognose für das bereinigte EBITDA von 500 bis 550 Millionen US-Dollar im Geschäftsjahr 2024 zu erfüllen. Die neue Einheit "Vali" ist bald zur Lieferung bereit, und die letzte neue Einheit "Var" ist planmäßig für das vierte Quartal 2024 angesetzt. Finanziell ist Borr stabil mit 200 Millionen US-Dollar in bar und nicht in Anspruch genommenen Kreditlinien.
- Total operating revenues increased by 16% to $271.9 million.
- Net income rose by 120% to $31.7 million.
- Adjusted EBITDA grew by 17% to $136.4 million.
- Secured fourteen new contracts worth $651 million.
- Raised $150 million in debt for newbuild delivery.
- Declared a $0.10 per share dividend.
- None.
Insights
Borr Drilling's Q2 2024 results show robust financial performance. Total operating revenues increased by
The company's contracting success, with 14 new commitments worth
The
Borr Drilling's Q2 results reflect a robust jack-up rig market. The 99.2% technical utilization and 98.4% economic utilization rates are exceptionally high, indicating strong operational performance and demand for their premium rigs. The company's success in securing new contracts at higher day rates, despite the Saudi Arabia suspension, demonstrates the tight market for high-quality assets.
The industry dynamics are favorable for Borr. With
The company's ability to quickly replace the suspended Saudi contract with a more advantageous one highlights the strong demand for modern rigs. The optimistic outlook for securing contracts for newbuilds "Vali" and "Var" further underscores the market's strength and Borr's competitive position.
Borr Drilling's Q2 2024 results and outlook present a compelling investment case. The company is capitalizing on a tightening jack-up rig market, evidenced by its ability to secure contracts at accretive day rates. The full contract coverage for 2024 and
The company's financial strategy is balanced, focusing on growth while enhancing shareholder returns. The doubling of the dividend to
Borr's young fleet positions it well in an aging market, potentially leading to pricing power and market share gains. The company's ability to navigate market turbulence, as seen with the Saudi Arabia contract replacement, showcases operational agility. With the capex program for newbuilds nearing completion, Borr is poised for increased free cash flow generation, supporting its growth and shareholder return initiatives.
Highlights
- Total operating revenues of
$271.9 million $37.9 million 16% compared to the first quarter of 2024 - Net income of
$31.7 million $17.3 million 120% compared to the first quarter of 2024 - Adjusted EBITDA1 of
$136.4 million $19.6 million 17% compared to the first quarter of 2024 - Year to date of report, the Company has been awarded fourteen new contract commitments, representing 3,537 days and
$651 million - In August, the Company raised
$150 million - On August 14, 2024, the Board declared a cash dividend of
$0.10
CEO, Patrick Schorn commented:
"The second quarter operational performance has been strong, with a technical utilization rate of
In terms of contracting, we've continued to secure new contracts at accretive day rates, including the recently announced long-term contract for the "Arabia I" in
Regarding our newbuilds, we anticipate taking delivery of the "Vali" later this week. We're pleased to report that we are in the final stages of assigning this rig to a previously announced contract in
From a financial perspective, the year is progressing largely as we anticipated. While the suspensions in
From a cash standpoint, we are well-positioned for the future. We have an undrawn
After the close of the quarter, we secured an additional
While the market has experienced some turbulence, we have successfully maintained steady and predictable performance. Our outlook for 2025 and beyond remains unchanged, and we are confident this will enable us to consistently deliver increased earnings and incremental returns for our shareholders."
Conference Call
A conference call and webcast is scheduled for 15:00 CEST (9:00 AM New York Time) on Thursday 15 August, 2024 and participants are encouraged to dial in 10 minutes before the start of the call.
In order to listen to the presentation, you may do one of the following:
a) Webcast
To access the webcast, please go to the following link: https://edge.media-server.com/mmc/p/oog8fcz6
b) Conference Call
Please use the below link to register for the conference call, https://register.vevent.com/register/BI5537d561434e4a0482d85516e384dbe1.
Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.
The complete Earnings Report and Fleet Status Report are enclosed.
CONTACT:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Public/16983/4024431/8d049a3054c28ee4.pdf | Borr Drilling Limited Fleet Status Report Aug-24 |
https://mb.cision.com/Public/16983/4024431/b57126545fe1201f.pdf | Borr Drilling Limited Q2-24 Earnings Release |
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SOURCE CISION AB
FAQ
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