0001140361-23-002663.txt : 20230125 0001140361-23-002663.hdr.sgml : 20230125 20230125102443 ACCESSION NUMBER: 0001140361-23-002663 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230124 FILED AS OF DATE: 20230125 DATE AS OF CHANGE: 20230125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Borr Drilling Ltd CENTRAL INDEX KEY: 0001715497 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39007 FILM NUMBER: 23550248 BUSINESS ADDRESS: STREET 1: S.E. PEARMAN BUILDING STREET 2: 2ND FLOOR 9 PAR-LA-VILLE ROAD CITY: HAMILTON STATE: D0 ZIP: HM11 BUSINESS PHONE: 4722483000 MAIL ADDRESS: STREET 1: S.E. PEARMAN BUILDING STREET 2: 2ND FLOOR 9 PAR-LA-VILLE ROAD CITY: HAMILTON STATE: D0 ZIP: HM11 6-K 1 brhc10047002_6k.htm 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934

January 24, 2023

Commission File Number 001-39007

Borr Drilling Limited

S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibits

Press Release


 SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BORR DRILLING LIMITED
     
Date: January 24, 2023
By:
/s/ Mi Hong Yoon
 
Name:
Mi Hong Yoon
 
Title:
Director

 
 EX-99.1 2 brhc10047002_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

Borr Drilling Limited – Updated 2022 and 2023 guidance

Hamilton, Bermuda, 24 January 2023

Borr Drilling Limited (the “Company”) (NYSE and 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 – $150 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 are 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.