Borr Drilling Limited (the "Company") (NYSE:BORR) (OSE: BORR) today announced certain preliminary unaudited results for the quarter ended September 30, 2024.

For the three months ended September 30, 2024, the Company expects: (i) total operating revenues of approximately $242 million, (ii) operating income of approximately $84 million, and (iii) Adjusted EBITDA of approximately $116 million. The Company expects approximately $186 million in cash and cash equivalents and $150.0 million undrawn under our revolving credit facility as of September 30, 2024.

The decrease in operating income of approximately $21 million compared to the second quarter of 2024 is primarily comprised of the following: (i) $13 million decrease associated with a one-off net impact in Q2 2024 from the amortization of deferred revenue and deferred costs related to the termination of a contract for "Arabia I"; and (ii) $11 million decrease in related party revenue associated with three rigs in Mexico, due to the one-time recognition of accelerated amortization of deferred revenue in Q2 2024 as a result of the amendments made to the Mexico structure effective April 1, 2024.

Furthermore, the Company expects FY 2024 adjusted EBITDA at or around the lower end of the previously disclosed guiding range of $500 - $550 million.