Borr Drilling Ltd. Q3 FY2024 earnings call

Contract Extensions - Secured extensions for Mist, Prospector 1, and Hild with current customers. ### Rig Movements - Gunnlod commenced operations with ExxonMobil in Malaysia; Thor returned to Singapore; Gerd en route to Congo for ENI contract; Arabia I and Vale preparing for Q4/Q1 2025 contracts. ### Liquidity - Total liquidity approximately $335 million, including $185 million cash, $150 million undrawn RCF, and $45 million guarantee facility. ### Newbuild Completion - Var to be contracted early 2025, finalizing the newbuild program.

Q3 2024 total operating revenues were $241.6 million, a decrease of $30.3 million from Q2. Adjusted EBITDA was $115.5 million, down 15% q-o-q. The fleet has 24 premium rigs, the youngest in the industry. 78% of the fleet is contracted through 2025 at an average day rate of $148,000 per day, 10% higher than 2024. The newbuild program is complete with the Var expected to be contracted early 2025.

2024 Guidance - Updated full year 2024 adjusted EBITDA guidance to $500M-$550M, at the lower end. ### 2025 Guidance - To be provided in February earnings call. ### Shareholder Returns - Declared $0.02 per share cash distribution for Q3, $20M share buyback by end of 2024, with gross return amount unchanged.

• Near-term oil price drop causing customers to be cautious in confirming rig contracts. - Lingering impact of rig suspensions in Saudi and potential in Mexico creating uncertainties in the jack-up market.

Q: Thinking about dialogues with clients and tender activity changes.

A: Programs shifted right, pipeline growing; some regions sheltered, others more competitive.

Q: Incremental demand and Middle East view.

A: Pockets in Middle East, Aramco activity levels at floor, potential increase if oil price improves.

Q: Share buybacks vs dividends and Mexico receivables.

A: Gross return amount same, buying back shares at attractive levels; Mexico receivables due to Pemex payment issues and fluctuations.

Q: Pemex rig extensions and 2025 CapEx.

A: Optimistic on Pemex rig future, CapEx to include SPS and maintenance.

Q: Incremental demand outlook.

A: Magnitude unchanged, some demand pushed to back end, long-term opportunities in 2026+