<SEC-DOCUMENT>0001140361-24-036687.txt : 20240812
<SEC-HEADER>0001140361-24-036687.hdr.sgml : 20240812
<ACCEPTANCE-DATETIME>20240809192226
ACCESSION NUMBER:		0001140361-24-036687
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240809
FILED AS OF DATE:		20240812
DATE AS OF CHANGE:		20240809

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Borr Drilling Ltd
		CENTRAL INDEX KEY:			0001715497
		STANDARD INDUSTRIAL CLASSIFICATION:	DRILLING OIL & GAS WELLS [1381]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		241194356

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ef20033933_6k.htm
<DESCRIPTION>6-K
<TEXT>
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      <div>
        <div style="text-align: center; font-size: 14pt; font-weight: bold;"> UNITED STATES<br>
        </div>
        <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
        <div>&#160;</div>
        <div>
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        <div> <br>
        </div>
        <div style="text-align: center; font-weight: bold; font-size: 18pt;">FORM 6-K</div>
        <div>
          <div>&#160;</div>
          <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
        <br>
        <div style="text-align: center; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</div>
        <div style="text-align: center; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
        <div style="text-align: center; font-weight: bold;">OF THE SECURITIES EXCHANGE ACT OF 1934</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">August 9, 2024</div>
        <div>&#160;</div>
        <div style="text-align: center; font-weight: bold;">Commission File Number 001-39007</div>
        <div>&#160;</div>
        <div>
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        <br>
        <div style="text-align: center; font-size: 24pt; font-weight: bold;">Borr Drilling Limited</div>
        <div>&#160;</div>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
        <div style="text-align: center; font-weight: bold;">
          <div>S. E. Pearman Building</div>
        </div>
        <div style="text-align: center; font-weight: bold;">2nd Floor 9 Par-la-Ville Road</div>
        <div style="text-align: center; font-weight: bold;">Hamilton HM11</div>
        <div style="text-align: center; font-weight: bold;">Bermuda</div>
        <div style="text-align: center; font-weight: bold;">(Address of principal executive office)</div>
        <br>
        <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
        <div> <br>
        </div>
        <font style="font-style: normal;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form&#160;20-F or Form&#160;40-F:</font>
        <div style="font-style: normal;">&#160;</div>
        <div style="text-align: center; font-style: normal;">Form&#160;20-F &#9746; Form&#160;40-F &#9744;</div>
        <div style="text-align: center; font-style: normal;">&#160;</div>
        <div style="font-style: normal;">Indicate by check mark if the registrant is submitting the Form&#160;6-K on paper as permitted by Regulation S-T Rule&#160;101(b)(1): &#9744;</div>
        <div style="text-indent: 24pt; font-style: normal;">&#160;</div>
        <div style="font-style: normal;">Indicate by check mark if the registrant is submitting the Form&#160;6-K on paper as permitted by Regulation S-T Rule&#160;101(b)(7): &#9744;</div>
        <div><br>
        </div>
        <div><br>
        </div>
        <div>
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        </div>
        <div><u>Exhibits</u></div>
        <div>&#160;</div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 5%; vertical-align: top;">
                <div><a href="ef20033933_ex99-1.htm">99.1</a></div>
              </td>
              <td style="width: 95%; vertical-align: top;">
                <div>Press Release</div>
              </td>
            </tr>

        </table>
        <div>&#160;</div>
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        <div style="text-align: center; font-weight: bold;">&#160;SIGNATURES</div>
        <div>&#160;</div>
        <div>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.</div>
        <div>&#160;</div>
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                <div>&#160;</div>
              </td>
              <td style="vertical-align: top;" colspan="2">
                <div style="font-weight: bold;">BORR DRILLING LIMITED</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: middle;">&#160;</td>
              <td style="width: 5%; vertical-align: middle;">&#160;</td>
              <td style="width: 45%; vertical-align: middle;">&#160;</td>
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              <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
                <div>Date: August 9, 2024</div>
              </td>
              <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
                <div>By:</div>
              </td>
              <td style="width: 45%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>/s/ Mi Hong Yoon</div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div>&#160;</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div>Name:</div>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>
                  <div>Mi Hong Yoon</div>
                </div>
              </td>
            </tr>
            <tr>
              <td style="width: 50%; vertical-align: top;">
                <div>&#160;</div>
              </td>
              <td style="width: 5%; vertical-align: top;">
                <div>Title:</div>
              </td>
              <td style="width: 45%; vertical-align: top;">
                <div>Director</div>
              </td>
            </tr>

        </table>
        <div><br>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ef20033933_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: justify; font-weight: bold;">Borr Drilling Limited Announces Certain Preliminary Results for the Quarter Ended June 30, 2024</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Bermuda, August 9, 2024 Borr Drilling Limited (the &#8220;Company&#8221;) (NYSE and OSE: &#8220;BORR&#8221;) today announced certain preliminary unaudited results for the quarter ended June 30, 2024.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company expects for the three months ended June 30, 2024: (i) total operating revenues of approximately $272 million, an increase of $38 million or 16% compared to the first quarter of 2024, (ii) operating income
      of approximately $104 million, an increase of $19 million or 23% compared to the first quarter of 2024, and (iii) adjusted EBITDA of approximately $136 million, an increase of $19 million or 17% compared to the first quarter of 2024. The Company
      expects $193.5 million in cash and cash equivalents and $150.0 million undrawn under our RCF as of June 30, 2024. </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The increase in operating income of $19 million is primarily comprised of the following: (i) $10 million increase associated with the termination of a contract for &#8220;Arabia I&#8221; (one-off impact from the amortization of
      deferred revenue and deferred costs); (ii) $5 million net increase from the improved operations of our jack-up fleet; and (iii) $3 million increase in amortization of deferred revenue as a result of changes to our operating structure in Mexico for
      jack-up rigs &#8220;Galar&#8221;, &#8220;Odin&#8221; and &#8220;Njord&#8221;. </div>
    <div><br>
    </div>
    <div style="text-align: justify;"><a name="z_Hlk174009657"></a>For illustrative purposes, the Company expects the following positive impacts to Q2 2024 adjusted EBITDA on an annualized basis:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zda9ac170beec44089db6d16a507c1201" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <div><br>
              </div>
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            <td style="width: 27pt; vertical-align: top; text-align: right;">
              <div style="text-align: left;">(i)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">$99 million on an annualised basis from the uplift in dayrates in the second half of 2024 for the rigs Norve, Saga, Skald, Gerd and Natt;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zcce89d66ee934650b9897a84617a2674" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt;">&#160;</td>
            <td style="width: 27pt; vertical-align: top; text-align: right;">
              <div style="text-align: left;">(ii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">$32 million on an annualised basis from the increase in revenue from the new contract for Arabia I which is expected to commence early 2025; and</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z72eae1e8c20a4ef6a6eab9aed5a447cb" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt;">&#160;</td>
            <td style="width: 27pt; vertical-align: top; text-align: right;">
              <div style="text-align: left;">(iii)</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">$61 million on an annualised basis from the expected contract for the rig Vali, which is scheduled for delivery in August 2024 and whose contract is expected to commence by year end</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify;">These positive impacts are offset by a $90 million negative impact (annualised) as a result of the positive one-off impacts in Q2 2024 associated with the termination of the Arabia I contract in June 2024, as well as
      the change in our operating structure in Mexico.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company is currently finalizing its financial results for the three and six months ended June 30, 2024, which it plans to release on August 14, 2024 after markets close. </div>
    <div><br>
    </div>
    <div style="text-align: justify;">The expected financial results for the three months ended June 30, 2024 presented herein are estimates, based on information available to management as of the date of this release, and are subject to further changes
      upon completion of the Company&#8217;s standard quarter end closing procedures. Such preliminary operating results do not represent a comprehensive statement of financial results and actual results may differ materially from these estimates following the
      completion of Borr Drilling&#8217;s standard closing procedures, or as a result of other adjustments or developments that may arise before the results for this period are finalized.&#160; The Company does not intend to update such financial information prior to
      release of its final second quarter 2024 financial information, which is scheduled for August 14, 2024.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">
      <div>This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify;">Hamilton, Bermuda</div>
    <div style="text-align: justify;">9 August 2024</div>
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    </div>
    <div style="text-align: justify;">UNAUDITED NON-GAAP MEASURE RECONCILIATION</div>
    <div style="text-align: justify;">Set forth below is a reconciliation of the Company's Net Income to Adjusted EBITDA.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="2" border="0" id="z9dd9da3d7c474c0990e9797caac4b238" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000; font-style: italic;">(in US$ millions)</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Q2 2024</div>
          </td>
          <td style="width: 12.48%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center; color: #000000; font-weight: bold;">Q1 2024</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Net income </div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">31.7</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">14.4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="color: #000000;">Depreciation of non-current assets</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">31.9</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">31.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="color: #000000;">Income from equity method investments</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">2.5</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">(5.4)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="color: #000000;">Total financial expense, net</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">55.4</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">57.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="color: #000000;">Income tax (credit)/expense</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">14.9</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">18.2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 75.04%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="color: #000000; font-weight: bold;">Adjusted EBITDA</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">136.4</div>
          </td>
          <td style="width: 12.48%; vertical-align: bottom; border-left: #000000 2px solid; border-right: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000; font-weight: bold;">116.8</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including Adjusted EBITDA. Adjusted EBITDA as
      presented above represents our periodic net income/(loss) adjusted for: depreciation of noncurrent assets, (income)/loss from equity method investments, total financial (income) expense net and income tax (credit) expense. Adjusted EBITDA is
      presented here because the Company believes that the measure provides useful information regarding the Company&#8217;s operational performance. </div>
    <div><br>
    </div>
    <div style="text-align: justify;">Due to the forward-looking nature of the expected impact of items described above on adjusted EBITDA for Q2 2024 on an annualized basis, 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.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Forward-Looking Statements</div>
    <div style="text-align: justify;">This document and any other written or oral statements made by us in connection with this document include forward-looking statements that are made under the "safe harbor" provisions of the U.S. Private Securities
      Litigation Reform Act of 1995.&#160; You can identify these forward-looking statements by words or phrases such as &#8220;may,&#8221; &#8220;will,&#8221; &#8220;expect,&#8221; &#8220;estimate,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; &#8220;likely to&#8221; &#8220;should,&#8221; &#8220;continue&#8221; or other similar expressions. These
      forward-looking statements include statements about expected results for the second quarter of 2024, the expected impact on Q2 2024 adjusted EBITDA on an annualized basis of certain items included expected increases in contract dayrates, and impact
      of new contracts and expected contracts, the expected impact of the termination of the contract for Arabia I and expected impact of excluding certain one-off items incurred in Q2 2024, expected contracting and the terms of expected contracts and
      other non-historical statements. These forward-looking statements are not statements of historical facts and are based upon current estimates, expectations, beliefs and various assumptions, many of which are based, in turn, upon further assumptions.
      These statements involve significant known and unknown risks, uncertainties, contingencies and factors that are difficult or impossible to predict and are beyond our control, and that may cause our actual results, performance, financial results,
      position or achievements to be materially different from those expressed or implied by the forward-looking statements. Numerous factors could cause our actual results, level of activity, performance or achievements to differ materially from the
      results, level of activity, performance or achievements expressed or implied by these forward-looking statements including: risks relating to our actual results for Q2 2024 and future periods and the risk that actual results may differ materially
      from those implied by the statements in this release, risks relating to contracts and performance under contracts, including the risk that contracts are not entered into on terms described herein or at all, dayrates received by us, the start dates
      and termination of contracts and the risks described in Part. I of "Item 3.D. Risk Factors" of our most recent Annual Report on Form 20-F and other filings with the Commission. Any forward-looking statements that we make in this report speak only as
      of the date of such statements and we caution readers of this report not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no (and expressly disclaim any) obligation to update or revise any
      forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made.&#160;&#160; </div>
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