Borr Drilling Ltd 6-K, filed Jun 2, 2021

Borr Drilling Ltd (BORR)

6-K 2021-06-02 For: 2021-05-31

Added on April 10, 2026

About this 6-K

Borr Drilling Ltd filed this 6-K on June 2, 2021.

In $ million	Q1 - 2021		Q4 - 2020
Total operating revenues	48.4		60.2
(Loss) / gain on disposals	(0.1	)	5.9
Rig operating and maintenance expenses	(48.7	)	(53.9	)
Depreciation of non-current assets	(28.4	)	(29.1	)
General and administrative expenses	(11.7	)	(8.5	)
Total operating expenses	(88.8	)	(91.5	)
Operating loss	(40.5	)	(25.4	)
Income / (loss) from equity method investments	12.2		(7.1	)
Total financial expenses	(27.5	)	(23.4	)
Loss before income taxes	(55.8	)	(55.9	)
Income tax expense	(2.3	)	(3.2	)
Net loss	(58.1	)	(59.1	)

(in US$ millions)	Q1 - 2021		Q4 2020
Net loss	(58.1	)	(59.1	)
Depreciation of non-current assets	28.4		29.1
(Income) from equity method investments	(12.2	)	7.1
Financial expense	27.5		23.4
Income tax expense	2.3		3.2
Amortization of mobilization costs	3.5		7.8
Amortization of mobilization revenue	(2.0	)	(2.5	)
Adjusted EBITDA²	(10.6	)	9.0

In $ million	Q1 - 2021		Q4 - 2020		2020
Mexico Joint Venture EBITDA	Drilling	IWS	Drilling	IWS	Drilling	IWS
Net income (loss)	(1.9)	30.4	5.1	(19.7)	12.0	7.3
Total financial (income) expenses	0.6	(3.9)	(0.1)	0.6	(1.2)	7.9
Income tax expense	4.3	2.9	(4.0)	12.1	1.8	23.6
Amortization of mobilization costs	5.9	0.4	13.5	0.7	29.7	2.7
Amortization of mobilization revenue	(0.8)	—	(1.0)	—	(3.7)	—
Adjusted EBITDA	8.1	29.8	13.5	(6.3)	38.6	41.5

	3 months ended March 31, 2021			3 months ended March 31, 2020
Operating revenues
Dayrate revenue		47.4			93.3
Related party revenue		1.0			10.8
Total operating revenues		48.4			104.1

(Loss) / gain on disposal		(0.1	)		0.2

Operating expenses
Rig operating and maintenance expenses		(48.7	)		(70.2	)
Depreciation of non-current assets		(28.4	)		(32.4	)
Impairment of non-current assets		—			(18.4	)
General and administrative expenses		(11.7	)		(10.0	)
Total operating expenses		(88.8	)		(131.0	)

Operating loss		(40.5	)		(26.7	)

Income/(loss) from equity method investments		12.2			(2.8	)

Financial income (expenses), net
Interest income		—			0.2
Interest expense, net of amounts capitalized		(21.8	)		(21.6	)
Other financial income (expenses), net		(5.7	)		(29.8	)
Total financial expenses, net		(27.5	)		(51.2	)

Loss before income taxes		(55.8	)		(80.7	)
Income tax expense		(2.3	)		(6.2	)
Net loss attributable to shareholders of Borr Drilling Limited		(58.1	)		(86.9	)
Total comprehensive loss attributable to shareholders of Borr Drilling Limited		(58.1	)		(86.9	)

Basic and diluted loss per share		(0.23	)		(0.78	)
Weighted-average shares outstanding		256,820,825			110,818,351

	March 31, 2021		December 31, 2020
ASSETS
Current Assets
Cash and cash equivalents		49.0		19.2
Trade receivables		24.0		22.9
Jack-up drilling rigs held for sale		—		4.5
Prepaid expenses		7.7		6.4
Deferred mobilization and contract preparation cost		4.4		5.7
Accrued revenue		15.8		20.3
Tax retentions receivable		10.5		10.5
Due from related parties		30.3		34.9
Other current assets		12.8		16.4
Total current assets		154.5		140.8

Non-current assets
Property, plant and equipment		5.2		5.6
Jack-up rigs		2,799.5		2,824.6
Newbuildings		135.5		135.5
Equity method investments		72.4		62.7
Other long-term assets		2.4		1.9
Total non-current assets		3,015.0		3,030.3
Total assets		3,169.5		3,171.1

LIABILITIES AND EQUITY
Current liabilities
Trade payables		12.5		20.4
Accrued expenses		53.4		51.7
Other current liabilities		24.3		23.9
Total current liabilities		90.2		96.0

Non-current liabilities
Long-term debt		1,908.3		1,906.2
Other liabilities		18.3		19.7
Long-term accrued interest		57.2		41.1
Onerous contracts		71.3		71.3
Total non-current liabilities		2,055.1		2,038.3
Total liabilities		2,145.3		2,134.3

Shareholders’ Equity
Common shares of par value $0.05 per share: authorized 290,000,000 (2020: 238,653,846) shares, issued 274,436,351 (2020: 220,318,704) shares and outstanding 273,526,900 (2020: 218,858,990) shares	13.8		11.0
Additional paid in capital	1,979.5		1,947.2
Treasury shares	(15.8	)	(26.2	)
Accumulated deficit	(953.3	)	(895.2	)
Total equity	1,024.2		1,036.8
Total liabilities and equity	3,169.5		3,171.1

In $ millions	Number of outstanding shares		Common shares		Treasury shares			Additional paid in capital		Accumulated Deficit			Non- controlling interest		Total equity
Consolidated balance at December 31, 2019		110,818,351		5.6		(26.2	)		1,891.2		(576.7	)		0.2		1,288.5
ASU 2016-13 - Measurement of credit losses		—		—		—			—		(2.9	)		—		(2.9	)
Adjusted balance at January 1, 2020		110,818,351		5.6		(26.2	)		1,891.2		(579.6	)		0.2		1,285.6
Share-based compensation		—		—		—			0.6		—			—		0.6
Total comprehensive loss		—		—		—			—		(86.9	)		—		(86.9	)
Other, net		—		—		—			—		1.5			—		1.5
Consolidated balance at March 31, 2020		110,818,351		5.6		(26.2	)		1,891.8		(665.0	)		0.2		1,200.8