Borr Drilling Limited announced its unaudited results for the fourth quarter and full year ended December 31, 2024. The company reported total operating revenues of $263.1 million for Q4 2024, an increase of $21.5 million from Q3 2024.
Adjusted EBITDA for the fourth quarter was $136.7 million, an increase of 18% compared to the third quarter, bringing the full-year Adjusted EBITDA within the original guidance range of $500 million to $550 million. Operational performance remained solid with technical utilization at 98.9% and economic utilization at 97.1%.
The company successfully completed its newbuild program in November 2024 with the delivery of the 'Var' rig, eliminating future growth capital expenditures. For 2025, maintenance CapEx is budgeted below $50 million, which is expected to enhance cash flow generation.
Borr Drilling's Board of Directors approved a cash distribution of $0.02 per share for the fourth quarter of 2024, payable to shareholders of record on March 3, 2025. This decision reflects a prudent approach to cash conservation while maintaining a solid financial foundation.
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