Borr Drilling Limited (NYSE:BORR) Q1 2025 Earnings Conference Call May 22, 2025 9:00 AM ET
Company Participants
Patrick Schorn – Chief Executive Officer
Magnus Vaaler – Chief Financial Officer
Bruno Morand – Chief Commercial Officer
Conference Call Participants
Eddie Kim – Barclays
Doug Becker – Capital One
Fredrik Stene – Clarksons Securities
Craig Ross – Bank of America
Fady Chammas – Triton Partners
Operator
Good day and thank you for standing by. Welcome to the Borr Drilling Limited Q1 2025 Results Presentation, Webcast and Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions]
Please be advised that today’s conference is being recorded. I will now like to hand the conference over to your first speaker today, Mr. Patrick Schorn, CEO. Please go ahead.
Patrick Schorn
Thank you. Good morning, and thank you for participating in the Borr Drilling first quarter earnings call. I’m Patrick Schorn, and with me here today in London are Bruno Morand, our Chief Commercial Officer, and Magnus Vaaler, our Chief Financial Officer. Next slide, please. First, covering the required disclaimers. I would like to remind all participants that some of the statements will be forward-looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements our latest public filings. Next slide, please. Our first quarter results were largely as expected, reflecting the impact of temporary rig suspensions and preparatory work for upcoming contracts.
Total operating revenue declined by $46.5 million quarter-over-quarter, resulting in adjusted EBITDA of $96.1 million for the period. During the quarter, we averaged 16 active rigs out of our 24 rig fleet. Despite the lower activity level, operational performance remained robust with technical utilization at 99.2% and economic utilization at 97.9% for our active rigs, a reflection of
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