Borr Drilling Limited

Good day and thank you for standing by. Welcome to the Board Trailing Limited Q1 2023 results presentation webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask the question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw the question, please press star 11 again. If you wish to ask a question via the webcast, please use the Q&A box available on the webcast link anytime during the conference. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Patrick Sean, CEO. Please go ahead, sir.

Thank you.

Good morning, and thank you for participating in the Board Drilling First Quarter 2023 Earnings Call. I'm Patrick Schorn, talking to you from Hamilton, Bermuda, and with me here today is Magnus Fahler, our CFO, and Bruno Morant, our Vice President Commercial. Next slide. First, I would like to cover 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. I therefore refer you to our latest public filings. Next slide. The first quarter of 2023 continued the positive trend experienced over the last several quarters with an increase of revenue of 16% quarter on quarter and a further increase in adjusted EBITDA of 31% to 72.4 million. Q1 2023 is also the first quarter where we generated positive income before tax. We reaffirm our previously communicated guidance of adjusted EBITDA of 360 to 400 million for 2023 And while we expect a similar performance in the second quarter to the first quarter of 2023, we expect further increases in the third and fourth quarters of 2023 as our two remaining stacked rigs are being activated and will commence their respective contracts in the Middle East and Mexico. the first quarter has evidenced our continued ability to add backlog at market-leading rates, confirming the tight supply of Jacob drilling rigs in the market. At the same time, we see positive prospects for continuing work for our rigs that are finishing their contracts at the end of this year, both with current customers as well as in new geographies with new clients. In February 2023, we completed the issuance of our 250 million unsecured convertible bonds maturing in 2028, and our 150 million senior secured bonds maturing in 2026, enabling us to fully repay our 350 million convertible bonds due in May 2023. This marks the final step of refinancing our debt that was due to mature in 2023. and we now have no significant debt maturities prior to 2025. We expect the improving market coupled with the positive prospect of access to the debt market at attractive rates will enable a global refinancing of the company and ultimately accommodate dividend distributions to shareholders. Magnus will now step you through the financial details of the first quarter.