Frederic Steen's questions to Borr Drilling Ltd (BORR) leadership • Q2 2025
Question
Frederic Steen from Clarkson Securities asked for the current amount of outstanding receivables from Pemex, inquired about the go-to-market strategy, particularly regarding Saudi Arabia, and questioned how the company is prioritizing utilization versus day rates for its 2026 coverage.
Answer
CFO Magnus Fowler stated that outstanding receivables from Mexico are approximately $60-65 million. Incoming CEO Bruno Marsan addressed the market strategy, noting that while there have been operational-level discussions with Aramco, there are no contractual talks yet, though positive news on EPCI awards is encouraging. Regarding 2026, Marsan reiterated that the strategy remains focused on optimizing asset utilization, as an idle rig significantly impacts economics, while positioning the company to capture any market upside.