Greg Brody's questions to Borr Drilling Ltd (BORR) leadership • Q2 2025
Question
Greg Brody from Bank of America asked about plans to fill the idle time for the NAT rig, whether new exploration opportunities are coming at lower day rates, the nature of communication from Mexico on payables, and the potential use of the recent equity raise to address debt.
Answer
Incoming CEO Bruno Marsan stated the company is actively working on a set of opportunities to fill the NAT's schedule and feels optimistic about contracting most of the white space. He noted that day rates in West Africa are holding up well. Regarding Mexico, he clarified communication is indirect through local partners. CFO Magnus Fowler added that while buying back debt is a possibility, maintaining a strong liquidity position is also valuable for pursuing strategic opportunities like M&A.