Sign in

    Borr Drilling Ltd (BORR)

    You might also like

    Business Description

    Borr Drilling Limited is an international offshore drilling contractor specializing in shallow-water drilling services for the oil and gas industry. The company owns and operates a modern fleet of jack-up drilling rigs designed for exploration, development, and maintenance of oil and gas wells in shallow-water areas. Borr Drilling primarily generates revenue through its dayrate model, offering rig charters and ancillary services to a diverse range of clients, including integrated oil companies, national oil companies, and independent oil and gas producers.

    1. Dayrate Model - Provides rig charters and associated services for shallow-water drilling operations, including exploration, development, and workover activities. This segment encompasses all revenue-generating activities of the company.

    Executive Team

    NamePositionStart DateShort Bio
    Tor Olav TrøimChairman of the Board of Directors and Director2016Tor Olav Trøim has served as a Director since Borr's incorporation in 2016. He was Chairman from August 2017 to September 2019 and reappointed in February 2022. He is the founder of Magni Partners and has over 30 years of experience in energy-related industries.
    Kate BlankenshipDirector, Audit Committee Chairperson, Compensation Committee ChairpersonFebruary 26, 2019Kate Blankenship has been a Director and Chair of the Audit Committee since February 26, 2019. She is also Chair of the Compensation Committee and has extensive board experience with various companies.
    Jeffrey R. CurrieDirector, Nominating and Governance Committee MemberOctober 16, 2023Jeffrey R. Currie has been a Director since October 16, 2023, and is a member of the Nominating and Governance Committee. He retired from Goldman Sachs after a 27-year career and is now the Chief Strategy Officer of Energy Pathways at The Carlyle Group.
    Neil GlassDirector, Audit Committee Member, Chair of Nominating and Governance CommitteeDecember 2019Neil Glass has been a Director since December 2019. He is an Audit Committee Member and Chair of the Nominating and Governance Committee, with over 20 years of experience as an executive and non-executive director.
    Dan RabunDirector, Compensation Committee MemberApril 2023Dan Rabun has been a Director since April 2023 and is a member of the Compensation Committee. He has extensive corporate governance experience and has served on the boards of several companies.
    Mi Hong YoonDirector and Company SecretaryMarch 1, 2022Mi Hong Yoon has been a Director and Company Secretary since March 1, 2022. She is also the Managing Director of Golar Management (Bermuda) Limited and has a background in legal, regulatory, and compliance roles.
    Patrick SchornDirector and Chief Executive Officer, Borr Drilling Management UKSeptember 2020Patrick Schorn has been the CEO since September 2020 and a Director since January 2018. He previously held various management roles at Schlumberger Limited.
    Magnus VaalerChief Financial Officer, Borr Drilling Management ASDecember 2020Magnus Vaaler became CFO in December 2020. He has been with Borr since January 2018, focusing on Treasury, Finance, and Investor Relations, and has extensive experience in the finance, oil, and offshore industry.

    Questions to Ask Management

    1. Given the unexpected suspensions by Aramco and the potential for further disruptions, how confident are you in achieving your 2024 adjusted EBITDA guidance of $500 million to $550 million, and what specific measures have you implemented to mitigate the impact of such suspensions on your financial performance?
    2. With your contracted coverage for 2025 currently at 70% and open capacity primarily in the second half of the year, what is your strategy to secure contracts for these periods at favorable day rates amidst increasing competition, particularly in regions like Asia where competitive pressures have intensified?
    3. Anticipating significant free cash flow in 2025 due to reduced CapEx and higher day rates, can you provide more detailed insights into your capital allocation plans between debt reduction, shareholder returns through dividends and buybacks, and potential investments, and what factors will influence these decisions?
    4. Regarding your entry into the Brazilian market with the Arabia I, which involves regulatory and operational complexities, what are the key risks you foresee, and how are you preparing to address potential cost overruns or delays associated with importation and acceptance of rigs?
    5. Considering the aging global jack-up fleet and the absence of newbuild orders over the past decade, how does Borr Drilling plan to meet future demand, and are you contemplating investing in newbuild orders despite high construction costs and extended shipyard delivery times?