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Borr Drilling Borr Drilling Limited Announces Preliminary Results for the Third Quarter of 2021 Hamilton , Bermuda , November 5 , 2021 : Borr Drilling Limited ( “ Borr ” , “ Borr Drilling ” or the “ Company ” ) announces preliminary unaudited results for the three and nine months ended September 30 , 2021 . • Highlights third quarter of 2021 Total operating revenues of $ 73.0 million , an increase of $ 18.2 million ( 33 % ) compared to the second quarter of 2021 Net loss of $ 32.6 million , an improvement of $ 27.3 million compared to the second quarter of 2021 Cash and cash equivalents at the end of the third quarter of 2021 was $ 68.9 million , an increase of $ 36.5 million from the end of the second quarter of 2021 Adjusted EBITDA¹ of $ 20.0 million , an increase of $ 16.3 million ( 441 % ) compared to the second quarter of 2021 Awarded 32 new contracts , extensions , exercised options and LOA / LOIS year - to - date , representing 7,929 days and $ 668 million of potential backlog including contracts through its Drilling JVs and mobilization compensation Subsequent events • Secured new LOAs for the rigs " Idun " and " Groa " and a contract for " Ran " amounting to a total of approximately 3.4 years of backlog and increasing the contracted and committed fleet to 17 rigs Converted the previously announced LOA / LOIs for the rigs " Mist " , " Gunnlod " and " Gerd " into contracts CEO , Patrick Schorn commented : " We are pleased with the performance in the third quarter of 2021 , marking a significant milestone in the operational turnaround efforts led by our teams around the world . Our 13 operating rigs provided solid EBITDA and positive cash flows in the quarter . The cash position is further positively impacted by the sale of our integrated well services joint ventures and streamlining our Mexico operations . Since our last report in August , we have continued adding backlog with currently 17 rigs being contracted or committed which will lead to three additional warm stacked rigs being activated . We see stronger customer demand for our rigs through a higher frequency of commercial discussions and tendering in recent months . Coupled with the increase in recent tenders for multi - year , multi - rig contracts , this leads us to expect utilization levels to improve rapidly . Our strong operational performance , customer reach and fleet availability uniquely places Borr Drilling in a position to benefit from this strengthening market and we remain on track to fully contract our fleet of 23 delivered rigs by 2022 . Management has continued its engagement with various creditors with the aim to address the 2023 debt maturities . Currently we are in advanced discussions with one of the significant creditors , having arrived at a commonly understood framework to extend commitments substantially beyond 2023. This is subject to certain conditions , including board approval of each respective company as well as reaching acceptable concessions from other creditor groups . With a continued increase in the number of active rigs and an upward adjustment of the 2022 E & P capex budgets , we are confident in our ability to further improve our financial performance . This improvement will also provide a foundation ultimately leading to a solution for the 2023 maturities that will benefit all stakeholders . " 1 The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States ( US GAAP ) including Adjusted EBITDA . Adjusted EBITDA as used above represents our periodic net loss adjusted for : depreciation and impairment of non - current assets , other non - operating income ; ( income ) / loss from equity method investments , total financial ( income ) expense net , income tax expense , amortization of deferred mobilization costs and revenue . Adjusted EBITDA is included here by the Company because the Company believes that the measure provides useful information regarding the Company's operational performance . For a reconciliation of Adjusted EBITDA to Net loss , please see the last page of this report . 1