HAMILTON, Bermuda, Aug. 9, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") today announced certain preliminary unaudited results for the quarter ended June 30, 2024. The Company expects for the three months ended June 30, 2024: (i) total operating revenues of approximately $272 million, an increase of $38 million or 16% compared to the first quarter of 2024, (ii) operating income of approximately $104 million, an increase of $19 million or 23% compared to the first quarter of 2024, and (iii) adjusted EBITDA of approximately $136 million, an increase of $19 million or 17% compared to the first quarter of 2024. The Company expects $193.5 million in cash and cash equivalents and $150.0 million undrawn under our RCF as of June 30, 2024. The increase in operating income of $19 million is primarily comprised of the following: (i) $10 million increase associated with the termination of a contract for "Arabia I" (one-off impact from the amortization of deferred revenue and deferred costs); (ii) $5 million net increase from the improved operations of our jack-up fleet; and (iii) $3 million increase in amortization of deferred revenue as a result of changes to our operating structure in Mexico for jack-up rigs "Galar", "Odin" and "Njord". For illustrative purposes, the Company expects the following positive impacts to Q2 2024 adjusted EBITDA on an annualized basis: $99 million on an annualised basis from the uplift in dayrates in the second half of 2024 for the rigs Norve, Saga, Skald, Gerd and Natt; $32 million on an annualised basis from the increase in revenue from the new contract for Arabia I which is expected to commence early 2025; and $61 million on an annualised basis from the expected contract for the rig Vali, which is scheduled for delivery in August 2024 and whose contract is expected to commence by year end These positive impacts are offset by a $90 million negative impact (annualised) as a result of the positive one-off impacts in Q2 2024 associated with the termination of the Arabia I contract in June 2024, as well as the change in our operating structure in Mexico. The Company is currently finalizing its financial results for the three and six months ended June 30, 2024, which it plans to release on August 14, 2024 after markets close. The expected financial results for the three months ended June 30, 2024 presented herein are estimates, based on information available to management as of the date of this release, ...