Exhibit 99.2
Barclays CEO Energy-Power Conference Patrick Schorn 6 September 2022 cover
FORWARD LOOKING STATEMENTS This presentation and related discussions includes forward looking statements, which may be identified by words such as "continue", "estimate", "expect", "illustrative," "intends", "may", "project," "potential," "will" and similar expressions and include expectations regarding industry trends and market outlook, including expected trends and activity levels in the jack-up rig and oil industry, developments with respect to inflation include statements including expected trends and activity levels in the jack-up rig and oil industry, developments with respect to inflation, expected financial results for 2023 and 2024 including expected Adjusted EBITDA, expected utilization levels and tendering activity and new tenders, expected supply and demand, statements with respect to expected contracting of our fleet, demand for and expected utilization of rigs, contract backlog, LOIs and LOAs, tendering and contracting activity, market opportunities and contract terms including estimated duration of contracts and activity of rigs on particular contracts, potential revenue from contracts and extensions, expected number of rigs required, projected day-rates, expected E&P capex, statements about our ability to improve financial performance and our financial obligations and maturities, statements as to market sentiment statements with respect to the proposed refinancing with certain of our lenders for which binding term sheets or other agreements are expected to be concluded during August 2022, expected payments to our lenders, the expected terms and expected benefits of the refinancing and the binding agreements we expect to enter into with lenders, including our expectation that the refinancing will contribute to a more solid financial position, and our plan to refinance our convertible bonds, including statements with respect to the high visibility on the refinancing of these bonds, expected financial results, expected industry trends, including expected incremental earnings, asset sale or new debt, statements with respect to the LOI to sell three of our rigs under construction, statements about substantially extended liquidity runway, statements with respect to the strong fundamentals drilling activity increase and quick paybacks, statements about the drilling market, including this market to be soon undersupplied, the shallow water drilling being a true growth market, statements about the high profitable drilling industry, including illustrative internal rate of returns (IRR), modern rig demand, market and dayrates growth in shallow water drilling market, illustrative annual cash flow potential, upside potential, statements in relation in connection with our fleet contract overview, focus on shareholder returns, including dividends from 2024, and other non-historical statements. These forward-looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including the risk that we may not be able to refinance our indebtedness as it falls due, risks relating to the offering and that our shareholders will not approve the increases in our authorized share capital, the risk that we will not enter into binding term sheets or other agreements with all applicable lenders prior to the anticipated closing date of the offering or at all, including the risks that board approvals for the binding agreements or other agreements with our lenders are not obtained, the risk that we are unable to obtain necessary consents from other creditors, or reach final agreements and execute definitive documentation with our creditors for the binding agreements and risks relating to the final terms of such agreements, risks relating to meeting conditions to these agreements, including the payment requirements of these agreements, the risk that we will not consummate the proposed refinancing on expected terms or at all, the risk that we may not raise the equity we are seeking in the offering, risks relating risks relating to our ability to meet the conditions to closing and to consummate the proposed offering, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations, risks relating to our business and industry including industry conditions, the risk that actual results will be lower than those anticipated, risks relating to cash flows from operations, the risk that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets and the risk that future equity issuances will dilute existing shareholders, risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts, risks relating to future performance including risks that upside potential and illustrative cash flow potential is not achieved, risks relating to industry supply and demand trends and rates and utilization, risks relating to ability to pay dividends, including contractual and legal restrictions and available liquidity, and other risks included in our filings with the Securities and Exchange Commission including those set forth under “Risk Factors” in our annual report on Form 20-F for the year ended December 31, 2021. 2
Dual listed NYSE and OSE listed (BORR) Acquired 64 drilling rigs and divested 36 non-core assets since December 2016 Current fleet of 28 jack ups with an average age of 5 years 2022 YTD, the company has been awarded 15.4 years contract backlog, equalling $650 M in potential revenue. THE BORR DRILLING STORY BUILT TO MAKE A DIFFERENCE DEC 2016 MAY 2017 + 9 premium jack-ups OCT 2017 MAR 2018 TRANSOCEAN MAY 2018 MAR 2019 SEP 2022 28 Premium jack-ups *Source: IHS Petrodata + 2 premium jack-ups HERCULES + 9 premium jack-ups PPL SHIPYARD + 2 premium jack-ups (+Organisation) PARAGON + 5 premium jack-ups KFELS SHIPYARD + 1 premium jack-ups HAKURYU - 15
A LEADING PURE PLAY COMPANY MODERN jackup FLEET AND GLOBAL PRESENCE Source: Company data Rigs in Mexico operated through a joint venture 6 2 5 Large and Pure-Play Fleet 28 Jackup Rigs Modern and Young Fleet ~ 5yr Average Age Standardized and Capable Fleet 4 Rig Designs Global Footprint 11 Operating Offices Contracted Available Under Construction 3 20 5 Corporate Office Total People 2,267 People 2,024 (offshore) 243 (onshore) 6 2 3 3 1
STRONG EXPERIENCE Diversified Portfolio of over 30 Customers Across NOCs, Majors And Independent Oil Companies
WHY SHALLOW WATER LARGE RESOURCES AT LOW BREAKEVEN COST MIDDLE EAST GAINING IN SHALLOW WATER Source: Rystad Energy research and analysis; Rystad Energy UCube 1 includes crude oil, condensate, NGL and gas Breakeven oil price (USD/barrel) Offshore production1 by region (thousand barrels of oil equivalents per day) 34% 40% Shallow water Shallow Water
SHALLOW WATER DRILLING IS A GROWTH MARKET MIDDLE EAST – MAIN SOURCE OF GROWTH IN OIL PRODUCTION ALSO SIGNIFICANT POTENTIAL IN REST OF THE WORLD 1 In Saudi Arabia Source: (Lhs) IHS Petrodata, Clarksons Platou Securities AS, RigLogix, Baker Hughes (Rhs) IC jack-up rig count - IHS Petrodata Region Peak Current vs. peak Peak year SE Asia 71 42 -29 2013 Iran 30 10 -20 2014 Mexico 51 32 -19 2014 West Africa 26 10 -16 2012 NW Europe excl. Norway 37 25 -12 2015 Indian Ocean 39 35 -4 2016 Total 254 154 -100 7 US rig countLand rigs Saudi Arabia, Qatar and UAE rig count Jack-ups Recently awarded1 Under tender1 150+ China rig count Jack-ups
MODERN FLEET AVAILABILITY IS SHRINKING FAST Source: Petrodata by S&P Global (underlying data), Company data (further calculations); Modern rigs are rigs build in 2000 or later. 1 based on Company assessment including sanction tainted rigs, regionally stranded and uncompetitive designs 2 based on Company data in relation to rigs selected for tenders nearing award 3 based on Company assessment of newbuilds expected to come to market within 24-36 months and newbuilds recently acquired by Owner-Operated parties Not Marketed Uncompetitive 1 Contracted Nearing Awards 2 Future Contracted 3 Uncompetitive 3 AVAILABILITY IS LIMITED… …AND NEW BUILDS PROVIDE LIMITED RELIEF Contracted Modern Fleet % Marketed Util. 92.5% Adjusted Util. 95.4% Future Util. 93.7% Rigs (#)
MARKET SOON TO BE UNDERSUPPLIED MODERN RIG DEMAND AHEAD OF SUPPLY AND MARKET BIFURCATION CONTINUES 20 30+ Delivered Newbuilds Rigs (#) Rigs (#)
DAYRATES IMPROVING SIGNIFICANTLY 10 Source: IHS Petrodata (underlying data), DNB Markets (further calculations), Clarksons Platou Securities AS 1 Delivered post-2000 COMMODITY PRICE REMAINS SUPPORTIVE Peak: $243k 3 Avg. 2006-2014: $175k 2 Recent fixture: $131k 1 1 Day rates $90k to $240k Oil Price $40 to $75/bbl 92.5% (rhs)
EXTENDED MATURITY PROFILE POST AUG 2022 REFINANCE PRE-REFINANCING AMORTISATION SCHEDULE POST-REFINANCING AMORTISATION SCHEDULE 1 Excludes PIK interest due March 2023 2 Excludes back-end fee of $3.3m per rig and payments of capitalised interest – 2022: $38.0 million (of which $1.0 million has already been paid, $12 million is due upon completion of the refinancing agreements with PPL); March 2023: $20 million; Quarterly repayments of the remaining capitalised interest as of March 2023, with 50% payable in 2023 and 50% payable in 2024. The balance of the accrued capitalised interest as of Q2 2022 was $83 million 11 Multiple routes to convertible bond refinancing 3 unencumbered rigs Term sheet proposal for new $250m convertible bond received Cash flow from operations Asset sales, etc. 1 1 2 2
Post August 2022 refinancing DE-LEVERING 1 Gross debt/commitments show outstanding principal on debt + newbuild commitments. Assumes agreed amortisation schedule following refinancing 2H 2022 and shown in slide 11, and is divided by 25 rigs. Unsecured assumes convertible bond rolls forward at current outstanding amount of $350m Source: IHS Petrodata 12 79 75 70 Gross debt and newbuild commitments/rig 90
ILLUSTRATIVE ANNUAL CASH FLOW POTENTIAL1 1 This example is meant to be illustrative only and is not a projection or promise of future performance; 2 Guidance end-2022; 3 EBITDA and free cash flow are non-GAAP measures and are not intended to represent net income or cash flow from operations. EBITDA for this calculation is derived from illustrative revenue less illustrative cost; 4 Illustrative free cash flow to equity is defined as illustrative EBITDA less illustrative interest cost, less expected debt amortisation in 2024, less Capex. Illustrative interest costs assumed at $173m based on 12m LIBOR and a blended margin, debt amortisation assumed at $114m and Capex illustratively assumed at $1.1m per rig, including SPS cycle, and excluding any Capex for reactivation and contract preparations; 5 Pre-tax free cash flow to equity divided by post-money market capitalisation as of 2 September 2022; * Excludes 3 rigs under construction, which the Company has an LOI to sell 95% utilisation Opex of $50k/day per rig # of rigs Recent fixture $131k/day Average 2006-2014 $175k/day Peak $243k/day Contracted rigs 20 $543m $849m $1,320m Warm stacked2 2 $54m $85m $132m Under construction 2* $54m $85m $132m G&A (1H 2022 annualised) -$38m -$38m -$38m Illustrative Annual Adjusted EBITDA3 $615m $981m $1,547m Illustrative Pre-tax free cash flow to equity4 $301m $667m $1,233m Illustrative Free cash flow yield3,5 29% 65% 121%
ATTRACTIVE INVESTMENT OPPORTUNITY 14 ✓ Multi-year structural under-investment in the oil and gas market ✓ High asset utilization – heading to 95% – in the sweet spot for rate expansion ✓ No new assets coming to the market – only 2.5% orderbook ✓ A company which is transforming to generating cash – current rates of $130k/day – opex $50k/day ✓ Firm capital discipline and no growth plans – focus on shareholder returns including dividends from 2024