Borr Drilling Limited (BORR) 20-F 27 Mar 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Entity Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-39007
Entity Registrant Name	Borr Drilling Limited
Entity Incorporation, State or Country Code	D0
Entity Address, Address Line One	S.E. Pearman Building
Entity Address, Address Line Two	2nd Floor 9 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
Title of 12(b) Security	Common shares of par value $0.10 per share
Trading Symbol	BORR
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding	252,582,036
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001715497
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Business Contact
Entity Information [Line Items]
Entity Address, Address Line One	2nd Floor 9 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	542-9234
Contact Personnel Name	Mi Hong Yoon

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor firm ID	1128
Auditor name	PricewaterhouseCoopers LLP
Auditor location	Watford, United Kingdom

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Dayrate revenue	$ 642	$ 358.7	$ 205.8
Related party revenue	129.6	85.1	39.5
Revenue	771.6	443.8	245.3
Gain on disposals	0.6	4.2	1.2
Operating expenses
Rig operating and maintenance expenses	(359.3)	(264.9)	(180.5)
Depreciation of non-current assets	(117.4)	(116.5)	(119.6)
Impairment of non-current assets	0	(131.7)	0
General and administrative expenses	(45.1)	(36.8)	(34.7)
Total operating expenses	(521.8)	(549.9)	(334.8)
Operating income / (loss)	250.4	(101.9)	(88.3)
Other non-operating income	0	2	3.6
Income from equity method investments	4.9	1.2	16.1
Financial income (expenses), net
Interest income	4.9	5.4	0
Interest expense	(177.2)	(139.2)	(99.4)
Other financial expenses, net	(26.9)	(41.9)	(15.3)
Total financial expenses, net	(199.2)	(175.7)	(114.7)
Income / (loss) before income taxes	56.1	(274.4)	(183.3)
Income tax expense	(34)	(18.4)	(9.7)
Net income / (loss) attributable to stockholders of Borr Drilling Limited	$ 22.1	$ (292.8)	$ (193)
Income / (loss) per share
Basic loss per share (in dollars per share)	$ 0.09	$ (1.64)	$ (1.43)
Diluted loss per share (in dollars per share)	$ 0.09	$ (1.64)	$ (1.43)
Weighted average shares outstanding, basic (in shares)	244,270,405	178,404,637	134,726,336
Weighted average shares outstanding, diluted (in shares)	248,150,614	178,404,637	134,726,336

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income / (loss)	$ 22.1	$ (292.8)	$ (193)
Other comprehensive income	0	0	0
Total comprehensive income / (loss)	22.1	(292.8)	(193)
Comprehensive income / (loss) attributable to:
Stockholders of Borr Drilling Limited	$ 22.1	$ (292.8)	$ (193)

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 102.5	$ 108
Restricted cash	0.1	2.5
Prepaid expenses	11	9.6
Deferred mobilization and contract preparation cost	39.4	38.4
Accrued revenue	73.7	57.4
Other current assets	32	25.4
Total current assets	409.9	349.9
Non-current assets
Non-current restricted cash	0	8
Property, plant and equipment	3.5	3.9
Newbuildings	5.4	3.5
Jack-up drilling rigs, net	2,578.3	2,589.1
Equity method investments	15.7	20.6
Other non-current assets	67.3	26.7
Total non-current assets	2,670.2	2,651.8
Total assets	3,080.1	3,001.7
Current liabilities
Trade payables	35.5	47.7
Accrued expenses	77	80.8
Short-term accrued interest and other items	42.3	77.7
Short-term debt	82.9	445.9
Short-term deferred mobilization, demobilization and other revenue	59.5	57.3
Other current liabilities	63.2	36.2
Total current liabilities	360.4	745.6
Non-current liabilities
Long-term accrued interest and other items	0	29.7
Long-term debt	1,618.8	1,191.1
Long-term deferred mobilization, demobilization and other revenue	56.6	68.7
Other non-current liabilities	5.8	14.3
Onerous contracts	54.5	54.5
Total non-current liabilities	1,735.7	1,358.3
Total liabilities	2,096.1	2,103.9
Commitments and contingencies
Stockholders’ equity
Share Capital - Common shares of par value $0.10 per share: authorized 315,000,000 (2022: 255,000,000), issued 264,080,391 (2022: 229,263,598) and outstanding 252,582,036 (2022: 228,948,087) shares	26.5	23
Treasury shares	(8.9)	(9.8)
Additional paid in capital	337.2	2,265.6
Contributed surplus	1,988.1	0
Accumulated deficit	(1,358.9)	(1,381)
Total equity	984	897.8
Total liabilities and equity	3,080.1	3,001.7
Nonrelated party
Current assets
Trade receivables, net	56.2	43
Related party
Current assets
Trade receivables, net	$ 95	$ 65.6

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2023	Aug. 16, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 14, 2021
Stockholders’ equity
Ordinary shares, par value (in dollars per share)	$ 0.10	$ 0.10			$ 0.05
Authorized shares (in shares)	315,000,000		255,000,000	180,000,000
Issued shares (in shares)	264,080,391		229,263,598	137,218,175
Outstanding shares (in shares)	252,582,036		228,948,087

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net income / (loss)	$ 22.1	$ (292.8)	$ (193)
Adjustments to reconcile net income / (loss) to net cash provided by/(used in) operating activities:
Non-cash compensation expense related to stock based and directors' compensation	5.6	2.6	0.9
Depreciation of non-current assets	117.4	116.5	119.6
Impairment of non-current assets	0	131.7	0
Amortization of deferred mobilization and contract preparation costs	44.6	36.7	12.6
Amortization of deferred mobilization, demobilization and other revenue	(61.9)	(22.1)	(5.9)
Gain on disposal of assets and other non-operating income	(0.6)	(4.2)	(4.8)
Amortization of debt discount	1	0	0
Amortization of deferred finance charges	21.3	7.9	6.5
Bank commitment, guarantee and other fees	(2.9)	15.7	0
Effective interest rate adjustments	(19.7)	2.8	3.7
Income from equity method investments	(4.9)	(1.2)	(16.1)
Deferred income tax	(16.5)	(2.1)	(0.5)
Change in assets and liabilities
Amounts due to/from related parties	(29.4)	(17)	(13.7)
Accrued expenses	2.1	89.8	10.3
Accrued interest	(66.1)	(35.8)	29
Other current and non-current assets	(107.7)	(139.2)	(24.1)
Other current and non-current liabilities	44.9	173.2	16.6
Net cash (used in) / provided by operating activities	(50.7)	62.5	(58.9)
Cash flows from investing activities
Purchase of property, plant and equipment	(1.5)	(1.8)	(0.1)
Proceeds from sale of fixed assets	0	0.7	2.7
Repayment from / (funding provided to) equity method investments	9.8	0	46.5
Proceeds from disposal of equity method investments	0	0	10.6
Additions to newbuildings	(1.3)	0	0
Additions to jack-up drilling rigs	(111.2)	(81.5)	(18.8)
Net cash (used in) / provided by investing activities	(104.2)	(82.6)	40.9
Cash flows from financing activities
Proceeds from share issuance, net of issuance costs	58.1	298.1	44.8
Repayment of debt	(1,800.6)	(355.5)	0
Proceeds from debt, net of discount and issuance costs	1,881.5	150	0
Purchase of treasury shares	(0.8)	0	0
Proceeds from exercise of share options	0.8	0	0
Net cash provided by financing activities	139	92.6	44.8
Net (decrease) / increase in cash, cash equivalents and restricted cash	(15.9)	72.5	26.8
Cash, cash equivalents and restricted cash at beginning of the year	118.5	46	19.2
Cash, cash equivalents and restricted cash at end of the year	102.6	118.5	46
Supplemental Disclosure of Cash Flow Information
Interest paid	(217.4)	(83.9)	(57.2)
Income taxes (paid) refunded, net	(38.2)	(16.2)	0.8
Non-cash offset in respect of jack-up drilling rigs	0	(87)	0
Non-cash offset of accrued interest and jack-up rigs	0	(33)	0
Issuance of debt as non-cash settlement of financing fee	0	8.2	5
Cash and cash equivalents	102.5	108	34.9
Restricted cash	0.1	2.5	3.3
Non-current restricted cash	0	8	7.8
Total cash and cash equivalents and restricted cash	$ 102.6	$ 118.5	$ 46

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Millions	Total	Share Capital	Treasury shares	Additional paid in capital	Contributed Surplus	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		109,429,494
Beginning balance at Dec. 31, 2020	$ 1,036.8	$ 11	$ (26.2)	$ 1,947.2	$ 0	$ (895.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)		27,058,823
Issue of common shares	46	$ 2.8		43.2
Equity issuance costs	(1.2)			(1.2)
Stock based compensation (in shares)		323,525
Stock based compensation	0.9		12.5	(11.6)
Total comprehensive income/(loss)	(193)					(193)
Other, net	0.4			0.4
Ending balance (in shares) at Dec. 31, 2021		136,811,842
Ending balance at Dec. 31, 2021	$ 889.9	$ 13.8	(13.7)	1,978	0	(1,088.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)	92,046,404	92,046,404
Issue of common shares	$ 313.8	$ 9.2		304.6
Equity issuance costs	$ (15.7)			(15.7)
Shares cancelled (in shares)	(981)	(981)
Shares cancelled	$ 0
Stock based compensation (in shares)		90,822
Stock based compensation	2.6		3.9	(1.3)
Total comprehensive income/(loss)	(292.8)					(292.8)
Ending balance (in shares) at Dec. 31, 2022		228,948,087
Ending balance at Dec. 31, 2022	$ 897.8	$ 23	(9.8)	2,265.6	0	(1,381)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issue of common shares (in shares)	8,816,793	23,260,063
Issue of common shares	$ 61.3	$ 3.5	(1.2)	59
Equity issuance costs	(1.7)			(1.7)
Treasury shares brought back (in shares)		(125,000)
Repurchase of treasury shares	(0.8)		(0.8)
Convertible debt issuance cost	$ 10.9			10.9
Shares cancelled (in shares)	0
Reduction in share premium / APIC	$ 0			(2,000)	2,000
Stock based compensation (in shares)		498,886
Stock based compensation	6.3		2.9	3.4
Distributions to shareholders	(11.9)				(11.9)
Total comprehensive income/(loss)	22.1					22.1
Ending balance (in shares) at Dec. 31, 2023		252,582,036
Ending balance at Dec. 31, 2023	$ 984	$ 26.5	$ (8.9)	$ 337.2	$ 1,988.1	$ (1,358.9)

General

General	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note 1 - General Borr Drilling Limited was incorporated in Bermuda on August 8, 2016. We are listed on the Oslo Stock Exchange and on the New York Stock Exchange under the ticker “BORR”. Borr Drilling Limited is an international offshore drilling contractor providing services to the oil and gas industry. Our primary business is the ownership, contracting and operation of modern jack-up drilling rigs for operations in shallow-water areas (i.e., in water depths of approximately 400 feet), including the provisi on of related equipment and work crews to conduct drilling of oil and gas wells and workover operations for exploration and production customers. As of December 31, 2023, we had 22 premium jack-up rigs and had agreed to purchase two additional premium jack-up rigs under construction, which are scheduled for delivery in 2024. As used herein, and unless otherwise required by the context, the terms “Company”, “Borr”, “we,” “Group”, “our” and words of similar nature refer to Borr Drilling Limited and its consolidated companies. The use herein of such terms as “group”, “organization”, “we”, “us”, “our” and “its”, or references to specific entities, is not intended to be a precise description of corporate relationships. Going concern The consolidated financial statements have been prepared on a going concern basis. In our previous reports, except for the period ending September 30, 2023, we had disclosed a substantial doubt over our ability to continue as a going concern due to us incurring significant losses since inception and our potential dependence on additional financing in order to meet our existing capital expenditure commitments, working capital requirements and our debt obligations expected in the next 12 months. With the execution of our comprehensive refinancing in October and November 2023, which included the issuance of our $1.54 billion Notes, new $180.0 million Super Senior Credit Facility (comprised of a $150 million Revolving Credit Facility ("RCF") and a $30.0 million Guarantee Facility), $50.0 million equity raise, and issuance of additional $200.0 million under the same terms and conditions as the $1.025 billion 2028 Notes in March 2024, we believe that our cash flow from operations, together with the $150 million undrawn under our RCF and our cash and cash equivalents, will meet our anticipated capital expenditure commitments, working capital requirements, our debt obligations and allow us to meet our debt covenants, for the next 12 months following the date of issue of the financial statements. The financial statements included in this report have been prepared on a going concern basis of accounting, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due. Financial information in this report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that would be necessary if we were unable to realize our assets and settle our liabilities as a going concern in the normal course of operations. Such adjustments could be material.

Basis of Preparation and Accoun

Basis of Preparation and Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Preparation and Accounting Policies	Note 2 - Basis of Preparation and Accounting Policies Basis of preparation The audited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Amounts are presented in United States Dollars (“U.S. dollar or $”) rounded to the nearest million, unless otherwise stated. On December 14, 2021 the Board of Directors approved a 2-to-1 reverse share split of the Company’s shares. Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value $0.05 per share was combined into one issued and outstanding common share, par value $0.10 per share. Unless otherwise indicated, all share and per share data in these Consolidated Audited Financial Statements have been adjusted as necessary to give effect of our Reverse Share Split and is approximate due to rounding. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period's presentation. Principles of consolidation A variable interest entity (“VIE”) is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity’s economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in entities in which we directly or indirectly hold more than 50% of the voting control and meeting criteria (a) and (b) above in regards to requirements to consolidate a VIE are consolidated in the financial statements. All intercompany balances and transactions are eliminated. The non-controlling interests of subsidiaries are included in the consolidated balance sheets and consolidated statements of operations as “Non-controlling interests". Foreign currencies The Company and the majority of its subsidiaries use the U.S. dollar as their functional currency as the majority of their revenues and expenses are denominated in U.S. dollars. Accordingly, the Company’s reporting currency is also U.S. dollars. For subsidiaries that maintain their accounts in currencies other than U.S. dollars, the Company uses the current method of translation whereby the statement of operations is translated using the average exchange rate for the period and the assets and liabilities are translated using the period end exchange rate. Transactions in foreign currencies are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Gains and losses on foreign currency transactions are included in "Other financial (expenses) income, net" in the Consolidated Statements of Operations. Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our jack-up rigs' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap values, utilization, dayrates, operating and maintenance expenses and capital expenditures. Fair value measurements We account for fair value measurement in accordance with the accounting standards guidance using fair value to measure assets and liabilities. The guidance provides a single definition for fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. Revenue The Company performs services that represent a single performance obligation under its drilling contracts. This performance obligation is satisfied over time. The Company earns revenues primarily by performing the following activities: (i) providing the drilling rig, work crews, related equipment and services necessary to operate the rig (ii) delivering the drilling rig by mobilizing to and demobilizing from the drilling location, and (iii) performing certain pre-operating activities, including rig preparation activities or equipment modifications required for the contract. The Company recognizes revenues earned under drilling contracts based on variable dayrates, which range from a full operating dayrate to lower rates or zero rates for periods when drilling operations are interrupted or restricted, based on the specific activities performed during the contract. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the firm term of the contract and may include the blending of rates when a contract has operating dayrates that change over the firm term of the contract. Such dayrate consideration is attributed to the distinct time period to which it relates within the contract term, and therefore is recognized as the Company performs the services. The Company recognizes reimbursement revenues and the corresponding costs, gross, at a point in time, as the Company provides the customer-requested goods and services, when such reimbursable costs are incurred while performing drilling operations. Prior to performing drilling operations, the Company may receive pre-operating revenues, on either a fixed lump-sum or variable dayrate basis, for mobilization, contract preparation, customer-requested goods and services or capital upgrades or other upfront payments, which the Company recognizes over time in line with the satisfaction of the performance obligation. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the expected term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to dayrate revenue as services are rendered over the initial term of the related drilling contract. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the demobilization of our rigs. Demobilization revenue expected to be received upon contract completion is estimated as part of the overall transaction price at contract inception and recognized over the term of the contract. In most of our contracts, there is uncertainty as to the likelihood and amount of expected demobilization revenue to be received as the amount may vary dependent upon whether or not the rig has additional contracted work following the contract. Therefore, the estimate for such revenue may be constrained, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. Contract costs The Company incurs costs to prepare rigs for contract and deliver or mobilize rigs to drilling locations. The Company defers pre-operating contract preparation and mobilization costs, and recognizes such costs on a straight-line basis, in "Rig operating and maintenance expenses" in the Consolidated Statements of Operations, over the estimated firm period of the drilling contract. Contract preparation and mobilization costs can include costs relating to equipment, labor and rig transportation costs (tugs, heavy lift vessel costs), that are directly attributable to our future performance obligation under each respective drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related party revenue a. Management and services revenue: We provide corporate support services, secondment of personnel and management services to our equity method investments under management and service agreements. The revenue for these services is based on costs incurred in the period, inclusive of an appropriate margin and has been recognized under related party revenue in our Consolidated Statement of Operations. The associated costs are included within total operating expenses in our Consolidated Statements of Operations. b. Bareboat revenue: We lease rigs on bareboat charters to our Equity Method Investments, Perforaciones Estratégicas e Integrales Mexicana, S.A. de C.V. (“Perfomex”) and Perforaciones Estrategicas e Integrales Mexicana II, SA de CV (“Perfomex II”). We expect lease revenue earned under the bareboat charters to be variable over the lease term, as a result of the contractual arrangement which assigns the bareboat a value over the lease term equivalent to residual earnings after operating expenses and other fees. We, as a lessor, do not recognize a lease asset or liability on our balance sheet at the time of the formation of the entities nor as a result of the lease. Revenue is recognized under "Related party revenue" in our Consolidated Statements of Operations. Rig operating and maintenance expenses Rig operating and maintenance expenses are costs associated with operating rigs that are either in operation or stacked, and include the remuneration of offshore crews and related costs, rig supplies, inventory, insurance costs, expenses for repairs and maintenance as well as costs related to onshore personnel in various locations where we operate and are expensed as incurred. Stacking costs for rigs are expensed as incurred. Impairment of long-lived assets We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets may not be recoverable. At least annually, and if such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amounts over the respective fair values, based on the undiscounted cash flows. In this assessment of recoverability, we apply a variety of valuation methods, incorporating income, market and cost approaches. We may weight the approaches under certain circumstances. Our estimate of fair value generally requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including assumptions regarding long-term future performance of our asset groups, such as projected revenues and costs, dayrates, utilization and residual values. These projections involve uncertainties that rely on assumptions about demand for our services and future market conditions. Equity method investments We account for our ownership interest in certain of our investments as equity method investments. The equity method of accounting is applied when we generally have between 20% and 50% of the voting rights, or over which we have significant influence, but over which we do not exercise control or have the power to control the financial and operational policies. This also extends to entities in which we hold a majority interest, but we do not have control. Under this method, we record our investment at cost and adjust the carrying amount for our share of earnings or losses of the equity method investment in "Income/(loss) from equity method investments" in the Consolidated Statements of Operations. When our share of losses equals or exceeds our interest, we do not recognize further losses, unless we have incurred obligations or made payments on behalf of the equity method investment. Guarantees issued to the equity method investments and in-substance capital contributions and capital contributions are added to the carrying value of the equity method investment in the Consolidated Balance Sheets. Our share of earnings or losses are reflected as a non-cash activity in operating activities in the Consolidated Statements of Cash Flows. Investments in equity method investments are assessed for other-than-temporary impairment whenever changes in the facts and circumstances indicate that the fair value may be below the carrying value of our investment. Where determined to be other-than-temporary impairment, we will recognize an impairment loss in the period in "Income from equity method investments" in the Consolidated Statements of Operations. Income taxes Borr Drilling Limited is a Bermuda company that has a number of subsidiaries, affiliates and branches in various jurisdictions, a number of which have evolving tax laws. On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 ("Corporate Income Tax Act") which introduces a 15% income tax from January 1, 2025. This is consistent with the Global Anti-Base Erosion Model Rules (Pillar 2) published by the Organization for Economic Co-operation and Development (“OECD”) and it overrides previous assurances of tax exemption in Bermuda until 2035. The Company and its Bermuda subsidiaries will not be subject to Bermuda income tax until such time as Borr achieves consolidated global revenues of USD equivalent of EUR 750 million or more in two of the preceding four fiscal years. This means Bermuda income tax will be applicable to the Company at the same time Pillar 2 becomes applicable to Borr globally. This is expected to be from January 1, 2026. Certain subsidiaries, affiliates and branches operate in other jurisdictions where withholding taxes are imposed. Consequently, income taxes have been recorded in these jurisdictions when appropriate. Our income tax expense is based on our income and statutory tax rates in the various jurisdictions in which we operate. We provide for income taxes based on the tax laws and rates in effect in the countries in which operations are conducted and income is earned. The determination and evaluation of our annual group income tax provision involves interpretation of tax laws in various jurisdictions in which we operate and requires significant judgment and use of estimates and assumptions regarding significant future events, such as amounts, timing and character of income, deductions and tax credits. There are certain transactions for which the ultimate tax determination is unclear due to uncertainty in the ordinary course of business. We recognize tax liabilities on uncertain tax positions as per US GAAP, including penalties and interest, if applicable, based on our assessment of whether our tax positions are more likely than not sustainable, based solely on the technical merits and considerations of the relevant taxing authority’s widely understood administrative practices and precedence. Changes in tax laws, regulations, agreements, treaties, foreign currency exchange restrictions or our levels of operations or profitability in each jurisdiction may impact our tax liability in any given year. While our annual tax provision is based on the information available to us at the time, a number of years may elapse before the ultimate tax liabilities in certain tax jurisdictions are determined. Current income tax expense reflects an estimate of our income tax liability for the current period, withholding taxes, changes in prior year tax estimates as tax returns are filed, or from tax audit adjustments. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules. Deferred tax assets and liabilities are based on temporary differences that arise between carrying values used for financial reporting purposes and amounts used for taxation purposes of assets and liabilities and the future tax benefits of tax loss carry forwards. Our deferred tax expense or benefit represents the change in the balance of deferred tax assets or liabilities as reflected in the Consolidated Balance Sheets. Valuation allowances are determined to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. To determine the amount of deferred tax assets and liabilities, as well as of the valuation allowances, we must make estimates and certain assumptions regarding future taxable income, including assumptions regarding where our jack-up rigs are expected to be deployed, as well as other assumptions related to our future tax position. A change in such estimates and assumptions, along with any changes in tax laws, could require us to adjust the deferred tax assets, liabilities, or valuation allowances. The amount of deferred tax provided is based upon the expected manner of settlement of the carrying amount of assets and liabilities, using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted. Earnings per share Basic earnings/(loss) per share (“EPS”) is calculated based on the income/(loss) for the period available to common shareholders divided by the weighted average number of shares outstanding. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments which for the Company includes share options, performance stock units, restricted stock units and convertible bonds. The determination of dilutive EPS may require us to make adjustments to net income/(loss) and the weighted average shares outstanding used to compute basic EPS unless anti-dilutive. Onerous contracts When we acquire newbuild jack-up drilling rigs there may exist instances whereby the fair value of the rig being constructed is less than the present value of the remaining contractual commitments for the rig. Such contracts are recorded as a liability when the difference is identified. Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and highly liquid financial instruments with original maturities of three months or less. Restricted cash Restricted cash consists of bank deposits which have been pledged as collateral for guarantees issued by banks in relation to rig operating contracts or minimum deposits which must be maintained in accordance with credit agreements. Restricted cash amounts with maturities longer than one year are classified as non-current assets. Allowance for credit losses Financial assets recorded at amortized cost reflect an allowance for current expected credit losses ("credit losses") over the lifetime of the instrument. The allowance for credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the balance is uncollectible. Expected recoveries will not exceed amounts previously written-off or current credit loss allowances by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Specific calculation of our credit allowances is included in the respective accounting policies included herein; all other financial assets are assessed on an individual basis calculated using the method we consider most appropriate for each asset. Trade receivables Trade receivables are recognized when the right to consideration becomes unconditional based upon contractual billing schedules. Trade receivables are presented net of allowances for expected credit losses. The allowances for expected credit losses are calculated using a loss rate applied against an aging matrix and is recorded in "Rig operating and maintenance expenses" in the Consolidated Statements of Operations, as and when they occur. Contract assets and contract liabilities Co ntract asset balances consist primarily of accrued revenue relating to work performed in the period, however which is yet to be invoiced. When the right to consideration becomes unconditional based on the contractual billing schedule, accrued revenue is recognized. At the point that accrued revenue is billed, trade accounts receivables are recognized. Contract asset balances also include amounts recognized in advance of amounts invoiced due to the blending of rates when a contract has operating dayrates that increase over the firm term of the contract. Contract liabilities include payments received for mobilization as well as rig preparation and upgrade activities which are allocated to the overall performance obligation and recognized ratably over the initial term of the contract in "Total operating revenues" in the Consolidated Statements of Operations. Jack-up drilling rigs Jack-up rigs and related equipment are recorded at historical cost less accumulated depreciation and impairment. Jack-up rigs and related equipment acquired as part of asset acquisitions are stated at fair market value as of the date of acquisition. The cost of our jack-up rigs and related equipment are depreciated on a straight-line basis, after deducting salvage values, over their estimated remaining economic useful lives. Depreciation commences when an asset is placed into service, and available for its intended use. Useful lives applied in depreciation are as follows: Jack-up rigs 30 years Jack-up rig equipment and machinery 3 to 20 years All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our jack-up rigs are under construction or undergoing major enhancements or improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild jack-up rig. Expenditures that do not improve the operating efficiency or extend the useful lives of jack-up rigs or related equipment are expensed as incurred. We use judgement in considering if events or changes in circumstances indicate that the carrying amount of such jack-up rigs may not be recoverable. This assessment is done on a quarterly basis. When indicators are present, recoverability is determined by comparing the carrying amount of an asset to the estimated undiscounted cash flows of the asset. If the total of the undiscounted cash flows is less than the carrying amount, an impairment loss is recognized as the difference between the carrying amount of the asset and its fair value. Jack-up rigs and related equipment held-for-sale are recorded at the lower of net book value or fair value. Interest cost capitalized Interest costs are capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of newbuilding rigs under construction. The interest costs capitalized are calculated using the weighted average cost of borrowings, from commencement of the asset development until substantially all the activities necessary to prepare the asset for its intended use are complete. We do not capitalize amounts beyond the actual interest expense incurred in the period. Newbuildings Jack-up rigs under construction are capitalized, classified as newbuildings and presented as non-current assets. All costs directly incurred in connection with the construction of newbuildings are capitalized, including allocations of interest incurred during periods that our newbuildings are under construction. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild jack-up rig. Capitalized costs are reclassified from newbuildings to jack-up rigs when the assets are available for their intended use. Leases The following sets out the lease accounting policy for all leases with the exception of short-term leases (less than 12 months) for which we have elected to recognize the lease payments in our Consolidated Statements of Operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Lessee: When we enter into a new contract, or modify an existing contract, we evaluate whether that contract has a finance or operating lease component. We do not have, nor expect to have any leases classified as finance leases. We determine the lease commencement date by reference to the date the leased asset is available for use and transfer of control has occurred from the lessor. At the lease commencement date, we measure and recognize a lease liability and a right of use ("ROU") asset in the Consolidated Balance Sheets. The lease liability is measured at the present value of the lease payments not yet paid, discounted using the estimated incremental borrowing rate ("IBR") at lease commencement. The ROU asset is measured at the initial measurement of the lease liability, plus any lease payments made to the lessor at or before the commencement date, minus any lease incentives received, plus any initial direct costs incurred by us. After the commencement date, we adjust the carrying amount of the lease liability by the amount of payments made in the period as well as the unwinding of the discount over the lease term using the straight-line interest method. After commencement date, we amortize the ROU asset by the amount required to keep total lease expense including interest constant (straight-line over the lease term). Absent an impairment of the ROU asset, the single lease cost is calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis. The Company assesses a ROU asset for impairment and recognizes any impairment loss in accordance with the accounting policy on impairment of long-lived assets. We applied the following significant assumptions and judgments in accounting for our leases. • We apply judgment in determining whether a contract contains a lease or a lease component as defined by Topic 842. • We have elected to combine leases and non-lease components. As a result, we do not allocate our consideration between leases and non-lease components. • The discount rate applied to our operating leases is our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. • Within the terms and conditions of some of our operating leases we have options to extend or terminate the lease. In instances where we are reasonably certain to exercise available options to extend or terminate, then the option is included in determining the appropriate lease term to apply. Options to renew our lease terms are included in determining the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lessor: When we enter into a new contract, or modify an existing contract, we identify whether that contract has a sales-type, direct financing or operating lease. We do not have, nor expect to have any leases classified as sales-type or direct financing. For our operating lease, the underlying asset remains on our Consolidated Balance Sheets and we record periodic depreciation expense and lease revenue. Interest-bearing debt Interest-bearing debt is recognized initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings rel ated to delivery financing are stated at amortized cost. Premiums and discounts related to the issuance of term debt are deferred and amortized over the term of the relevant debt using the straight-line method as this approximates the effective interest method. Amortization of premiums and discounts is included in "Interest expense" in the Consolidated Statements of Operations. Premiums and discounts are presented as an adjustment to the corresponding liability in the Consolidated Balance Sheets. Deferred charges Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan usi ng the straight-line method as this approximates the effective interest method. Amortization of loan costs is included in "Interest expense" in the Consolidated Statements of Operations. If a loan is repaid early, any unamortized portion of the related deferred charge is charged against income in the period in which the loan is repaid. Deferred charges are presented as either a gross asset or as a deduction from the corresponding liability in the Consolidated Balance Sheets. Debt extinguishments and modifications Costs associated with debt extinguishments are included in determining the debt extinguishment gain or loss which is included in "Interest expense" in the Consolidated Statements of Operations. Costs associated with debt modifications are accounted for as deferred charges. See Deferred charges accounting policy. Convertible bonds We account for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. Accordingly, we determine the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to separate the bond into the liability and equity components. Derivatives We use derivatives to reduce market risks. All derivative financial instruments are initially recorded at fair value as either assets or liabilities in the accompanying Consolidated Balance Sheets and subsequently remeasured to fair value. The changes in fair value of derivative financial instruments are recognized each period in "Other financial (expenses) income, net" in the Consolidated Statements of Operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the Consolidated Statements of Cash Flows. We do not apply hedge accounting. Equity issuance costs Equity issuance costs are recorded as a reduction of additional paid-in-capital and charged to shareholders' equity. Pensions Defined benefit pension costs, assets and liabilities requires significant actuarial assumptions to be adjusted annually to reflect current market and economic conditions. Full recognition of the funded status of defined benefit

Recently Issued Accounting Stan

Recently Issued Accounting Standards	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Standards	Note 3 - Recently Issued Accounting Standards Adoption of new accounting standards In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In March 2022, the FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326). The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In September 2022, the FASB issued ASU 2022-04 Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. Accounting pronouncements that have been issued but not yet adopted Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and require the following disclosures for equity securities subject to contractual sale restrictions: January 1, 2024 No material impact expected ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine whether a lease exists and, if so, the classification of and accounting for that lease. If no written terms and conditions exist (including in situations in which an entity does not document existing unwritten terms and conditions in writing upon transition to the practical expedient), an entity is prohibited from applying the practical expedient and must evaluate the enforceable terms and conditions to apply Topic 842. Also, the amendments require that leasehold improvements associated with common control leases be: January 1, 2024 No material impact expected ASU 2023-02 Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) The amendments permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). January 1, 2024 No material impact expected ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to: January 1, 2025 Under evaluation ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update: January 1, 2024 No material impact expected ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items. January 1, 2025 Under evaluation The FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our Audited Consolidated Financial Statements and related disclosures either on transition or in future periods.

Segments

Segments	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segments	Note 4 - Segments During the years ended December 31, 2023 and December 31, 2022, we had a single reportable segment: our operations performed under our dayrate model (which includes rig charters and ancillary services). During the year ended December 31, 2021, we had two operating segments: operations performed under our dayrate model (which includes rig charters and ancillary services) and operations performed under the Integrated Well Services ("IWS") model. IWS operations were performed by our joint venture entities Opex and Akal. On August 4, 2021, the Company executed a Stock Purchase Agreement for the sale of the Company's 49% interest in each of Opex and Akal, representing the Company's disposal of the IWS operating segment (see Note 7 - Equity Method Investments). Our Chief Operating Decision Maker (our Board of Directors) reviews financial information provided as an aggregate sum of assets, liabilities and activities that exist to generate cash flows, by our operating segments. The following presents information by segment for the year ended December 31, 2023: (In $ millions) Dayrate Reconciling items (2) Consolidated total Dayrate revenue 954.2 (312.2) 642.0 Related party revenue — 129.6 129.6 Gain on disposals — 0.6 0.6 Rig operating and maintenance expenses (665.2) 305.9 (359.3) Depreciation of non-current assets (115.5) (1.9) (117.4) General and administrative expenses — (45.1) (45.1) Income from equity method investments — 4.9 4.9 Operating income including equity method investment 173.5 81.8 255.3 Total assets 3,401.0 (320.9) 3,080.1 The following presents information by segment for the year ended December 31, 2022: (In $ millions) Dayrate Reconciling items (2) Consolidated total Dayrate revenue 600.0 (241.3) 358.7 Related party revenue — 85.1 85.1 Gain on disposals — 4.2 4.2 Rig operating and maintenance expenses (501.2) 236.3 (264.9) Depreciation of non-current assets (114.9) (1.6) (116.5) Impairment of non-current assets (131.7) — (131.7) General and administrative expenses — (36.8) (36.8) Income from equity method investments — 1.2 1.2 Operating (loss)/income including equity method investment (147.8) 47.1 (100.7) Total assets 3,287.9 (286.2) 3,001.7 The following presents information by segment for the year ended December 31, 2021: (In $ millions) Dayrate IWS (1) Reconciling items (2) Consolidated total Dayrate revenue 205.8 301.6 (301.6) 205.8 Related party revenue 39.5 — — 39.5 Intersegment revenue 88.5 — (88.5) — Gain on disposals — — 1.2 1.2 Rig operating and maintenance expenses (339.7) (186.3) 345.5 (180.5) Intersegment expenses — (88.5) 88.5 — Depreciation of non-current assets (117.6) — (2.0) (119.6) General and administrative expenses — — (34.7) (34.7) Income from equity method investments — — 16.1 16.1 Operating (loss)/income including equity method investment (123.5) 26.8 24.5 (72.2) Total assets 3,277.6 — (197.3) 3,080.3 (1) Financial information presented for the IWS operating segment covers the period up to disposal, on August 4, 2021. (2) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income/(loss) and are included in "Reconciling items". The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income/(loss) from equity method investments (see Note 7 - Equity Method Investments). Geographic data Revenues are attributed to geographical location based on the country of operations for drilling activities, and thus the country where the revenues are generated. The following presents our revenues by geographic area: For the Years Ended December 31, (In $ millions) 2023 2022 2021 South East Asia 233.0 154.5 99.5 Mexico 191.2 95.9 39.5 West Africa 168.6 106.9 30.7 Middle East 147.8 37.7 — Europe 31.0 48.8 75.6 Total 771.6 443.8 245.3 The following presents the net book value of our jack-up rigs by geographic area (1) : As of December 31, (In $ millions) 2023 2022 Mexico 815.4 675.5 South East Asia 673.4 832.5 Middle East 553.0 481.2 West Africa 444.8 507.0 Europe 91.7 92.9 Total 2,578.3 2,589.1 (1) The fixed assets referred to in the table above exclude assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenue or operating profits generated by such assets during the associated periods. Major customers The following customers accounted for more than 10% of our dayrate revenues: For the Years Ended December 31, (In % of operating revenues) 2023 2022 2021 Perfomex 17 % 14 % 11 % Saudi Arabian Oil Company 14 % 4 % — % Eni Congo S.A. 14 % 10 % — % PTT Exploration and Production Public Company Limited 5 % 11 % 24 % CNOOC Petroleum Europe Limited — % — % 16 % Total 50 % 39 % 51 %

Contracts with Customers

Contracts with Customers	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contracts with Customers	Note 5 - Contracts with Customers Contract Assets and Liabilities When the right to consideration becomes unconditional based on the contractual billing schedule, accrued revenue is recognized. At the point that accrued revenue is billed, trade accounts receivable are recognized. Payment terms on invoice amounts are typically 30 days. Deferred mobilization, demobilization and contract preparation revenue includes revenues received for rig mobilization as well as preparation and upgrade activities, in addition to demobilization revenues expected to be received upon contract commencement and other lump-sum revenues relating to the firm periods of our contracts. These revenues are allocated to the overall performance obligation and recognized on a straight-line basis over the initial term of the contracts. The following presents our contract assets and liabilities from our contracts with customers: As of December 31, (In $ millions) 2023 2022 Accrued revenue (1) 73.7 57.4 Current contract assets 73.7 57.4 Non-current accrued revenue (2) 2.3 3.8 Non-current contract assets 2.3 3.8 Total contract assets 76.0 61.2 Current deferred mobilization, demobilization and contract preparation revenue (59.5) (57.3) Current contract liability (59.5) (57.3) Non-current deferred mobilization, demobilization and contract preparation revenue (56.6) (68.7) Non-current contract liability (56.6) (68.7) Total contract liability (116.1) (126.0) (1) Accrued revenue includes $7.3 million ($0.5 million as of December 31, 2022) related to the current portion of deferred variable rate revenue, $1.2 million ($0.9 million as of December 31, 2022) related to the current portion of liquidated damages associated with a known delay in the operational start date of two of our contracts and $1.1 million ($0.7 million as of December 31, 2022) pertaining to the current portion of deferred demobilization revenue. (2) Non-current accrued revenue includes $1.5 million ($1.5 million as of December 31, 2022) pertaining to the non-current portion of deferred demobilization revenue and $0.8 million ($2.3 million as of December 31, 2022) related to non-current portion of liquidated damages associated with a known delay in the operational start date of two of our contracts. Non-current accrued revenue is included in "Other non-current assets" in our Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets). Total movement in our contract assets and contract liabilities balances during the years ended December 31, 2023 and 2022 are as follows: (In $ millions) Contract assets Contract liabilities Balance as of December 31, 2021 20.2 6.4 Performance obligations satisfied during the reporting period 55.1 — Amortization of revenue — (22.1) Unbilled demobilization revenue 2.2 — Unbilled variable rate revenue 3.9 — Performance obligations to be satisfied over time — 2.2 Cash received, excluding amounts recognized as revenue — 139.5 Cash received against the contract asset balance (20.2) — Balance as of December 31, 2022 61.2 126.0 Performance obligations satisfied during the reporting period 62.6 — Amortization of revenue — (61.9) Unbilled demobilization revenue 0.4 — Unbilled variable rate revenue 11.9 — Performance obligations to be satisfied over time — 0.4 Cash received, excluding amounts recognized as revenue — 51.6 Cash received against the contract asset balance (60.1) — Balance as of December 31, 2023 76.0 116.1 Timing of revenue The Company derives its revenue from contracts with customers for the transfer of goods and services, from various activities performed both at a point in time and over time, under the output method. For the years ended December 31, (In $ millions) 2023 2022 2021 Over time 743.0 418.6 234.7 Point in time 28.6 25.2 10.6 Total 771.6 443.8 245.3 Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet date, is expected to be recognized as follows as at December 31, 2023: For the years ending December 31, (In $ millions) 2024 2025 2026 2027 onwards Dayrate revenue 596.6 412.2 110.3 83.5 Other revenue (1) 55.7 32.9 7.7 9.9 Total 652.3 445.1 118.0 93.4 (1) Other revenue represents lump sum revenue associated with contract preparation and mobilization and is recognized ratably over the firm term of the associated contract in "Dayrate revenue" in the Consolidated Statements of Operations. Contract Costs Deferred mobilization and contract preparation costs relate to costs incurred to prepare a rig for contract and delivery or to mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, over the estimated firm period of the drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization period. As of December 31, (In $ millions) 2023 2022 Current deferred mobilization and contract preparation costs 39.4 38.4 Non-current deferred mobilization and contract preparation costs (1) 42.6 17.1 Total deferred mobilization and contract preparation asset 82.0 55.5 (1) Non-current deferred mobilization and contract preparation costs are included in "Other non-current assets" in our Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets). For the year ended December 31, 2023, total deferred mobilization and contract preparation costs increased by $26.5 million, as a result of additional deferred costs of $71.1 million primarily relating to the contract preparation and mobilization costs of the rigs "Arabia III", "Hild", "Gerd", "Ran", "Arabia I", "Arabia II" and "Saga", offset by amortization of $44.6 million. For the year ended December 31, 2022, total deferred mobilization and contract preparation costs increased by $33.9 million, as a result of additional deferred costs of $70.6 million primarily relating to the contract preparation and mobilization costs of the rigs "Arabia I", "Arabia II", "Prospector 5", "Ran", "Saga", "Idun", "Mist, "Natt", "Gerd" and "Groa", offset by amortization of $36.7 million.

Gain on Disposals

Gain on Disposals	12 Months Ended
	Dec. 31, 2023
Gain (Loss) on Disposition of Assets [Abstract]
Gain on Disposals	Note 6 - Gain on Disposals We recognized the following gain on disposal for the year ended December 31, 2023: Year Ended December 31, 2023 (in $ millions) Net proceeds Book value on disposal Gain on disposal Rig Related Equipment 0.6 — 0.6 Total 0.6 0.0 0.6 We recognized the following loss and gain on disposals for the year ended December 31, 2022: Year Ended December 31, 2022 (in $ millions) Net proceeds Book value on disposal (Loss)/gain on disposal Gyme (1) 119.5 119.7 (0.2) Newbuildings (2) 11.3 7.6 3.7 Rig Related Equipment 0.7 — 0.7 Total 131.5 127.3 4.2 (1) Of the proceeds from the sale of the "Gyme", $87.0 million was used to directly repay the outstanding debt and back-end fee with PPL pertaining to the Gyme, and $33.0 million was used to directly repay accrued interest associated with the "Gyme" and the eight other rigs financed by PPL. (2) Net proceeds from the sale were used to directly settle certain liabilities and future commitments with Seatrium New Energy Limited (formerly known as Keppel FELS Limited), pertaining to the rig "Tivar" and will be used to settle future commitments with Seatrium for the rigs "Huldra" and "Heidrun". We recognized the following loss and gain on disposals for the year ended December 31, 2021: Year Ended December 31, 2021 (in $ millions) Net proceeds Book value on disposal (Loss)/gain on disposal Balder (3) 4.4 4.5 (0.1) Rig Related Equipment 1.3 — 1.3 Total 5.7 4.5 1.2 (3) Of the net proceeds received from the sale of the "Balder", $3.0 million was received during the year ended December 31, 2020.

Equity Method Investments

Equity Method Investments	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Note 7 - Equity Method Investments During 2019 we entered into a joint venture with Proyectos Globales de Energia y Servicos CME, S.A. DE C.V. (“CME”) to provide integrated well services to Petróleos Mexicanos (“Pemex”). This involved Borr Mexico Ventures Limited (“BMV”) subscribing to 49% of the equity of Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”). CME’s wholly owned subsidiary, Operadora Productora y Exploradora Mexicana, S.A. de C.V. (“Operadora”) owned 51% of each of Opex and Akal. In addition, we provided five jack-up rigs on bareboat charters to two other joint venture companies, Perfomex and Perfomex II, in which we previously held a 49% interest. Perfomex and Perfomex II provide the jack-up rigs under traditional dayrate drilling and technical services agreements to Opex and Akal. On August 4, 2021, the Company executed a Stock Purchase Agreement with BMV and Operadora for the sale of the Company's 49% interest in each of Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex and Perfomex II joint ventures. The acquisition was completed on the same date. The Company recognized a $3.6 million gain on disposal of Opex and Akal in "Other non-operating income" in the Consolidated Statements of Operations in the year ended December 31, 2021, as the difference between the cash consideration received of $10.6 million and the carrying value of the equity method investments on the date of disposal of $7.0 million. Prior to August 4, 2021, Opex and Akal contracted technical support services from BMV, management services from Operadora and well services from specialist well service contractors and logistics and administration services from Logística y Operaciones OTM, S.A. de C.V, an affiliate of CME. This structure enabled Opex and Akal to provide bundled integrated well services to Pemex. The revenue earned was fixed under each of the Pemex contracts, while Opex and Akal managed the drilling services and related costs on a per well basis. Prior to the sale, we were obligated, as a 49% shareholder, to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholder Agreements. Effective August 4, 2021, as we hold a 51% equity ownership in Perfomex and Perfomex II, we have assessed whether the increased investments in Perfomex and Perfomex II joint ventures results in the need to consolidate these entities under US GAAP. The significant judgements are whether the joint ventures are variable interest entities (VIEs) and, if so, whether Borr is the primary beneficiary. We concluded that the joint ventures are VIEs; however, we do not have the power to direct the decisions which most significantly impact the economic performance of the joint ventures. As such, we are not considered to be the primary beneficiary of the variable interest entities and we continue to account for our interests in Perfomex and Perfomex II as equity method investments in accordance with ASC 323, Investment - Equity Method and Joint Ventures and record the investments in "Equity method investments" in the Consolidated Balance Sheets. Effective October 20, 2022, all five jack-up rigs were provided to Perfomex on bareboat charters, thereby consolidating activities into Perfomex, for Perfomex's provision of traditional dayrate drilling and technical services to Opex. Effective from this date, Perfomex II continued to provide technical services to Opex, in addition to rig management services to external parties. The below tables set forth the summarized results from these entities on a 100% basis for the years ended December 31, 2023, 2022 and 2021: Year ended December 31, 2023 In $ millions Perfomex Perfomex II Revenue 290.9 21.3 Operating expenses (284.9) (21.0) Net income 3.8 5.7 Year ended December 31, 2022 In $ millions Perfomex Perfomex II Revenue 157.9 83.4 Operating expenses (154.6) (81.7) Net income — 2.4 Year ended December 31, 2021 Period from January 1, 2021 to August 4, 2021 In $ millions Perfomex Perfomex II Opex Akal Revenue 110.1 61.9 199.4 102.2 Operating expenses (105.0) (54.2) (167.7) (107.1) Net income (loss) 1.0 5.1 30.9 (1.7) Revenue in Opex and Akal is recognized on a percentage of completion basis under the cost input method. The services Opex and Akal deliver to a single customer, Pemex, involve delivering integrated well services with payment upon the completion of each well in the contract. Revenue in Perfomex and Perfomex II is recognized on a day rate basis on contracts with Opex, Akal and Pemex, consistent with our historical revenue recognition policies, with day rate accruing each day as the service is performed. We provided rigs and services to Perfomex and Perfomex II for use in their contracts with Opex and Akal, respectively. Effective October 20, 2022, all five of our rigs are provided to Perfomex for use in its contracts with Opex. As of December 31, 2023, Perfomex and Perfomex II had $164.9 million of receivables from Opex and Akal, of which $131.7 million was outstanding and $33.2 million was unbilled. As of December 31, 2022, Perfomex and Perfomex II had $113.9 million of receivables from Opex and Akal, of which $105.1 million was outstanding and $8.8 million was unbilled. As of August 4, 2021, Opex and Akal had $237.1 million in receivables from Pemex, of which $113.7 million were outstanding and $123.4 million were unbilled. Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows: As at December 31, 2023 In $ millions Perfomex Perfomex II Cash 11.4 0.5 Total current assets 271.4 35.1 Total non-current assets 12.3 2.1 Total assets 283.7 37.2 Total current liabilities 257.2 23.8 Total non-current liabilities 8.3 0.2 Equity 18.2 13.2 Total liabilities and equity 283.7 37.2 As at December 31, 2022 In $ millions Perfomex Perfomex II Cash 13.2 6.6 Total current assets 198.0 54.8 Total non-current assets 28.6 4.8 Total assets 226.6 59.6 Total current liabilities 191.6 51.6 Total non-current liabilities 20.6 0.5 Equity 14.4 7.5 Total liabilities and equity 226.6 59.6 The following presents our investments in equity method investments as at December 31, 2023 and December 31, 2022: In $ millions Perfomex Perfomex II Total Balance as of January 1, 2022 16.9 2.5 19.4 Income / (loss) on a percentage basis — 1.2 1.2 Balance as of December 31, 2022 16.9 3.7 20.6 Funding received from shareholder loan (1) (9.8) — (9.8) Income on a percentage basis 2.0 2.9 4.9 Balance as of December 31, 2023 9.1 6.6 15.7 (1) During the year ended December 31, 2023, $9.8 million funding provided by shareholders loans was repaid by Perfomex, settling the outstanding balance.

Interest expense

Interest expense	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Interest expense	Note 8 - Interest expense Interest expense is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Debt interest expense (157.4) (125.4) (92.9) Loss on debt extinguishment (1) (19.4) (7.8) — Amortization of deferred finance charges (10.3) (7.9) (6.5) Amortization of debt discount (1.0) — — Gain on debt extinguishment (2) 10.9 1.9 — Total (177.2) (139.2) (99.4) (1) Loss on debt extinguishment for the year ended December 31, 2023 relates to the $15.5 million loss associated with the repayment of the $150m Secured Bonds and the $3.9 million loss associated with the repayment of the Hayfin Debt Facility. Loss on debt extinguishment for the year ended December 31, 2022 relates to the $2.9 million loss associated with the refinancing of the Hayfin Debt Facility and the $4.9 million loss on the repayment of the Syndicated Senior Secured Credit Facilities and New Bridge Facility, of which DNB Bank was one of the lenders of the syndicate. (2) Gain on debt extinguishment for the year ended December 31, 2023 relates to the $7.2 million gain associated with the repayment of the Seatrium Delivery Financing Facility, the $2.8 million gain associated with the repayment of the New DNB Facility and the $0.9 million gain associated with the repayment of the PPL Delivery Financing Facility. Gain on debt extinguishment for the year ended December 31, 2022 relates to the gain on extinguishment of the debt associated with the jack-up rig "Gyme". Upon sale of the rig, part of the proceeds were used to repay the outstanding amount under its facility, which was financed by PPL.

Other Financial Expenses, Net

Other Financial Expenses, Net	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Other Financial Expenses, Net	Note 9 - Other Financial Expenses, net Other financial expenses, net is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Yard cost cover expense (22.1) (28.2) (12.8) Foreign exchange loss (2.8) (0.9) (2.8) Bank commitment, guarantee and other fees (1) (2.3) (12.7) (4.2) Other financial income / (expenses) 0.3 (0.1) 4.5 Total (26.9) (41.9) (15.3) (1) Bank commitment, guarantee and other fees include $10.7 million in financing fees for the year ended December 31, 2022 (nil for the years ended December 31, 2023 and December 31, 2021) . Amortization of deferred finance charges for the years ended December 31, 2022 and December 31, 2021, of $7.9 million and $6.5 million, respectively, have been presented in Interest expense in the Consolidated Statements of Operations, to conform to the current period's presentation. See Note 8 - Interest expense.

Taxation

Taxation	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Taxation	Note 10 - Taxation Borr Drilling Limited is a Bermuda company not currently required to pay taxes in Bermuda on ordinary income or capital gains under a tax exemption granted by the Minister of Finance in Bermuda until March 31, 2035. However, the Bermuda Corporate Income Tax Act was enacted on December 27, 2023 and will apply from January 1, 2025, as discussed below. We operate through various subsidiaries, affiliates and branches in numerous countries throughout the world and are subject to tax laws, policies, treaties and regulations, as well as the interpretation or enforcement thereof, in jurisdictions in which we or any of our subsidiaries, affiliates and branches operate, were incorporated, or otherwise considered to have a tax presence. Our income tax expense is based upon our interpretation of the tax laws in effect in various countries at the time that the expense was incurred. Total pre-tax income / (loss) is comprised of the following by jurisdiction: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Bermuda (92.2) (44.1) (68.1) Foreign 148.3 (230.3) (115.2) Total 56.1 (274.4) (183.3) All income tax expense is attributable to foreign jurisdictions and is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Current tax expense 50.5 20.5 10.2 Change in deferred tax (16.5) (2.1) (0.5) Total 34.0 18.4 9.7 Our annual effective tax rate for the year ended December 31, 2023 was approximately 60.61%, on a pre-tax income of $56.1 million . Changes in our effective tax rate from period to period are primarily attributable to changes in the profitability or loss mix of our operations in various jurisdictions. As our operations continually change among numerous jurisdictions, and methods of taxation in these jurisdictions vary greatly, there is minimal direct correlation between the income tax provision / benefit and income / (loss) before taxes. The year ended December 31, 2023 was also impacted by the release of a valuation allowance against certain deferred tax assets in the U.K., and a decrease in the liability for unrecognized tax positions for the expiration of a statute of limitations. A reconciliation of the Bermuda statutory tax rate to our effective rate is shown below: For the Years Ended December 31, 2023 2022 2021 Bermuda statutory income tax rate — % — % — % Tax rates which are different from the statutory rate 101.25 % (7.20) % (6.64) % Adjustment attributable to prior years 3.39 % 0.67 % 1.60 % Change in valuation allowance (29.41) % — % — % Adjustments to uncertain tax positions (14.62) % (0.18) % (0.26) % Total 60.61 % (6.71) % (5.30) % The components of the net deferred taxes are as follows: As of December 31, (In $ millions) 2023 2022 Deferred tax assets Net operating losses 17.6 17.7 Excess of tax basis over book basis of property, plant and equipment 14.7 45.0 Other 20.6 17.9 Deferred tax asset 52.9 80.6 Less: valuation allowance (33.6) (77.1) Net deferred tax assets (1) 19.3 3.5 Deferred tax liabilities Deferred tax liabilities — (0.7) Net deferred tax asset 19.3 2.8 (1) Net deferred tax assets are recognized in "Other non-current assets" in the Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets). The deferred tax assets related to our net operating losses were primarily generated in the United Kingdom ($64.0 million net operating losses at December 31, 2023) and will not expire. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if estimates of future taxable income change. In 2023, we reduced our valuation allowance previously recorded against the gross deferred tax assets primarily attributable to the net operating losses in the United Kingdom. Due to existing contracts as of December 31, 2023, we determined that these net operating losses would likely be utilized. The release of this valuation allowance reduced our income tax provision by $16.5 million. We conduct business globally and, as a result, we file income tax returns, or are subject to withholding taxes, in various jurisdictions. In the normal course of business we are generally subject to examination by taxation authorities throughout the world, including major jurisdictions in which we operate or used to operate. The following is a reconciliation of the liabilities related to our uncertain tax positions: (In $ millions) 2023 2022 Unrecognized tax benefits, including interest and penalties, at January 1, 11.3 6.2 Additions for tax positions of prior year 0.3 — Reduction in tax positions of prior years (9.5) — Unrecognized tax benefits, excluding interest and penalties, at December 31, 2.1 6.2 Interest and penalties 1.1 5.1 Unrecognized tax benefits, including interest and penalties, at December 31, 3.2 11.3 The liabilities summarized in the table above are presented within "Other non-current liabilities" in the Consolidated Balance Sheets. We include, as a component of our income tax provision, potential interest and penalties related to liabilities for our unrecognized tax benefits within our global operations. Interest and penalties resulted in an income tax expense of $1.1 million, $0.5 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended December 31, 2023, we reduced our liability for uncertain tax positions, and our income tax provision, by $9.5 million to reflect the expiration of a statute of limitations. As of December 31, 2023, the liabilities related to our unrecognized tax benefits, including estimated accrued interest and penalties, totaled $3.2 million, and if recognized, would reduce our income tax provision by $3.2 million . As of December 31, 2022, the liabilities related to our unrecognized tax benefits, including estimated accrued interest and penalties, totaled $11.3 million, and if recognized, would reduce our income tax provision by $11.3 million. It is reasonably possible that our existing liabilities related to our unrecognized tax benefits may increase or decrease in the next twelve months primarily due to the progression of open audits or the expiration of statutes of limitation. While the amounts provided are an estimate and subject to revision, we are not aware of any circumstances currently that would result in a material increase to the amounts provided for the risks identified at this time. In response to the Organization for Economic Co-Operation and Development (OECD) Base Erosion and Profit Shifting initiative, a 15% worldwide minimum tax implemented on a country-by-country basis has been introduced with many jurisdictions committed to a January 1, 2024, effective date. There remains a number of uncertainties around the final Pillar 2 model rules, and we are closely monitoring developments on this initiative. Additionally, on December 27, 2023, Bermuda enacted the Corporate Income Tax Act which imposes a 15% tax on Bermuda businesses that are part of multinational enterprise (MNE) groups. The effective date of the income tax is for tax years beginning on or after January 1, 2025. We are actively monitoring the evolving developments of these regulations and evaluating their potential impact on future periods. At present, we expect that they will not have a substantial impact on our financial results in the short term.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Earnings per Share	Note 11 - Earnings per Share The computation of basic income/(loss) per share ("EPS") is based on the weighted average number of shares outstanding during the period. For the Years Ended December 31, 2023 2022 2021 Basic income/ (loss) per share 0.09 (1.64) (1.43) Diluted income/ (loss) per share 0.09 (1.64) (1.43) Issued ordinary shares at the end of the year 264,080,391 229,263,598 137,218,175 Weighted average number of shares outstanding during the year, basic 244,270,405 178,404,637 134,726,336 Dilutive effect of share options and RSU (1) 3,880,209 — — Weighted average number of shares outstanding during the year, diluted 248,150,614 178,404,637 134,726,336 (1) Includes the impact of 8,559,698 share options and 112,780 restricted stock units using the treasury stock method. The following potential share issuances effects of convertible bonds, share options, RSUs and performance units have been excluded from the calculation of diluted EPS for each of the years ended December 31, 2023, 2022 and 2021 because the effects were anti-dilutive. 2023 2022 2021 Convertible bonds 34,260,413 5,540,079 5,540,079 Share options 2,160,000 9,445,006 5,670,000 Performance stock units 500,000 500,000 — Restricted share units — 88,584 — For the year ended December 31, 2023, 34,260,413 shares issuable upon exercise of our convertible bonds due in May 2028 with a conversion price of $7.2971 per share, have been excluded as they are anti-dilutive. In addition, the impact of 2,160,000 stock options and 500,000 performance share units using the treasury stock method were anti-dilutive, as the exercise price was higher than the average share price, and therefore have been excluded from the calculation. Diluted EPS for the years ended December 31, 2022 and 2021 do not include the effect of the assumed conversion of potentially dilutive instruments listed above, due to losses sustained in these years as this is deemed to have an anti-dilutive effect on our EPS.

Restricted Cash

Restricted Cash	12 Months Ended
	Dec. 31, 2023
Restricted Cash [Abstract]
Restricted Cash	Note 12 - Restricted Cash Restricted cash is comprised of the following: As of December 31, (In $ millions) 2023 2022 Restricted cash relating to the issuance of guarantees — 10.1 Restricted cash relating to others 0.1 0.4 Total restricted cash 0.1 10.5 Less: amounts included in current restricted cash (0.1) (2.5) Non-current restricted cash — 8.0

Expected Credit Losses

Expected Credit Losses	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Expected Credit Losses	Note 13 - Expected Credit Losses The table below sets forth the allowance for expected credit losses: (In $ millions) Trade Receivables Balance as at December 31, 2021 0.8 Provision for expected credit losses 0.2 Write-off charged against allowance (0.7) Balance as at December 31, 2022 0.3 Provision for expected credit losses 0.6 Write-off charged against allowance (0.9) Balance as at December 31, 2023 — New provisions and recoveries of previous provisions are recorded in "Rig operating and maintenance expenses" in the Consolidated Statements of Operations, as and when they occur.

Other Current Assets

Other Current Assets	12 Months Ended
	Dec. 31, 2023
Other Current Assets [Abstract]
Other Current Assets	Note 14 - Other Current Assets Other current assets are comprised of the following: As of December 31, (In $ millions) 2023 2022 VAT receivable 16.5 9.4 Client rechargeables 5.3 4.6 Other tax receivables 4.7 5.2 Deferred financing fee 0.5 — Right-of-use lease asset (1) 0.5 0.5 Corporate income taxes receivables — 1.1 Other receivables 4.5 4.6 Total 32.0 25.4 (1) The right-of-use lease asset pertains to our office and yard leases (see Note 17 - Leases).

Newbuildings

Newbuildings	12 Months Ended
	Dec. 31, 2023
New buildings [Abstract]
Newbuildings	Note 15 - Newbuildings The table below sets forth the carrying value of our newbuildings: For the Years Ended December 31, (In $ millions) 2023 2022 Balance as of January 1, 3.5 135.5 Additions 1.9 — Disposals — (7.6) Impairment — (124.4) Total newbuildings 5.4 3.5 In September 2023, we entered into an agreement with Seatrium to amend the Construction Contracts for the rigs "Vale" and "Var" and to expedite their delivery dates, on a best efforts basis, to August 15, 2024 and November 15, 2024, respectively, in consideration for an additional payment of $12.5 million (acceleration costs) per rig on each respective delivery date. The remaining contracted installments as of December 31, 2023, payable on delivery, for the Seatrium newbuilds acquired in 2017 are approximately $319.8 million in the aggregate (approximately $294.8 million as of December 31, 2022). See Note 23 - Commitments and Contingencies . No rigs were delivered to the Company in either of the years ended December 31, 2023 or 2022. Impairment During the year ended December 31, 2023, we considered whether indicators of impairment existed that could suggest that the carrying amounts of our newbuildings may not be recoverable as of December 31, 2023. We concluded that impairment indicators existed for two newbuildings and performed a recoverability assessment. As the estimated undiscounted net cash flows were higher than the carrying amounts of our newbuildings, no impairment was recognized. Disposals During the year ended December 31, 2022 the Company entered into a letter of intent ("LOI") for the sale of three newbuilding jack-up rigs for $320.0 million, subject to various conditions, including entering into an agreement to give effect to the LOI. As a result of the potential sale of the three newbuilding rigs, we performed an impairment assessment in June 2022 and concluded that, based on management's best estimate of the most likely outcome, an impairment charge of $124.4 million was required to reflect the difference between the best estimate of the sales amount less costs to sell and the sum of the current capitalized cost and the expected cost to complete (level 3 fair value). In the quarter ended September 30, 2022, we entered into a sales agreement, giving effect to the previously executed LOI. The sales agreement was conditional upon various closing conditions, and u pon closing, the final proceeds from the sale would be used to pay the delivery installments of the three newbuilding jack-up rigs. During the quarter ended December 31, 2022, the sale of the three rigs was agreed and the Company recognized a gain on sale of $3.7 million (see Note 6 - Gain on Disposals). The calculation of the impairment charge recognized during the year ended December 31, 2022 is as follows: (In $ millions) Three newbuildings considered in the LOI carrying value 132.0 Estimated cost to complete and respective onerous provision, net 312.4 Total 444.4 Potential sale price 320.0 Impairment charge (124.4) Carrying Value 7.6

Jack-up drilling rigs, net

Jack-up drilling rigs, net	12 Months Ended
	Dec. 31, 2023
Jack Up Rigs [Abstract]
Jack-up drilling rigs, net	Note 16 - Jack-Up Drilling Rigs, net Set forth below is the carrying value of our jack-up rigs: As of December 31, (In $ millions) 2023 2022 Opening balance as of January 1, 2,589.1 2,730.8 Additions 104.7 100.2 Depreciation (115.5) (114.9) Disposals — (119.7) Impairment — (7.3) Ending balance as of December 31, 2,578.3 2,589.1 Accumulated depreciation related to jack-up rigs as at December 31, 2023 is $598.1 million (as at December 31, 2022 is $482.6 million). Depreciation of property, plant and equipment In addition to the depreciation in the above table, the Company recognized depreciation of $1.9 million for the year ended December 31, 2023 related to property, plant and equipment ($1.6 million in 2022 and $2.0 million in 2021). Accumulated depreciation related to property, plant and equipment as at December 31, 2023 is $7.1 million (as at December 31, 2022 is $5.2 million). Disposals During the year ended 2022, the Company concluded that the jack-up rig "Gyme" met the criteria for assets held for sale as at September 30, 2022. During October 2022, t he Company entered into an agreement to sell the "Gyme" for $120.0 million, pursuant to an undertaking by the Company under its most recent refinancing with PPL Shipyard which was completed in October 2022. The sale of the "Gyme" was completed during the quarter ended December 31, 2022 and the Company recognized a loss on sale of $0.2 million (see Note 6 - Gain on Disposals). The proceeds from the sale were applied to all outstanding amounts owed on the rig, and excess amounts were applied to accrued interest for the eight other rigs financed by PPL. This disposal was within our dayrate segment. Impairment During the years ended December 31, 2023 and December 31, 2021 no impairment was recognized. During the year ended December 31, 2022, we recognized an impairment loss of $7.3 million for the jack-up rig "Gyme" as the rig was written down to its expected sales value. During the year ended December 31, 2023, we considered whether indicators of impairment existed that could suggest that the carrying amounts of our jack-up rigs may not be recoverable as of December 31, 2023. We concluded that impairment indicators existed for seven rigs and performed a recoverability assessment, however no impairment loss was recognized during the year ended December 31, 2023 as the estimated undiscounted net cash flows were higher than the carrying amounts of our jack-up rigs. In making this determination, day rate revenues and utilization were key assumptions in determining the estimated future cash flows. We concluded that a severe, yet plausible scenario, with a 10% decrease in day rates and utilization used when estimating undiscounted cash flows would not result in a shortfall between the undiscounted cash flow and carrying amount for our jack-up drilling rigs. We will continue to monitor developments in the markets in which we operate for indications that the carrying amounts of our long-lived assets may not be recoverable.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Note 17 - Leases We have various operating leases, principally for office space, storage facilities and operating equipment, which expire at various dates. In 2018, we deemed two of our leases as onerous leases as a result of change in our operating strategy, one of which expired during the year ended December 31, 2021 (our Beverwijk office lease) and one of which expired on March 1, 2022 (our Houston office lease). Upon adoption of the leasing standard, for these operating leases, we offset the right-of-use asset of the lease by the existing carrying amount of the onerous lease liability previously recorded on the date of adoption. Supplemental balance sheet information related to leases is as follows: As of December 31, (In $ millions) 2023 2022 Operating leases right-of-use assets 1.6 2.2 Current operating lease liabilities 0.5 0.5 Non-current operating lease liabilities 1.1 1.7 The current portion of the right-of-use assets of $0.5 million are recognized within "Other current assets" (see Note 14 - Other Current Assets) and the non-current portion of the right-of-use assets of $1.1 million are recognized within "Other non-current assets" (see Note 18 - Other Non-Current Assets) in the Consolidated Balance Sheets. The current operating lease liabilities are recognized within "Other current liabilities" (see Note 20 - Other Current Liabilities) and the non-current operating lease liabilities are recognized within "Other liabilities" in the Consolidated Balance Sheets. Our weighted average remaining lease term for our operating leases is 4.2 years. Our weighted-average discount rate applied for the majority of our operating leases is 6.6%. Components of lease expenses are comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 Operating lease expense 12.5 7.9 Short-term operating lease expense — — Total operating lease expense 12.5 7.9 Sublease income — 0.3 Our sublease income relates to our Houston Office lease which ended on March 1, 2022. Of the sublease income recognized during the year ended December 31, 2022, $0.1 million was recognized as the amortization against our onerous lease liability and $0.2 million derived from subcontracting our Houston office space is recognized in "General and administrative expenses" in our Consolidated Statements of Operations. For the years ended December 31, 2023 and 2022, of the total operating lease expense, $10.7 million and $6.2 million is recognized as "Rig operating and maintenance expenses", respectively and $1.8 million and $1.7 million is recognized as "General and administrative expenses" in the Consolidated Statements of Operations, respectively. The future minimum leases payments under the Company's non-cancellable operating leases as at December 31, 2023 are as follows: (In $ millions) 2024 0.6 2025 0.6 2026 0.3 2027 0.3 2028 0.3 Thereafter — Total Minimum Lease Payments 2.1 Less: Imputed interest (0.5) Present value of operating liabilities 1.6

Other Non-Current Assets

Other Non-Current Assets	12 Months Ended
	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Other Non-Current Assets	Note 18 - Other Non-Current Assets Other non-current assets are comprised of the following: As of December 31, (In $ millions) 2023 2022 Deferred mobilization and contract preparation costs (1) 42.6 17.1 Deferred tax asset 19.3 3.5 Deferred financing fee 1.7 — Deferred demobilization revenue (2) 1.5 1.5 Right-of-use lease asset, non-current (3) 1.1 1.7 Liquidated damages (4) 0.8 2.3 Prepayments 0.3 0.2 VAT receivable — 0.4 Total 67.3 26.7 (1) Non-current deferred mobilization and contract preparation costs relates to the non-current portion of contract mobilization and preparation costs for the jack-up rigs "Idun", "Saga", "Hild", "Arabia I", "Arabia II" and "Arabia III", which entered into long-term contracts during the year (see Note 5 - Contracts with Customers).

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 19 - Accrued Expenses As of December 31, (In $ millions) 2023 2022 Accrued goods and services received, not invoiced 19.7 22.2 Accrued payroll and bonus 12.3 8.6 Other accrued expenses (1) 45.0 50.0 Total 77.0 80.8 (1) Other accrued expenses includes holding costs, professional fees, management fees and other accrued expenses related to rig operations.

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Other Current Liabilities	Note 20 - Other Current Liabilities As of December 31, (In $ millions) 2023 2022 Other current taxes payable (1) 19.7 11.4 VAT payable 17.5 22.7 Dividends payable (2) 11.9 — Corporate income taxes payable 6.7 — Accrued payroll and severance 0.8 0.2 Operating lease liability, current 0.5 0.5 Other current liabilities 6.1 1.4 Total other current liabilities 63.2 36.2 (1) Other current taxes payable includes withholding tax, payroll tax and other indirect tax related liabilities. (2) On December 22, 2023, the Company declared a cash distribution of $0.05 per share, corresponding to a total of $11.9 million, which was paid to our shareholders on January 22, 2024.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 21 - Debt Short-term debt is comprised of the following: As of December 31, (In $ millions) 2023 2022 2028 Notes 75.0 — 2030 Notes 25.0 — $350m Convertible bonds — 350.0 PPL Delivery Financing — 60.0 Hayfin Facility — 20.0 New DNB Facility — 20.0 Principal Outstanding 100.0 450.0 Deferred finance charges (1) (10.3) (4.9) Debt discount (6.8) — Hayfin Facility Back-End Fee — 0.4 New DNB Facility Back-End Fee — 0.4 Carrying Value Short-Term Debt (2) 82.9 445.9 Long-term debt is comprised of the following: As of December 31, (In $ millions) 2023 2022 2028 Notes 950.0 — 2030 Notes 490.0 — $250m Convertible Bonds 250.0 — PPL Delivery Financing — 609.6 Seatrium Delivery Financing — 259.2 Hayfin Facility — 134.0 New DNB Facility — 130.0 Principal Outstanding 1,690.0 1,132.8 Deferred finance charges (1) (40.5) (6.4) Debt discount (30.7) — PPL Delivery Financing Back-End Fee — 26.0 Seatrium Delivery Financing Back-End Fee — 13.5 Hayfin Facility Back-End Fee — 2.8 New DNB Facility Back-End Fee — 2.6 Effective Interest Rate adjustments on PPL and Seatrium Delivery Financing Facilities — 19.8 Carrying Value Long-Term Debt (2) 1,618.8 1,191.1 (1) As at December 31, 2023, deferred finance charges include the unamortized legal and bank fees associated with the 2028 Notes, 2030 Notes, $250 million Convertible Bonds, undr awn $150 million RCF as well as the unamortized debt issuance cost associated with the fair value of the Share Lending Agreement (see Note 28 - Stockholders' Equity). As at December 31, 2022, deferred finance charges included the unamortized legal and bank fees associated with the New DNB Facility, amended Hayfin Term Loan Facility, $350 million Convertible Bond and the unamortized extension fee associated with the amended PPL Delivery Financing Facility. (2) Carrying amounts in the table above include, where applicable, deferred financing fees, debt discounts and certain interest adjustments to allow for variations in interest payments to be straight lined. The scheduled maturities as of December 31, 2023 of our principal debt are as follows: (In $ millions) December 31, 2023 2024 100.0 2025 100.0 2026 100.0 2027 100.0 Thereafter 1,390.0 Total 1,790.0 Our Long Term Debt We have relied on long term secured loans and bonds and unsecured convertible notes to finance our business, including our shipyard financing facilities with Seatrium and PPL, our secured loan with Hayfin, our Syndicated facility and our New Bridge Facility and our Convertible bonds due 2023. In the second half of 2022, we refinanced our senior secured credit facilities, maturing in 2023 to 2025. Following the successful equity raise of $274.9 million of gross proceeds in August 2022 and the signing and full drawdown of our $150.0 million New DNB Facility, we repaid in full the Syndicated Facility and the New Bridge Facility. Concurrently, we extended our shipyard delivery financing arrangement with PPL and our Hayfin Facility to mature in 2025; deferred the delivery dates for our remaining two newbuild jack-up rigs to 2025 and agreed to sell to a third party three newbuild jack-up rigs which the Company had previously agreed to purchase from Seatrium. In February 2023, we issued $250.0 million principal amount of Convertible Bonds due in February 2028 and $150.0 million principal amount of Senior Secured Bonds due in February 2026, the proceeds of which were used to repay our $350 million of Convertible bonds due in May 2023. In November 2023, we issued $1.54 billion of senior secured notes due in 2028 and 2030 and used the proceeds, together with the proceeds of a $50 million equity raise, to repay all of our then outstanding secured debt, consisting of the amounts outstanding under our (i) Hayfin Facility, (ii) Seatrium Facility, (iii) PPL Facility (iv) Syndicated Facility with DNB and (v) Senior Secured Notes due 2026. As a result, as of December 31, 2023, our indebtedness consists of our $1.54 billion principal amount of senior secured notes due 2028 and 2030, which are secured by all of our currently owned rigs and our $250 million of unsecured Convertible Bonds due 2028. We also have a $180 million Super Senior Credit Facility, comprised of a $150 million RCF and a $30 million Guarantee Facility, which is also secured by all of the rigs we currently own. As of December 31, 2023, $29 million were drawn under the Guarantee Facility, and the $150 million under the RCF were undrawn (See Note 23 - Commitments and Contingencies). Set forth below is a description of our outstanding bonds and our existing credit facility. Senior Secured Notes On November 7, 2023, the Company's wholly owned subsidiary Borr IHC Limited, and certain other subsidiaries, issued $1,540.0 million in aggregate principal amount of senior secured notes, consisting of $1,025.0 million principal amount of senior secured notes due 2028 issued at a price of 97.750%, raising proceeds of $1,001.9 million, bearing a coupon of 10% per annum (the "2028 Notes") and $515.0 million principal amount of senior secured notes due 2030 issued at a price of 97.000%, raising proceeds of $499.5 million, bearing a coupon of 10.375% per annum (the "2030 Notes" and, together with the 2028 Notes, the "Notes"). The 2028 Notes mature on November 15, 2028 and the 2030 Notes mature on November 15, 2030, and interest on the Notes is payable on May 15 and November 15 of each year, beginning on May 15, 2024. The net proceeds from the issuance of the Notes, together with the proceeds of a $50 million private placement of the Company’s shares in Norway, were used to repay all of the Company’s outstanding secured borrowings, being the Company’s DNB Facility, Hayfin Facility, the PPL Delivery Financing and the Seatrium Delivery Financing, the Company’s existing $150.0 million principal amount of Senior Secured Bonds, and to pay related premiums, fees, accrued interest and expenses, in connection with the foregoing. The Notes were issued pursuant to an Indenture, dated November 7, 2023 (the "Indenture"), among Borr IHC Limited, the Company and certain subsidiaries of the Company named therein, and the trustee and security agent thereunder. The Notes are guaranteed by the Company and by certain of our subsidiaries (the "Subsidiary Guarantors") and secured by substantially all of the assets of the Company and Subsidiary Guarantors, including our 22 delivered jack-up rigs. The Super Senior Credit Facility (see below) is secured on a super senior basis by the same collateral that secures the Notes. The Indenture for the Notes requires amortization payments of $100 million per year at a price of 105% of principal amount, plus accrued interest. The Indenture also contains a cash sweep provision, applicable after the publication of the Company’s annual report, starting with the 2024 annual report to be published in 2025, requiring a mandatory offer to purchase the Notes with Excess Cash Flow (as defined in the Indenture) at 105% of principal amount plus accrued interest, of: (a) if the Consolidated Total Leverage Ratio (as defined in the Indenture) exceeds 3.0 to 1.0, a principal amount of Notes equal to 75% of the Excess Cash Flow for such fiscal year, (b) if the Consolidated Total Leverage Ratio exceeds 2.0 to 1.0 but is less than 3.0 to 1.0, a principal amount of Notes equal to 50% of the Excess Cash Flow for such fiscal year and (c) if the Consolidated Total Leverage Ratio exceeds 1.5 to 1.0 but is less than 2.0 to 1.0, a principal amount of Notes equal to 25% of the Excess Cash Flow for such fiscal year. Optional Redemption 2028 Notes Except as for the amortization described above, the 2028 Notes are not redeemable prior to November 15, 2025, except by paying a make-whole premium. From November 15, 2025, the Issuers may redeem all or a portion of the 2028 Notes at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date: 12-month period commencing on November 15, 2025 Price (% of principal amount) 2025 105.000 % 2026 102.500 % 2027 and thereafter 100.000 % Prior to November 15, 2025, the Issuers may redeem up to 40% of the original aggregate principal amount of the 2028 Notes issued under the Indenture (including any additional 2028 Notes) up to an amount equal to the net cash proceeds of one or more equity offerings, at a redemption price equal to 110.000% of the principal amount thereof, plus accrued and unpaid interest thereon, provided, that immediately after giving effect to any such redemption, at least 60% of the original aggregate principal amount of 2028 Notes (including any additional 2028 Notes) remains outstanding. In addition, at any time prior to November 15, 2025, the Issuers may redeem up to 10% of the original aggregate principal amount of the 2028 Notes issued under the Indenture (including any additional 2028 Notes) during any twelve-month period at a redemption price equal to 103.000% of the aggregate principal amount thereof, plus accrued and unpaid interest. 2030 Notes Except as for the amortization described above, the 2030 Notes are not redeemable prior to November 15, 2026, except by paying a make-whole premium. From November 15, 2026, the Issuers may redeem all or a portion of the 2030 Notes at the redemption prices set forth below, plus accrued and unpaid interest: 12-month period commencing on November 15, 2026 Price (% of principal amount) 2026 105.188 % 2027 102.594 % 2028 and thereafter 100.000 % Prior to November 15, 2026, the Issuers may redeem up to 40% of the original aggregate principal amount of the 2030 Notes issued under the Indenture (including any additional 2030 Notes) up to an amount equal to the net cash proceeds of one or more equity offerings, at a redemption price equal to 110.375% of the principal amount thereof, plus accrued and unpaid interest thereon, provided, that immediately after giving effect to any such redemption, at least 60% of the original aggregate principal amount of 2030 Notes (including any additional 2030 Notes) remains outstanding. In addition, at any time prior to November 15, 2026, the Issuers may redeem up to 10% of the original aggregate principal amount of the 2030 Notes issued under the Indenture (including any additional 2030 Notes) during any twelve-month period at a redemption price equal to 103.000% of the aggregate principal amount thereof, plus accrued and unpaid interest. The Indenture contains covenants that, among other things, restrict the ability of the Company and its “restricted subsidiaries” (currently consisting of all of the Company’s subsidiaries other than the entities which are party to the contracts to acquire Vale and Var (and the owner of such entity and our Mexican JVs)) to: (i) incur additional debt and issue certain preferred stock; (ii) incur or create liens securing debt; (iii) pay or make certain dividends, distributions, investments and other restricted payments; (iv) sell or otherwise dispose of certain assets; (v) engage in certain transactions with affiliates; and (vi) merge, consolidate, amalgamate or sell, transfer, lease or otherwise dispose of all or substantially all of the Company’s assets. These covenants are subject to important exceptions and qualifications. In addition, many of these covenants will be suspended with respect to the Notes during any time that the Notes have investment grade ratings from at least two rating agencies and no default with respect to the Notes has occurred and is continuing. Upon the occurrence of certain Change of Control Triggering Event (as defined in the Indenture), the Issuers must offer to purchase all of the Notes then outstanding at a price equal to 101% of the principal amount thereof, together with accrued and unpaid interest, if any, to the date of the purchase. The foregoing description of the Indenture is qualified in its entirety by reference to the full text of the Indenture, a copy of which is filed as Exhibit 4.13 to the Q3 2023 Form 6-K and is incorporated herein by reference. Super Senior Credit Facilit y On November 7, 2023, the Company and Borr IHC Limited (as borrowers and guarantors) entered into the Super Senior Credit Facility Agreement with DNB Bank ASA and Citibank N.A., Jersey Branch (as original lenders), DNB Bank ASA (as facility agent) (the “RCF Facility Agent”) and Wilmington Trust (London) Limited (as security agent). This facility is comprised of a $150 million RCF and a $30 million Guarantee Facility. Borrowings will be available to be used for general corporate and/or working capital purposes, provided that any amounts borrowed may not be used to fund any dividend or other distribution. The Super Senior Credit Facility is secured on a super-senior basis by the same security that secures the Notes. The interest rate on loans under the RCF is the applicable margin plus Term SOFR, subject to a zero floor. The initial margin is 3.25% per annum. Subject to certain conditions, the margin will be adjusted in accordance with a margin ratchet. The Super Senior Credit Facility Agreement contains certain incurrence covenants which are substantially the same as those that are contained in the Indenture for the Notes, customary affirmative and negative covenants, as well as financial covenants which require the Company to comply subject (where applicable) to the satisfaction of certain conditions, with a maximum consolidated net leverage ratio, a minimum liquidity ratio, a minimum equity ratio, a minimum collateral ratio (based on the market value of certain of our Rigs) and a minimum interest cover ratio on particular test dates and during particular periods. The agreement contains customary cure rights for certain of the financial covenants. A commitment fee is payable on the aggregate undrawn and uncancelled amount of the RCF from November 7, 2023 until the last day of the availability period for the facility at the rate of 40% of the then applicable margin. The termination date for the Super Senior Credit Facility will be the earlier of the date falling (i) 54 months after the Closing Date (as defined in the Super Senior Credit Facility Agreement); and (ii) six months prior to the final maturity of the Notes. The foregoing description of the Super Senior Credit Facility is qualified in its entirety by reference to the full text of the Super Senior Credit Facility Agreement, a copy of which is filed as Exhibit 4.14 to the Q3 2023 Form 6-K and is incorporated herein by reference. Undelivered Seatrium Newbuild Financing We have agreements to purchase two undelivered rigs from Seatrium, “Vale” and “Var”. These rigs are presently under construction by Seatrium and the best efforts expedited delivery date for "Vale" is scheduled for August 2024, and best efforts expedited delivery date for "Var" is scheduled for November 2024. In October 2023, we reached an agreement in principle with Seatrium to amend and restate the terms of these future and contingent obligations which include: (i) the payment of the final installments on each rig, of $147,406,000 per rig, payable on delivery; (ii) “holding costs” and “cost cover”, accruing until delivery of the rigs, which are payable quarterly in arrears; (iii) acceleration costs of $12.5 million per rig, payable on delivery; and (iv) the ability to draw on committed delivery financing from OPPL, of $130.0 million for each rig, with a four-year maturity, subject to a right for the lender to call the loan after three years, with repayments of principal at the rate of $15.0 million per year per rig in years 1 and 2 with the balance of the principal amortizing in years 3 and 4. As part of the agreement with Seatrium, the Company will grant a limited guarantee to Seatrium in respect of construction and related costs related to "Vale" and "Var" (less the amount of the committed financing) up to delivery. If the committed financing facilities are drawn, then the lender, OPPL, will not have recourse to the Company and will not have a guarantee from the Company in respect of the financing but the facilities will be secured by a separate security package, consisting of: (i) rig mortgages over "Vale" and "Var", (ii) pledges over receivables in respect of the rigs from each the owners of "Vale" and "Var" and (on a limited recourse basis) any intra-group charterers, (iii) pledge over insurances, (iv) share pledges over the share capital of the owners of "Vale" and "Var" (v) a fixed charge over a blocked debt reserve bank account, (vi) a floating charge over the earnings account of each owner of "Vale" and "Var" and (vii) an intercompany debt subordination deed. Unsecured Convertible Bonds due 2028 In February 2023, we raised $250.0 million through the issuance of new unsecured convertible bonds, which mature in February 2028, the proceeds of which were used to refinance our Convertible Bonds due in May 2023. The initial conversion price was $ 7.3471 per share, convertible into 34,027,031 common shares. Following the declaration and payment of a $0.05 per share cash distribution in January 2024 and a further $0.05 per share cash distribution paid in March 2024, the adjusted conversion price is $7.2384 per share, with the full amount of the convertible bonds convertible into 34,538,019 shares. The convertible bonds have a coupon of 5% per annum payable semi-annually in arrears in equal installments. The terms and conditions governing our convertible bonds contain customary events of default, including failure to pay any amount due on the bonds when due, and certain restrictions, including, among others, restrictions on disposal of assets and our ability to carry out any merger or corporate reorganization, subject to exceptions. For a description of our outstanding debt facilities as at December 31, 2022, see Note 21 - Debt, in our annual report on Form 20-F for the year ended December 31, 2022 filed with the SEC on March 30, 2023. Interest The weighted average interest rate for our interest-bearing debt (excluding our convertible bonds) was 10.62% for the year ended December 31, 2023 (2022: 7.32%).

Onerous Contracts

Onerous Contracts	12 Months Ended
	Dec. 31, 2023
Onerous Contracts [Abstract]
Onerous Contracts	Note 22 - Onerous Contracts Onerous contracts are comprised of the following: As of December 31, (In $ millions) 2023 2022 Onerous rig contract "Vale" 26.9 26.9 Onerous rig contract "Var" 27.6 27.6 Total 54.5 54.5 Onerous contracts relate to the estimated excess of remaining shipyard installments to be made to Seatrium over the fair value estimate at the time of acquisition of the newbuild contracts for the jack-up drilling rigs "Vale" and "Var" in 2017. During the quarter ended December 31, 2022, the Company entered into a sales agreement relating to three newbuild jack-up rigs, of which one was the jack-up rig "Tivar". Upon sale of the "Tivar" in the fourth quarter of 2022, the corresponding onerous liability was de-recognized.

Commitments and contingencies

Commitments and contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 23 - Commitments and Contingencies Transocean Transaction On March 15, 2017, the Company entered into an agreement and a signed letter of intent to acquire fifteen high specification jack-up drilling rigs from Transocean Inc ("Transocean"). The transaction consisted of Transocean's entire jack-up fleet, comprising eight rig owning companies in Transocean's fleet and five newbuildings under construction at Seatrium, Singapore. Of the five newbuildings acquired in connection with the Transocean Transaction, as of December 31, 2023 two rigs were delivered ("Saga", "Skald") in 2018, one was sold ("Tivar") in 2022 and two remain under construction ("Vale" and "Var"). We have an option to accept delivery financing from Seatrium with respect to “Vale” and “Var”. In June 2020, we agreed to defer the delivery of these two rigs to the third quarter of 2022, in January 2021, we agreed to defer delivery dates to the third quarter of 2023 and in October 2022, we agreed to further defer delivery dates to the second and third quarter of 2025. In September 2023, we entered into an executed agreement with Seatrium to amend the Construction Contract for the two rigs and give notice to expedite their delivery dates, on a best efforts basis only, to August 2024 and November 2024, respectively, in consideration for an additional payment of $12.5 million (acceleration costs) per rig on each respective delivery date. The remaining contracted installments for these two rigs under construction, payable on delivery are approximately $319.8 million as of December 31, 2023 ($294.8 million as of December 31, 2022). Acquisition of Seatrium Rigs In May 2018, the Company signed a master agreement to acquire five premium newbuild jack-up drilling rigs from Seatrium. In October 2019, January 2020 and April 2020 we took delivery of the new jack-up rigs “Hermod”, "Heimdal" and "Hild", respectively. In 2022 the delivery dates of the two remaining rigs were amended to 2023 and subsequently, the rigs "Huldra" and "Heidrun" were sold. The remaining contracted installments for these two rigs under construction, payable on delivery are nil as of December 31, 2023 and 2022 . The Company has the following delivery installment commitments: As of December 31, (In $ millions) 2023 2022 Delivery installments for jack-up drilling rigs 319.8 294.8 Total 319.8 294.8 The following table sets forth when our delivery installment commitments fall due as of December 31, 2023: (In $ millions) Less than 1 year 1-3 years Total Delivery installments for jack-up rigs 319.8 — 319.8 Other commercial commitments We have other commercial commitments which contractually obligate us to settle with cash under certain circumstances. Bank and parent company guarantees entered into between certain customers and governmental bodies guarantee our performance regarding certain drilling contracts, customs import duties and other obligations in various jurisdictions. The Company has the following guarantee commitments: As of December 31, (In $ millions) 2023 2022 Bank guarantees and performance bonds (1) 29.0 9.7 Total 29.0 9.7 (1) In April 2023, the Company entered into a facility with DNB Bank ASA to provide guarantees and letters of credit of up to $25.0 million collateralized by the rigs that secure the $175.0 million facility, enabling the Company to free up the restricted cash that used to be collateralized for guarantees and recognized in the Consolidated Balance Sheets as restricted cash. In August 2023, we amended our $25.0 million guarantee facility provided by DNB Bank ASA temporarily increasing the facility to $40.0 million until December 31, 2023. In November 2023, the Company entered into a new facility with DNB Bank ASA to provide guarantees and letters of credit of up to $30.0 million collateralized by the same security that secures the Notes. As a result, no restricted cash is supporting bank guarantees as at December 31, 2023 ($10.1 million at December 31, 2022). See Note 12 - Restricted Cash. As of December 31, 2023, the expected expiration dates of these obligations are as follows: (In $ millions) Less than 1 year 1-3 years Thereafter Total Bank guarantees and performance bonds 12.1 11.3 5.6 29.0 Assets pledged as collateral As of December 31, (In $ millions) 2023 2022 Book value of jack-up rigs pledged as collateral for debt facilities 2,578.3 2,396.2

Share based compensation

Share based compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share based compensation	Note 24 - Share Based Compensation Share Options We have adopted a long-term Share Option Scheme ("Borr Scheme"). The Borr Scheme permits the board of directors, at its discretion, to grant options to acquire shares in the Company, to employees and directors of the Company or its subsidiaries. Options granted under the Borr Scheme will vest at a date determined by the board at the date of the grant. The options granted under the plan to date have five-year terms and have various vesting profiles, which range over one year to four year periods. The total number of shares authorized by the Board to be issued under the Borr Scheme is 12,997,000. Share-based payment charges for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Share-based payment charge 4.6 2.1 0.1 Details regarding share option issuances for the year ended December 31, 2023, 2022 and 2021 are as follows: Grant Date Number of Share Options Issued Exercise Price Share Price Grant Date November 2023 2,100,000 6.65 6.19 September 2022 1,333,334 4.00 3.96 September 2022 1,333,333 4.75 3.96 September 2022 1,333,333 5.50 3.96 August 2021 5,150,000 2.00 1.40 The fair values of the options issued in 2023, 2022 and 2021 were calculated at $5.5 million, $8.0 million and $2.6 million respectively, and are recognized as "General and administrative expenses" or "Rig operating and maintenance expenses" over the vesting period, based on the employee's profit center, in the Consolidated Statements of Operations. The table below sets forth the number of share options and weighted average fair value price for the years ended December 31, 2023, 2022 and 2021 : 2023 2022 2021 Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Outstanding at January 1 9,445,006 1.19 5,670,000 0.64 885,000 1.91 Granted during the year 2,100,000 2.63 4,000,000 2.00 5,150,000 0.51 Exercised during the year (410,302) 0.47 — — — — Forfeited during the year (217,506) 0.88 (11,250) 2.68 (105,500) 1.24 Expired during the year (227,500) 2.29 (213,744) 1.78 (259,500) 3.19 Outstanding at December 31 10,689,698 1.48 9,445,006 1.19 5,670,000 0.64 The fair value of equity settled options are measured at grant date using the Black Scholes option pricing model using the following inputs: 2023 2022 2021 Expected future volatility 59 % 76 % 57 % Expected dividend rate — % — % — % Risk-free rate 4.3% to 4.8% 3.4% to 3.5% 0.5% to 0.8% Expected life after vesting 3.3 years 3.5 years 2 years The volatility was derived by using an average of the (i) historic volatility of the Company’s shares since listing on the Oslo Stock Exchange, (ii) peer group volatility and (iii) Oslo Energy sector index volatility. The table below sets forth the number of share options granted and weighted average exercise price during the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Number Weighted Avg. Exercise Price (in $) Number Weighted Avg. Exercise Price (in $) Number Weighted Avg. Exercise Price (in $) Outstanding at January 1 9,445,006 4.48 5,670,000 5.66 885,000 41.86 Granted during the year 2,100,000 6.65 4,000,000 4.75 5,150,000 2.00 Exercised during the year (410,302) 2.00 — — — — Forfeited during the year (217,506) 3.77 (11,250) 48.70 (105,500) 46.42 Expired during the year (227,500) 46.92 (213,744) 38.47 (259,500) 40.64 Outstanding at December 31 10,689,698 4.11 9,445,006 4.48 5,670,000 5.66 Exercisable at December 31 1,313,036 3.51 271,250 45.00 411,244 41.75 The aggregate intrinsic value for the outstanding share options as of December 31, 2023 and 2022 is $36.3 million and $16.9 million, respectively. The aggregate intrinsic value for the exercisable share options as of December 31, 2023 and 2022 is $6.7 million and nil, respectively. The total intrinsic value for the share options exercised during the year ended December 31, 2023 was $2.2 million. No share options were exercised during the year ended December 31, 2022 Weighted average remaining life for the vested options as at December 31, 2023, 2022 and 2021 were 2.54 years, 0.71 years and 1.19 years respectively. Performance Stock Units Pursuant to the Long Term Incentive Plan ("LTIP"), we granted 500,000 Performance Stock Units ("PSUs") to our Chief Executive Officer during the year ended December 31, 2022. The PSUs will vest in full on September 1, 2025 depending on certain performance criteria linked to the closing share price. Pay out of the award is subject to reaching $10.00 per share on 75% of the days in the third quarter of 2025, prior to September 1, 2025. PSUs expense for the year ended December 31, 2023 and 2022 was $0.3 million and $0.1 million, respectively. The table below sets forth the number of PSUs and weighted average fair value price for the year ended December 31, 2022: Number Weighted Avg. Fair Value Price (in $) Non-vested at January 1, 2022 — — Granted during the year 500,000 2.02 Forfeited during the year — — Expired during the year — — Non-vested at December 31, 2022 500,000 2.02 No PSUs were granted during the years ended December 31, 2023 and 2021. The fair value of the PSUs issued in 2022 was calculated at $1.0 million and is recognized in "General and administrative expenses" in the Consolidated Statements of Operations over the vesting period. The fair value of PSUs is measured at grant date using the Monte Carlo simulation model using the following inputs: 2022 Expected future volatility 81 % Share price at valuation date $3.96 Expected dividend rate — % Risk-free rate 3.54 % The volatility was derived by using an average of the (i) historic volatility of the Company’s shares since listing on the New York Stock Exchange, (ii) peer group volatility and (iii) Oslo Energy sector index volatility. Restricted Stock Units We granted 112,780 Restricted Stock Units ("RSUs") to our directors during the year ended December 31, 2023. The RSUs will vest in full on September 30, 2024 and are conditional on recipients continuing to serve as a director at the date of vesting. We granted 88,584 RSUs to our directors during the year ended December 31, 2022. These RSUs vested in full on September 30, 2023. RSUs expense for the years ended December 31, 2023 and 2022 was $0.5 million and $0.1 million, respectively. The table below sets forth the number of RSUs and weighted average fair value price for the years ended December 31, 2023 and 2022: 2023 2022 Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Non-vested at January 1 88,584 5.08 — — Granted during the year 112,780 6.19 88,584 5.08 Vested during the year (88,584) 5.08 — — Forfeited during the year — — — — Expired during the year — — — — Non-vested at December 31 112,780 6.19 88,584 5.08 The aggregate intrinsic value for the non-vested RSUs as of December 31, 2023 and 2022 is $0.8 million and $0.4 million, respectively. The total intrinsic value for the RSUs vested during the year ended December 31, 2023 was $0.6 million. No RSUs were granted during the year ended December 31, 2021. The fair value of the RSUs issued in 2023 and 2022 is calculated at $0.7 million and $0.5 million and is recognized in "General and administrative expenses" in the Consolidated Statements of Operations over the vesting period.

Pensions

Pensions	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Pensions	Note 25 - Pensions Defined Benefit Plans As part of the Paragon acquisition, on March 29, 2018, the Company acquired two defined benefit pension plans. As of December 31, 2023, the Company sponsored two non-U.S. noncontributory defined benefit pension plans, the Paragon Offshore Enterprise Ltd and the Paragon Offshore Nederland B.V. pension plans, which cover certain Europe-based salaried employees. As of January 1, 2017, all active employees under the defined benefit pension plans were transferred to a defined contribution pension plan related to their future service. The accrued benefits under the defined benefit plans were frozen and all employees became deferred members. As of December 31, 2023, assets of the Paragon Offshore Enterprise Ltd and Paragon Offshore Nederland B.V. pension plans were invested in instruments that are similar in form to a guaranteed insurance contract. The plan assets are based on surrender values, and represent the present value of the insured benefits. Surrender values are calculated based on the Dutch Central Bank interest curve. This yield curve is based on inter-bank swap rates. There are no observable market values for the assets (Level 3); however, the amounts listed as plan assets were materially similar to the anticipated benefit obligations under the plans. As of December 31, 2023, our pension obligations represented an aggregate liability of $114.3 million and an aggregate asset of $114.3 million, representing the fully funded status of the plans. In the year ended December 31, 2023, aggregate periodic benefit costs showed an interest cost of $2.7 million and an expected return on plan assets of $2.7 million . Our defined benefit pension plans are recorded at fair value. A reconciliation of the changes in projected benefit obligations (“PBO”) for our pension plans are as follows: As of December 31, (In $ millions) 2023 2022 Benefit obligation at beginning of period 106.9 172.9 Interest cost 2.7 0.7 Actuarial loss / (gain) 2.6 (54.3) Benefits paid (2.1) (1.8) Foreign exchange rate changes 4.2 (10.6) Benefit obligation at end of period 114.3 106.9 A reconciliation of the changes in fair value of plan assets is as follows: As of December 31, (In $ millions) 2023 2022 Fair value of plan assets at beginning of period 106.9 172.9 Actual return on plan assets 5.3 (53.6) Benefits paid (2.1) (1.8) Foreign exchange rate changes 4.2 (10.6) Fair value of plan assets at end of period 114.3 106.9 Both plans were fully funded as of December 31, 2023 and December 31, 2022 and as such, no amounts are recognized in our Consolidated Statements of Operations as of December 31, 2023 and December 31, 2022 . Benefit cost includes the following components: For the Years Ended December 31, (In $ millions) 2023 2022 Interest cost 2.7 0.7 Expected return on plan assets (2.7) (0.7) Net benefit cost — — No benefit cost was recognized in our Consolidated Statement of Operations during 2023 and 2022. Defined Benefit Plans – Key Assumptions The key assumptions for the plans are summarized below: As of December 31, Weighted Average Assumptions Used to Determine Benefit Obligations 2023 2022 Discount rate 2.33% to 2.47% 2.54% to 2.93% For the Years Ended December 31, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost 2023 2022 Discount rate 2.54% to 2.93% 2.54% to 2.93% Expected long-term return on plan assets 2.54% to 2.93% 2.54% to 2.93% The discount rates used to calculate the net present value of future benefit obligations are determined by using a yield curve of high-quality bond portfolios with an average maturity approximating that of the liabilities. The assets are based on the surrender value of vested benefits within the Nationale Nederlanden contract. This value is based on the projected future cash flows discounted with a (contractually specified) interest rate term structure (spot rates by term). The single interest equivalent of this interest rate term structure has been set as the expected return on plan assets. Defined Benefit Plans – Cash Flows No contributions were made to the plans in 2023 or 2022 . The Company does not expect to make contributions to the plan in the next year. The following table summarizes the benefit payments at December 31, 2023 estimated to be paid within the next ten years by the issuer of the guaranteed insurance contract: Payments by Period Total 2024 2025 2026 2027 2028 Five Years Thereafter Estimated benefit payments 36.5 2.5 2.8 3.0 3.3 3.5 21.4 Defined Contribution Plans The Company operates a number of defined contribution plans, allowing employees to make tax-deferred contributions to the plans. Under these plans the Company matches contributions up to certain defined percentages, depending on the plan. Matching contributions totaled $2.2 million, $2.4 million and $1.3 million for the years ended December 31, 2023 , 2022 and 2021 respectively.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial Instruments	Note 26 - Financial Instruments Concentration of credit risk There is a concentration of credit risk with respect to cash and cash equivalents and restricted cash to the extent that substantially all of the amounts are carried with DNB Bank ASA, Saudi Awwal Bank and Citibank, however we believe this risk is remote, as they are established and reputable establishments with no prior history of default. Interest rate risk As of December 31, 2023, all of our debt obligations are on fixed interest rates, therefore we are currently not exposed to the impact of interest rate changes. Under our RCF, undrawn as of December 31, 2023, we are exposed to the impact of interest rate changes as we are required to make interest payments based on SOFR plus associated margins. Significant increases in interest rates could adversely affect our future results of operations and cash flows should we elect to drawdown on this facility. The Company is exposed to changes in long-term market interest rates if and when maturing debt is refinanced with new debt. In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. The Company is not engaged in derivative transactions for speculative or trading purposes and has not entered into derivative agreements to mitigate the risk of these fluctuations. Foreign exchange risk management The majority of the Company's gross earnings are receivable in U.S dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency, however, we incur certain expenditures in other currencies. There is a risk that currency fluctuations, primarily relative to the U.S. dollar will have a negative effect on the value of our cash flows. The Company has not entered into derivative agreements to mitigate the risk of these fluctuations. Supplier risk A supplier risk exists in relation to our rigs undergoing construction with Seatrium, however, we believe this risk is remote as Seatrium are global leaders in the rig and shipbuilding sectors. Failure to complete the construction of any newbuilding on time may result in the delay, renegotiation or cancellation of employment contracts secured for the newbuildings. Further, significant delays in the delivery of the newbuildings could have a negative impact on the Company’s reputation and customer relationships. The Company could also be exposed to contractual penalties for failure to commence operations in a timely manner which could adversely affect the Company’s business, financial condition and results of operations. Fair values of financial instruments The carrying value and estimated fair value of the Company’s cash and financial instruments were as follows: As of December 31, 2023 As of December 31, 2022 (In $ millions) Hierarchy Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents (1) 1 102.5 102.5 108.0 108.0 Restricted cash (1) 1 0.1 0.1 2.5 2.5 Trade receivables (1) 1 56.2 56.2 43.0 43.0 Other current assets (excluding deferred costs) (1) 1 31.5 31.5 25.4 25.4 Due from related parties (1) 1 95.0 95.0 65.6 65.6 Non-current restricted cash (1) 1 — — 8.0 8.0 Liabilities Trade payables (1) 1 35.5 35.5 47.7 47.7 Accrued expenses (1) 1 77.0 77.0 80.8 80.8 Short-term accrued interest and other items (1) 1 42.3 42.3 77.7 77.7 Other current liabilities (1) 1 63.2 63.2 36.2 36.2 Short-term debt (2) 1 — — 100.8 100.8 Short-term debt (2) (3) 2 104.4 100.0 330.8 350.0 Long-term debt (2) 1 — — 1,177.7 1,177.7 Long-term debt (2) (4) 2 1,818.0 1,690.0 — — (1) The carrying values approximate the fair values due to their near term expected receipt of cash. (2) Short term and long term debt excludes debt discounts, deferred finance charges and effective interest rate adjustments. (3) As at December 31, 2023, this relates to our 10% Notes due in 2028 and 10.375% Notes due in 2030 and as at December 31, 2022, this relates to our 3.875% Convertible Bond due in 2023. These are fair valued using observable market-based inputs. (4) As at December 31, 2023 this relates to our 10% Notes due in 2028 and 10.375% Notes due in 2030 and our $250 million Convertible Bond due in 2028 and as at December 31, 2022, this relates to our 3.875% Convertible Bond due in 2023. These are fair valued using observable market-based inputs. Share Lending Agreement In addition, during the year ended December 31, 2023, the Company recognized a deferred finance charge in the amount of $12.4 million in relation to our Share Lending Framework Agreement ("SLFA"), which was fair valued using observable market-based inputs and is amortized over the term of the $250.0 million Convertible Bonds. During the year ended December 31, 2023 $2.3 million was amortized and recognized in "Interest Expense" in the Consolidated Statements of Operations. As at December 31, 2023, the current element of the unamortized deferred finance charge of $2.5 million and the non-current element of the unamortized deferred finance charge of $7.6 million are presented as a reduction to short-term and long-term debt, respectively, in the Consolidated Balance Sheets (see Note 21 - Common Shares).

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 27 - Related Party Transactions a) Transactions with entities over which we have significant influence We provided three rigs on a bareboat basis to Perfomex to service its contract with Opex and two rigs on a bareboat basis to Perfomex II to service its contract with Akal. Perfomex and Perfomex II provided the jack-up rigs under traditional dayrate and technical service agreements to Opex and Akal, respectively. This structure enabled Opex and Akal to provide bundled integrated well services to Pemex. Effective October 20, 2022, we provide all five rigs on a bareboat basis to Perfomex, to service its contracts with Opex. The bareboat revenue from these contracts is recognized as "Related party revenue" in the Consolidated Statements of Operations. The potential revenue earned by Opex and Akal was fixed under each of the Pemex contracts, while Opex and Akal managed the drilling services and related costs on a per well basis. The revenue from these contracts was also recognized as "Related party revenue" in the Consolidated Statements of Operations. On August 4, 2021, the Company executed a Stock Purchase Agreement between BMV and Operadora for the sale of the Company's 49% interest in each of the Opex and Akal joint ventures, as well as the acquisition of a 2% incremental interest in each of Perfomex and Perfomex II joint ventures. The sale was completed on the same date and on this date Opex and Akal ceased to be our related parties. Until their sale, as a 49% shareholder we were required to fund any capital shortfall in Opex or Akal should the Board of Opex or Akal make cash calls to the shareholders under the provisions of the Shareholders Agreement (see Note 7 - Equity Method Investments). Bareboat revenues and management services revenue from our related parties for the years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Bareboat Revenue - Perfomex 129.6 60.2 22.2 Bareboat Revenue - Perfomex II — 24.9 9.3 Management Services Revenue - Perfomex — — 5.0 Management Services Revenue - Perfomex II — — 3.0 Total 129.6 85.1 39.5 Repayment of loans from our equity method investments for the years ended December 31, 2023, 2022 and 2021 consisted of the following (1) : As of December 31, (In $ millions) 2023 2022 2021 Perfomex (9.8) — (31.6) Perfomex II — — (9.5) Opex — — (3.7) Akal — — (1.7) Total (9.8) — (46.5) (1) Repayment of loans from our equity method investments is included in "Equity method investments" in the Consolidated Balance Sheets (see Note 7 - Equity Method Investments). Receivables: The balances with the joint ventures as of December 31, 2023 and 2022 consisted of the following: As of December 31, (In $ millions) 2023 2022 Perfomex 92.4 62.9 Perfomex II 2.6 2.7 Total 95.0 65.6 b) Transactions with Other Related Parties Additional paid in capital: The transactions with other related parties for years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Magni Partners Limited (1) 0.6 1.6 — Total 0.6 1.6 — (1) The above relates to fees directly attributable to the Company's Equity Offerings in October 2023 and August 2022 and have been recognized in "Additional paid in capital" in our Consolidated Balance Sheets. Expenses: The transactions with other related parties for the years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Front End Limited Company (1) 2.7 — — Drew Holdings Limited (2) 1.0 — — Magni Partners Limited (3) 0.6 0.5 0.9 Total 4.3 0.5 0.9 (1) Front End Limited Company ("Front End") owns 3% of Borr Arabia Well Drilling LLC, an entity that is consolidated by Borr Drilling Limited and incorporated in the Kingdom of Saudi Arabia (the "KSA"). Front End is a party to a Management Agreement with Borr Arabia Well Drilling LLC to provide management services in the KSA, for which it receives a management fee. (2) Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Drew Holdings Limited ("Drew"). In January 2023 Drew entered into a SLFA with the Company and DNB Markets for the purposes of facilitating investors’ hedging activities in connection with the $250.0 million Senior Unsecured Convertible bonds due in 2028. In order to make the Company's shares available for lending, and only until a certain number of new shares were issued by the Company in connection with such lending arrangement, Drew made up to 15 million shares available to DNB Markets under the SLFA to facilitate such lending to the convertible bond investors requiring such hedging activities. Under the terms of the SLFA, the Company incurred fees payable to Drew for the shares available for lending. As at December 31, 2023, Drew is no longer a party to the SLA (see Note 28 - Stockholders' Equity). (3) Magni Partners Limited ("Magni") is a party to a Corporate Services Agreement with the Company, pursuant to which it provides strategic advice and assists in sourcing investment opportunities, financing and other such services as the Company wishes to engage, at the Company's option. There is both a fixed and variable element of the agreement, with the fixed cost element representing Magni's fixed costs and any variable element being at the Company's discretion. Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Magni. Effective January 1, 2024, the fixed element of the agreement is terminated, while the remaining terms of the agreement continue to remain in force. In January 2023, the Company recognized $1.3 million payable to Magni under a Call-off Contract to cover direct costs related to assistance in relation to the Unsecured Convertible Bonds and Secured Bonds completed in February 2023 and in November 2023, the Company recognized $1.0 million payable to Magni under a Call-off Contract to cover direct costs related to assistance in relation to 2028 and 2030 Notes completed in November 2023. As these costs are directly attributable to the issuance of these bonds, these amounts were recognized as deferred finance charges, presented as a reduction to the carrying value of the associated facilities and are amortized over the term of the facilities as "Interest Expense" in the Consolidated Statements of Operations.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 28 - Stockholders' Equity Authorized share capital (number of shares of $0.10 each) 2023 2022 Authorized shares: Balance at the start of the year 255,000,000 180,000,000 Increases: August 16, 2022 — 40,000,000 August 25, 2022 — 35,000,000 February 23,2023 60,000,000 — Authorized shares: Balance at the end of the year 315,000,000 255,000,000 Issued Share Capital (number of shares of $0.10 each) 2023 2022 Issued : Balance at the start of the year 229,263,598 137,218,175 Shares issued (1) 8,816,793 92,046,404 Share issued and subsequently repurchased (2) 26,000,000 — Shares cancelled (3) — (981) Issued shares: Balance at the end of the year (3) 264,080,391 229,263,598 Outstanding Share Capital (number of shares of $0.10 each) 2023 2022 Issued shares 264,080,391 229,263,598 Treasury shares 11,498,355 315,511 Outstanding shares 252,582,036 228,948,087 (1) Details of shares issued for the years ended December 31, 2023 and December 31, 2022 are as follows: Date of Issue Type of Listing Exchange Shares Issued Price per Share ($) Gross Proceeds ($ millions) October 24, 2023 Private placement Oslo 7,522,838 6.65 50.1 Various (ATM Sales) (5) US public offering NYSE 1,293,955 7.53 9.7 8,816,793 59.8 Date of Issue Type of Listing Exchange Shares Issued Price per Share ($) Gross Proceeds ($ millions) January 31, 2022 Private placement Oslo 13,333,333 2.25 30.0 August 17, 2022 US public offering NYSE 41,666,667 3.60 150.0 August 26, 2022 US public offering NYSE 34,696,404 3.60 124.9 Various (ATM Sales) (5) US public offering NYSE 2,350,000 3.78 8.9 92,046,404 313.8 (2) During the year ended December 31, 2023, the Company issued 15.0 million shares, 10.0 million shares and 1.0 million of shares, of par value $0.10 each on January 31, 2023, February 24, 2023 and August 16, 2023 respectively, which were subsequently repurchased into treasury. (3) Effective August 26, 2022 the company recorded the cancellation of 981 shares which related to fractional shares. (4) As of December 31, 2023, our shares were listed on the Oslo Stock Exchange and the New York Stock Exchange. (5) In July 2021, the Company entered into an Equity Distribution Agreement with Clarksons for the offer and sale of up to $40.0 million of common shares of the Company through an ATM program. During the year ended December 31, 2023, the Company issued 1,293,955 shares raising gross proceeds of $9.7 million and net proceeds of $9.6 million, with compensation paid by the Company to Clarksons of $0.1 million. During the year ended December 31, 2022, the Company issued 2,350,000 shares raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons of $0.1 million. Treasury Shares (number of shares of $0.10 each) 2023 2022 Treasury shares : Balance at the start of the year 315,511 406,333 Share issued and subsequently repurchased 26,000,000 — Shares bought back (1) 125,000 — Shares lent under the Share Lending Agreement (2) (14,443,270) — Shares issued on exercise of share options (3) (410,302) — Shares issued as compensation (4) (88,584) (90,822) Treasury shares : Balance at the end of the year 11,498,355 315,511 (1) On December 8, 2023 the board approved a share repurchase program for the Company’s shares, to be purchased in the open market and limited to a total amount of $100 million. In December 2023, we acquired an aggregate of 125,000 shares on the NYSE at an aggregate purchase price of $0.8 million. The Company did not acquire any of its own shares in 2022. (2) As of December 31, 2023, the Company had loa ned 14,443,270 share s to DNB for the purposes of allowing the holders of the New Convertible Bonds to perform hedging activities on the OSE (see "Share Lending Agreement"). (3) The Company issued 1.0 million shares of par value $0.10 each on August 16, 2023, which were subsequently repurchased into treasury to be used solely for issuance in connection with the exercise of share options vesting under the Company’s existing share option program. The Company has issued 410,302 of these treasury shares in connection with our Borr Scheme (see Note 24 - Share Based Compensation) following the exercise of 410,302 share options. (4) During the years ended December 31, 2023 and December 31, 2022, the Company issued 88,584 and 90,822 common shares in relation to Director compensation. The value on the date of issuance of $0.45 million and $0.3 million, respectively, has been recognized in "General and Administrative expenses" in the Consolidated Statements of Operations (see Note 24 - Share Based Compensation as it relates to the 2023 issuance of common shares in settlement of RSUs). The book value of the treasury shares issued was $2.8 million and $3.9 million respectively, as these shares had been bought back in 2018. The loss on issuance of the treasury shares of $2.4 million and $3.6 million, respectively, has been recognized as a reduction in "Additional Paid in Capital" in the Consolidated Balance Sheets as at December 31, 2023 and December 31, 2022. Share Lending Agreement In connection with the $250.0 million Convertible Bonds (see Note 21 - Debt), the Company entered into a SLFA with DNB Markets ("DNB") and Drew Holdings Limited ("Drew") with the intention of making up to 25.0 million common shares ("Issuer Lending Shares") available to lend to DNB for the purposes of allowing the holders of the New Convertible Bonds to perform hedging activities on the OSE. The SLFA contains a provision that the Issuer Lending Shares be available only for trading on the OSE. At the date of the execution of the SLFA, the Company did not have a sufficient number of common shares available for trading on the OSE and therefore began the process of issuing new shares and making them available for trading on the OSE by way of a listing prospectus (the “Prospectus Event”). The Company and Drew, a shareholder of the Company, separately entered into a Share Loan Agreement (“SLA”) in which Drew would make up to 15.0 million of its shares available to DNB (“Drew Shares”) until the Prospectus Event. During this period, the Company would lend to Drew 15.0 million of its shares that were not yet available for trading on the OSE. The Prospectus Event occurred on April 19, 2023, at which time Drew returned such shares back to Borr. In addition, DNB borrowed an equivalent amount of Drew Shares from Borr to redeliver these shares back to Drew (the “Settlement”). Upon the Settlement, Drew ceased to be a party to the SLA. The "Loan Period" of the SLFA is defined as the earlier of (a) the date the SLFA is terminated (b) any date the convertible bonds are either redeemed or converted into the Company’s shares in full and (c) the maturity date of the convertible bond in 2028. At the expiration of the Loan Period, DNB must return all of the Issuer Lending Shares back to Borr. During the Loan Period, if an investor returns any lending share to DNB, DNB shall return such lending shares back to the Company immediately. The Company receives no proceeds from lending out the Issuer Lending Shares to DNB. DNB must charge each investor a lending fee of a maximum of 0.5% per annum in which for the first six months from the date of the SLFA, the Company agrees to Compensate DNB so that the lending fee DNB receives in total will be 1.0% per annum. There is no compensation that the Company pays DNB for returning the Issuer Lending Shares to the Company. There is no unilateral mechanism given to either party in choosing to settle in cash except for a very limited scenario involving default. DNB is not required to provide collateral for borrowing the shares. There are no dividends paid to DNB as a result of lending out the Issuer Lending Shares. At issuance, the share lending agreement was accounted for under ASC 470-20 as a "Deferred Finance Charge" of the $250.0 million Convertible Bonds, with an offset to "Additional Paid in Capital" in the Consolidated Balance Sheets. The share lending agreement was measured at a fair value in accordance with ASC 820 at inception and the Company recognized $12.4 million accordingly. Under the terms of the SLA, the Company incurs fees payable to Drew which are calculated based on the market-based value of the borrowed shares by DNB from Drew at the interest rate of the New Convertible Bonds. During the year ended December 31, 2023 fees of $1.0 million were incurred (see Note 27 - Related Party Transactions ). Further, as part of the SLA, the Company also guaranteed to reimburse Drew in the event DNB does not return the Drew Shares at a price equal to the higher of the Company’s share price and NOK56.36. As DNB returned in full the shares borrowed from Drew on April 19, 2023, the Company was not required to fulfil the guarantee. The fair value of the guarantee was concluded to be immaterial as at March 31, 2023. As of March 31, 2023, 14,232,778 shares had been drawn by DNB from Drew which were repaid upon Settlement on April 19, 2023, by DNB drawing this same number of shares from the Company. As of December 31, 2023, the Company had loaned 14,443,270 shares to DNB for the purposes of allowing the holders of the New Convertible Bonds to perform hedging activities on the OSE. As of December 31, 2023, the unamortized amount of the issuance costs associated with the SLFA was $10.1 million. Contributed Surplus On December 22, 2023, at a Special General Meeting, pursuant to the Bermuda Companies Act, the Company's shareholders approved a reduction of the Share Premium (Additional Paid in Capital "APIC") account of the Company from $2,290,578,712 to $290,578,712 by the transfer of $2,000,000,000 of the Share Premium (APIC) to the Company’s Contributed Surplus account, with effect from December 22, 2023. The Contributed Surplus account, as defined by Bermuda law, consists of amounts previously recorded as Share Premium (APIC). Dividends On December 22, 2023, the Company declared a cash distribution of $0.05 per share, corresponding to a total of $11.9 million, which was paid to our shareholders on January 22, 2024.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 29 - Subsequent Events On December 22, 2023, the Company declared a cash distribution of $0.05 per share, corresponding to a total of $11.9 million, which was paid to our shareholders on January 22, 2024. In January 2024 and March 2024, t he Company has issued 108,000 and 303,336 treasury shares, respectively, in connection with the Borr Scheme (see Note 24 - Share Based Compensation) following the exercise of 108,000 and 303,336 share options, respectively. In February 2024, the Company announced that its Board of Directors approved a cash distribution of $0.05 per share for the fourth quarter of 2023 which was paid on March 18, 2024 to shareholders of record at close of business on March 4, 2024. In March 2024, Borr IHC Limited and certain other subsidiaries issued an additional $200 million in aggregate principal amount of 10% senior secured note due 2028 ("the Additional Notes") at a price of 102.5% of par, raising gross proceeds of $211.9 million. The Additional Notes have the same terms and conditions as the $1,025,000,000 principal amount notes issued in November 2023 and will mature on November 15, 2028 (see Note 21 - Debt). The net proceeds from the issuance are intended to be used for general corporate purposes, which may include capital expenditures, activation costs, optimization of shipyard newbuild financing and select asset additions or funding of working capital.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 22.1	$ (292.8)	$ (193)

Insider Trading Arrangements

Insider Trading Arrangements	12 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Preparation and Acco_2

Basis of Preparation and Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Going concern	Going concern The consolidated financial statements have been prepared on a going concern basis. In our previous reports, except for the period ending September 30, 2023, we had disclosed a substantial doubt over our ability to continue as a going concern due to us incurring significant losses since inception and our potential dependence on additional financing in order to meet our existing capital expenditure commitments, working capital requirements and our debt obligations expected in the next 12 months. With the execution of our comprehensive refinancing in October and November 2023, which included the issuance of our $1.54 billion Notes, new $180.0 million Super Senior Credit Facility (comprised of a $150 million Revolving Credit Facility ("RCF") and a $30.0 million Guarantee Facility), $50.0 million equity raise, and issuance of additional $200.0 million under the same terms and conditions as the $1.025 billion 2028 Notes in March 2024, we believe that our cash flow from operations, together with the $150 million undrawn under our RCF and our cash and cash equivalents, will meet our anticipated capital expenditure commitments, working capital requirements, our debt obligations and allow us to meet our debt covenants, for the next 12 months following the date of issue of the financial statements. The financial statements included in this report have been prepared on a going concern basis of accounting, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due. Financial information in this report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that would be necessary if we were unable to realize our assets and settle our liabilities as a going concern in the normal course of operations. Such adjustments could be material.
Basis of preparation	Basis of preparation The audited consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). Amounts are presented in United States Dollars (“U.S. dollar or $”) rounded to the nearest million, unless otherwise stated. On December 14, 2021 the Board of Directors approved a 2-to-1 reverse share split of the Company’s shares. Upon effectiveness of the Reverse Split, every two shares of the Company’s issued and outstanding common shares, par value $0.05 per share was combined into one issued and outstanding common share, par value $0.10 per share. Unless otherwise indicated, all share and per share data in these Consolidated Audited Financial Statements have been adjusted as necessary to give effect of our Reverse Share Split and is approximate due to rounding. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period's presentation.
Principles of consolidation	Principles of consolidation A variable interest entity (“VIE”) is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity’s residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity’s economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. Investments in entities in which we directly or indirectly hold more than 50% of the voting control and meeting criteria (a) and (b) above in regards to requirements to consolidate a VIE are consolidated in the financial statements. All intercompany balances and transactions are eliminated. The non-controlling interests of subsidiaries are included in the consolidated balance sheets and consolidated statements of operations as “Non-controlling interests".
Foreign currencies	Foreign currencies The Company and the majority of its subsidiaries use the U.S. dollar as their functional currency as the majority of their revenues and expenses are denominated in U.S. dollars. Accordingly, the Company’s reporting currency is also U.S. dollars. For subsidiaries that maintain their accounts in currencies other than U.S. dollars, the Company uses the current method of translation whereby the statement of operations is translated using the average exchange rate for the period and the assets and liabilities are translated using the period end exchange rate. Transactions in foreign currencies are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Gains and losses on foreign currency transactions are included in "Other financial (expenses) income, net" in the Consolidated Statements of Operations.
Use of estimates	Use of estimates The preparation of financial statements in accordance with U.S. GAAP requires that management make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our jack-up rigs' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap values, utilization, dayrates, operating and maintenance expenses and capital expenditures.
Fair value measurements	Fair value measurements We account for fair value measurement in accordance with the accounting standards guidance using fair value to measure assets and liabilities. The guidance provides a single definition for fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities.
Revenue, Contract assets and contract liabilities	Revenue The Company performs services that represent a single performance obligation under its drilling contracts. This performance obligation is satisfied over time. The Company earns revenues primarily by performing the following activities: (i) providing the drilling rig, work crews, related equipment and services necessary to operate the rig (ii) delivering the drilling rig by mobilizing to and demobilizing from the drilling location, and (iii) performing certain pre-operating activities, including rig preparation activities or equipment modifications required for the contract. The Company recognizes revenues earned under drilling contracts based on variable dayrates, which range from a full operating dayrate to lower rates or zero rates for periods when drilling operations are interrupted or restricted, based on the specific activities performed during the contract. The total transaction price is determined for each individual contract by estimating both fixed and variable consideration expected to be earned over the firm term of the contract and may include the blending of rates when a contract has operating dayrates that change over the firm term of the contract. Such dayrate consideration is attributed to the distinct time period to which it relates within the contract term, and therefore is recognized as the Company performs the services. The Company recognizes reimbursement revenues and the corresponding costs, gross, at a point in time, as the Company provides the customer-requested goods and services, when such reimbursable costs are incurred while performing drilling operations. Prior to performing drilling operations, the Company may receive pre-operating revenues, on either a fixed lump-sum or variable dayrate basis, for mobilization, contract preparation, customer-requested goods and services or capital upgrades or other upfront payments, which the Company recognizes over time in line with the satisfaction of the performance obligation. These activities are not considered to be distinct within the context of the contract and therefore, the associated revenue is allocated to the overall performance obligation and recognized ratably over the expected term of the related drilling contract. We record a contract liability for mobilization fees received, which is amortized ratably to dayrate revenue as services are rendered over the initial term of the related drilling contract. We may receive fees (on either a fixed lump-sum or variable dayrate basis) for the demobilization of our rigs. Demobilization revenue expected to be received upon contract completion is estimated as part of the overall transaction price at contract inception and recognized over the term of the contract. In most of our contracts, there is uncertainty as to the likelihood and amount of expected demobilization revenue to be received as the amount may vary dependent upon whether or not the rig has additional contracted work following the contract. Therefore, the estimate for such revenue may be constrained, depending on the facts and circumstances pertaining to the specific contract. We assess the likelihood of receiving such revenue based on past experience and knowledge of the market conditions. Contract costs The Company incurs costs to prepare rigs for contract and deliver or mobilize rigs to drilling locations. The Company defers pre-operating contract preparation and mobilization costs, and recognizes such costs on a straight-line basis, in "Rig operating and maintenance expenses" in the Consolidated Statements of Operations, over the estimated firm period of the drilling contract. Contract preparation and mobilization costs can include costs relating to equipment, labor and rig transportation costs (tugs, heavy lift vessel costs), that are directly attributable to our future performance obligation under each respective drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization process. Related parties Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are subject to common control or common significant influence. Related party revenue a. Management and services revenue: We provide corporate support services, secondment of personnel and management services to our equity method investments under management and service agreements. The revenue for these services is based on costs incurred in the period, inclusive of an appropriate margin and has been recognized under related party revenue in our Consolidated Statement of Operations. The associated costs are included within total operating expenses in our Consolidated Statements of Operations. b. Bareboat revenue: We lease rigs on bareboat charters to our Equity Method Investments, Perforaciones Estratégicas e Integrales Mexicana, S.A. de C.V. (“Perfomex”) and Perforaciones Estrategicas e Integrales Mexicana II, SA de CV (“Perfomex II”). We expect lease revenue earned under the bareboat charters to be variable over the lease term, as a result of the contractual arrangement which assigns the bareboat a value over the lease term equivalent to residual earnings after operating expenses and other fees. We, as a lessor, do not recognize a lease asset or liability on our balance sheet at the time of the formation of the entities nor as a result of the lease. Revenue is recognized under "Related party revenue" in our Consolidated Statements of Operations. Contract assets and contract liabilities Co ntract asset balances consist primarily of accrued revenue relating to work performed in the period, however which is yet to be invoiced. When the right to consideration becomes unconditional based on the contractual billing schedule, accrued revenue is recognized. At the point that accrued revenue is billed, trade accounts receivables are recognized. Contract asset balances also include amounts recognized in advance of amounts invoiced due to the blending of rates when a contract has operating dayrates that increase over the firm term of the contract.
Rig operating and maintenance expenses	Rig operating and maintenance expenses Rig operating and maintenance expenses are costs associated with operating rigs that are either in operation or stacked, and include the remuneration of offshore crews and related costs, rig supplies, inventory, insurance costs, expenses for repairs and maintenance as well as costs related to onshore personnel in various locations where we operate and are expensed as incurred. Stacking costs for rigs are expensed as incurred.
Impairment of long-lived assets	Impairment of long-lived assets We continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets may not be recoverable. At least annually, and if such events or changes in circumstances are present, we assess the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amounts over the respective fair values, based on the undiscounted cash flows. In this assessment of recoverability, we apply a variety of valuation methods, incorporating income, market and cost approaches. We may weight the approaches under certain circumstances. Our estimate of fair value generally requires us to use significant unobservable inputs, representative of Level 3 fair value measurements, including assumptions regarding long-term future performance of our asset groups, such as projected revenues and costs, dayrates, utilization and residual values. These projections involve uncertainties that rely on assumptions about demand for our services and future market conditions.
Equity method investments	Equity method investments We account for our ownership interest in certain of our investments as equity method investments. The equity method of accounting is applied when we generally have between 20% and 50% of the voting rights, or over which we have significant influence, but over which we do not exercise control or have the power to control the financial and operational policies. This also extends to entities in which we hold a majority interest, but we do not have control. Under this method, we record our investment at cost and adjust the carrying amount for our share of earnings or losses of the equity method investment in "Income/(loss) from equity method investments" in the Consolidated Statements of Operations. When our share of losses equals or exceeds our interest, we do not recognize further losses, unless we have incurred obligations or made payments on behalf of the equity method investment. Guarantees issued to the equity method investments and in-substance capital contributions and capital contributions are added to the carrying value of the equity method investment in the Consolidated Balance Sheets. Our share of earnings or losses are reflected as a non-cash activity in operating activities in the Consolidated Statements of Cash Flows.
Income taxes	Income taxes Borr Drilling Limited is a Bermuda company that has a number of subsidiaries, affiliates and branches in various jurisdictions, a number of which have evolving tax laws. On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 ("Corporate Income Tax Act") which introduces a 15% income tax from January 1, 2025. This is consistent with the Global Anti-Base Erosion Model Rules (Pillar 2) published by the Organization for Economic Co-operation and Development (“OECD”) and it overrides previous assurances of tax exemption in Bermuda until 2035. The Company and its Bermuda subsidiaries will not be subject to Bermuda income tax until such time as Borr achieves consolidated global revenues of USD equivalent of EUR 750 million or more in two of the preceding four fiscal years. This means Bermuda income tax will be applicable to the Company at the same time Pillar 2 becomes applicable to Borr globally. This is expected to be from January 1, 2026. Certain subsidiaries, affiliates and branches operate in other jurisdictions where withholding taxes are imposed. Consequently, income taxes have been recorded in these jurisdictions when appropriate. Our income tax expense is based on our income and statutory tax rates in the various jurisdictions in which we operate. We provide for income taxes based on the tax laws and rates in effect in the countries in which operations are conducted and income is earned. The determination and evaluation of our annual group income tax provision involves interpretation of tax laws in various jurisdictions in which we operate and requires significant judgment and use of estimates and assumptions regarding significant future events, such as amounts, timing and character of income, deductions and tax credits. There are certain transactions for which the ultimate tax determination is unclear due to uncertainty in the ordinary course of business. We recognize tax liabilities on uncertain tax positions as per US GAAP, including penalties and interest, if applicable, based on our assessment of whether our tax positions are more likely than not sustainable, based solely on the technical merits and considerations of the relevant taxing authority’s widely understood administrative practices and precedence. Changes in tax laws, regulations, agreements, treaties, foreign currency exchange restrictions or our levels of operations or profitability in each jurisdiction may impact our tax liability in any given year. While our annual tax provision is based on the information available to us at the time, a number of years may elapse before the ultimate tax liabilities in certain tax jurisdictions are determined. Current income tax expense reflects an estimate of our income tax liability for the current period, withholding taxes, changes in prior year tax estimates as tax returns are filed, or from tax audit adjustments. Income tax expense consists of taxes currently payable and changes in deferred tax assets and liabilities calculated according to local tax rules. Deferred tax assets and liabilities are based on temporary differences that arise between carrying values used for financial reporting purposes and amounts used for taxation purposes of assets and liabilities and the future tax benefits of tax loss carry forwards. Our deferred tax expense or benefit represents the change in the balance of deferred tax assets or liabilities as reflected in the Consolidated Balance Sheets. Valuation allowances are determined to reduce deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized. To determine the amount of deferred tax assets and liabilities, as well as of the valuation allowances, we must make estimates and certain assumptions regarding future taxable income, including assumptions regarding where our jack-up rigs are expected to be deployed, as well as other assumptions related to our future tax position. A change in such estimates and assumptions, along with any changes in tax laws, could require us to adjust the deferred tax assets, liabilities, or valuation allowances. The amount of deferred tax provided is based upon the expected manner of settlement of the carrying amount of assets and liabilities, using tax rates enacted at the balance sheet date. The impact of tax law changes is recognized in periods when the change is enacted.
Earnings per share	Earnings per share Basic earnings/(loss) per share (“EPS”) is calculated based on the income/(loss) for the period available to common shareholders divided by the weighted average number of shares outstanding. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments which for the Company includes share options, performance stock units, restricted stock units and convertible bonds. The determination of dilutive EPS may require us to make adjustments to net income/(loss) and the weighted average shares outstanding used to compute basic EPS unless anti-dilutive.
Onerous contracts	Onerous contracts When we acquire newbuild jack-up drilling rigs there may exist instances whereby the fair value of the rig being constructed is less than the present value of the remaining contractual commitments for the rig. Such contracts are recorded as a liability when the difference is identified.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits and highly liquid financial instruments with original maturities of three months or less.
Restricted cash	Restricted cash Restricted cash consists of bank deposits which have been pledged as collateral for guarantees issued by banks in relation to rig operating contracts or minimum deposits which must be maintained in accordance with credit agreements. Restricted cash amounts with maturities longer than one year are classified as non-current assets.
Allowance for credit losses	Allowance for credit losses Financial assets recorded at amortized cost reflect an allowance for current expected credit losses ("credit losses") over the lifetime of the instrument. The allowance for credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the balance is uncollectible. Expected recoveries will not exceed amounts previously written-off or current credit loss allowances by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Specific calculation of our credit allowances is included in the respective accounting policies included herein; all other financial assets are assessed on an individual basis calculated using the method we consider most appropriate for each asset.
Trade receivables	Trade receivables
Jack-up drilling rigs	Jack-up drilling rigs Jack-up rigs and related equipment are recorded at historical cost less accumulated depreciation and impairment. Jack-up rigs and related equipment acquired as part of asset acquisitions are stated at fair market value as of the date of acquisition. The cost of our jack-up rigs and related equipment are depreciated on a straight-line basis, after deducting salvage values, over their estimated remaining economic useful lives. Depreciation commences when an asset is placed into service, and available for its intended use. Useful lives applied in depreciation are as follows: Jack-up rigs 30 years Jack-up rig equipment and machinery 3 to 20 years All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our jack-up rigs are under construction or undergoing major enhancements or improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild jack-up rig. Expenditures that do not improve the operating efficiency or extend the useful lives of jack-up rigs or related equipment are expensed as incurred. We use judgement in considering if events or changes in circumstances indicate that the carrying amount of such jack-up rigs may not be recoverable. This assessment is done on a quarterly basis. When indicators are present, recoverability is determined by comparing the carrying amount of an asset to the estimated undiscounted cash flows of the asset. If the total of the undiscounted cash flows is less than the carrying amount, an impairment loss is recognized as the difference between the carrying amount of the asset and its fair value. Jack-up rigs and related equipment held-for-sale are recorded at the lower of net book value or fair value.
Interest cost capitalized	Interest cost capitalized Interest costs are capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of newbuilding rigs under construction. The interest costs capitalized are calculated using the weighted average cost of borrowings, from commencement of the asset development until substantially all the activities necessary to prepare the asset for its intended use are complete. We do not capitalize amounts beyond the actual interest expense incurred in the period.
Newbuildings	Newbuildings Jack-up rigs under construction are capitalized, classified as newbuildings and presented as non-current assets. All costs directly incurred in connection with the construction of newbuildings are capitalized, including allocations of interest incurred during periods that our newbuildings are under construction. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild jack-up rig.
Leases	Leases The following sets out the lease accounting policy for all leases with the exception of short-term leases (less than 12 months) for which we have elected to recognize the lease payments in our Consolidated Statements of Operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. Lessee: When we enter into a new contract, or modify an existing contract, we evaluate whether that contract has a finance or operating lease component. We do not have, nor expect to have any leases classified as finance leases. We determine the lease commencement date by reference to the date the leased asset is available for use and transfer of control has occurred from the lessor. At the lease commencement date, we measure and recognize a lease liability and a right of use ("ROU") asset in the Consolidated Balance Sheets. The lease liability is measured at the present value of the lease payments not yet paid, discounted using the estimated incremental borrowing rate ("IBR") at lease commencement. The ROU asset is measured at the initial measurement of the lease liability, plus any lease payments made to the lessor at or before the commencement date, minus any lease incentives received, plus any initial direct costs incurred by us. After the commencement date, we adjust the carrying amount of the lease liability by the amount of payments made in the period as well as the unwinding of the discount over the lease term using the straight-line interest method. After commencement date, we amortize the ROU asset by the amount required to keep total lease expense including interest constant (straight-line over the lease term). Absent an impairment of the ROU asset, the single lease cost is calculated so that the remaining cost of the lease is allocated over the remaining lease term on a straight-line basis. The Company assesses a ROU asset for impairment and recognizes any impairment loss in accordance with the accounting policy on impairment of long-lived assets. We applied the following significant assumptions and judgments in accounting for our leases. • We apply judgment in determining whether a contract contains a lease or a lease component as defined by Topic 842. • We have elected to combine leases and non-lease components. As a result, we do not allocate our consideration between leases and non-lease components. • The discount rate applied to our operating leases is our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. • Within the terms and conditions of some of our operating leases we have options to extend or terminate the lease. In instances where we are reasonably certain to exercise available options to extend or terminate, then the option is included in determining the appropriate lease term to apply. Options to renew our lease terms are included in determining the ROU asset and lease liability when it is reasonably certain that we will exercise that option. Lessor: When we enter into a new contract, or modify an existing contract, we identify whether that contract has a sales-type, direct financing or operating lease. We do not have, nor expect to have any leases classified as sales-type or direct financing. For our operating lease, the underlying asset remains on our Consolidated Balance Sheets and we record periodic depreciation expense and lease revenue.
Interest-bearing debt, Deferred charges, Debt extinguishments and modifications, and Convertible bonds	Interest-bearing debt Interest-bearing debt is recognized initially at fair value less directly attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings rel ated to delivery financing are stated at amortized cost. Premiums and discounts related to the issuance of term debt are deferred and amortized over the term of the relevant debt using the straight-line method as this approximates the effective interest method. Amortization of premiums and discounts is included in "Interest expense" in the Consolidated Statements of Operations. Premiums and discounts are presented as an adjustment to the corresponding liability in the Consolidated Balance Sheets. Deferred charges Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan usi ng the straight-line method as this approximates the effective interest method. Amortization of loan costs is included in "Interest expense" in the Consolidated Statements of Operations. If a loan is repaid early, any unamortized portion of the related deferred charge is charged against income in the period in which the loan is repaid. Deferred charges are presented as either a gross asset or as a deduction from the corresponding liability in the Consolidated Balance Sheets. Debt extinguishments and modifications Costs associated with debt extinguishments are included in determining the debt extinguishment gain or loss which is included in "Interest expense" in the Consolidated Statements of Operations. Costs associated with debt modifications are accounted for as deferred charges. See Deferred charges accounting policy. Convertible bonds We account for debt instruments with convertible features in accordance with the details and substance of the instruments at the time of their issuance. For convertible debt instruments issued at a substantial premium to equivalent instruments without conversion features, or those that may be settled in cash upon conversion, it is presumed that the premium or cash conversion option represents an equity component. Accordingly, we determine the carrying amounts of the liability and equity components of such convertible debt instruments by first determining the carrying amount of the liability component by measuring the fair value of a similar liability that does not have an equity component. The carrying amount of the equity component representing the embedded conversion option is then determined by deducting the fair value of the liability component from the total proceeds from the issue. The resulting equity component is recorded, with a corresponding offset to debt discount which is subsequently amortized to interest cost using the effective interest method over the period the debt is expected to be outstanding as an additional non-cash interest expense. Transaction costs associated with the instrument are allocated pro-rata between the debt and equity components. For conventional convertible bonds which do not have a cash conversion option or where no substantial premium is received on issuance, it may not be appropriate to separate the bond into the liability and equity components.
Derivatives	Derivatives We use derivatives to reduce market risks. All derivative financial instruments are initially recorded at fair value as either assets or liabilities in the accompanying Consolidated Balance Sheets and subsequently remeasured to fair value. The changes in fair value of derivative financial instruments are recognized each period in "Other financial (expenses) income, net" in the Consolidated Statements of Operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the Consolidated Statements of Cash Flows. We do not apply hedge accounting.
Equity issuance costs	Equity issuance costs Equity issuance costs are recorded as a reduction of additional paid-in-capital and charged to shareholders' equity.
Pensions	Pensions Defined benefit pension costs, assets and liabilities requires significant actuarial assumptions to be adjusted annually to reflect current market and economic conditions. Full recognition of the funded status of defined benefit pension plans are included within our Consolidated Balance Sheets. We fair value, using level 3 inputs, our plan assets and projected benefit obligation. Defined contribution pension costs represent the contributions payable to the scheme in respect of the accounting period and are recorded in the Consolidated Statements of Operations.
Treasury shares	Treasury shares Treasury shares are recognized at cost as a component of shareholders’ equity. When we re-issue treasury stock at an amount greater/ (less) than the current price of the share (based on a first in first out policy), we realize a gain/ (loss) on the re-issuance of the shares. A gain on re-issuance of treasury shares is credited to additional paid-in-capital whereas a loss on re-issuance of treasury shares may be debited to additional paid-in-capital to the extent that previous net gains from sales or retirements of the same class of stock are included in additional paid-in-capital. Any losses in excess of that amount are charged to retained earnings.
Share-based compensation	Share-based compensation Our stock-based compensation includes stock options, performance stock units ("PSUs") and restricted stock-units ("RSUs"). The fair value of stock options is estimated using the Black-Scholes Option pricing method, the fair value of the PSUs is estimated using the Monte Carlo option pricing model and the fair value of RSUs is estimated using the fair value of the Company's common stock at grant date. We expense the fair value of stock-based compensation over the period the stock options, PSUs or RSUs vest. We amortize stock-based compensation awards on a straight-line basis over the period during which the individuals are required to provide service in exchange for the reward - the requisite service (vesting) period. No compensation cost is recognized for stock-based compensation for which the individuals do not render the requisite service. We account for forfeitures as they occur.
Contingencies	Contingencies We assess our contingencies on an ongoing basis to evaluate the appropriateness of our liabilities and disclosures for such contingencies. We recognize a liability when we believe that a loss is probable and the amount of loss can be reasonably estimated, based upon the information available before the issuance of the financial statements.
Segment reporting	Segment reporting A segment is a distinguishable component of the business that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by the chief operating decision maker ("CODM") (our Board of Directors), and which are subject to risks and rewards that are different from those of other segments. We have identified two reportable segments: Dayrate and Integrated Well Services ("IWS"). Effective August 4, 2021, we have one reportable segment, Dayrate, following the sale of the Company's 49% interest in each Opex and Akal, representing the Company's disposal of the IWS operating segment (see Note 7 - Equity Method Investments ).
Adoption of new accounting standards and Issued not effective accounting standards	Adoption of new accounting standards In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination. The amendments in this Update improve comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of, and after, a business combination. The amendments improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In March 2022, the FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method. The amendments clarify the accounting for, and promote consistency in, the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple hedged layers as follows: 1) An entity is required to maintain basis adjustments in an existing hedge on a closed portfolio basis (that is, not allocated to individual assets). 2) An entity is required to immediately recognize and present the basis adjustment associated with the amount of the de-designated layer that was breached in interest income. In addition, an entity is required to disclose that amount and the circumstances that led to the breach. 3) An entity is required to disclose the total amount of the basis adjustments in existing hedges as a reconciling amount if other areas of GAAP require the disaggregated disclosure of the amortized cost basis of assets included in the closed portfolio. 4) An entity is prohibited from considering basis adjustments in an existing hedge when determining credit losses. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326). The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Losses (CECL) model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. In September 2022, the FASB issued ASU 2022-04 Liabilities—Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. To achieve that objective, the buyer should disclose qualitative and quantitative information about its supplier finance programs. These amendments are effective for the Company from January 1, 2023. There was no impact resulting from these amendments on our Audited Consolidated Financial Statements or related disclosures. Accounting pronouncements that have been issued but not yet adopted Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and require the following disclosures for equity securities subject to contractual sale restrictions: January 1, 2024 No material impact expected ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine whether a lease exists and, if so, the classification of and accounting for that lease. If no written terms and conditions exist (including in situations in which an entity does not document existing unwritten terms and conditions in writing upon transition to the practical expedient), an entity is prohibited from applying the practical expedient and must evaluate the enforceable terms and conditions to apply Topic 842. Also, the amendments require that leasehold improvements associated with common control leases be: January 1, 2024 No material impact expected ASU 2023-02 Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) The amendments permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). January 1, 2024 No material impact expected ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to: January 1, 2025 Under evaluation ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update: January 1, 2024 No material impact expected ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items. January 1, 2025 Under evaluation The FASB have issued further updates not included above. We do not currently expect any of these updates to have a material impact on our Audited Consolidated Financial Statements and related disclosures either on transition or in future periods.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncement, Issued but Not Yet Adopted	Accounting pronouncements that have been issued but not yet adopted Standard Description Date of Adoption Effect on our Consolidated Financial Statements or Other Significant Matters ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions The amendments clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction and require the following disclosures for equity securities subject to contractual sale restrictions: January 1, 2024 No material impact expected ASU 2023-01 Leases (Topic 842): Common Control Arrangements The amendments provide a practical expedient for private companies and not-for-profit entities that are not conduit bond obligors to use the written terms and conditions of a common control arrangement to determine whether a lease exists and, if so, the classification of and accounting for that lease. If no written terms and conditions exist (including in situations in which an entity does not document existing unwritten terms and conditions in writing upon transition to the practical expedient), an entity is prohibited from applying the practical expedient and must evaluate the enforceable terms and conditions to apply Topic 842. Also, the amendments require that leasehold improvements associated with common control leases be: January 1, 2024 No material impact expected ASU 2023-02 Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) The amendments permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received and recognizes the net amortization and income tax credits and other income tax benefits in the income statement as a component of income tax expense (benefit). January 1, 2024 No material impact expected ASU 2023-05 Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement The amendments in this Update address the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The objectives of the amendments are to: January 1, 2025 Under evaluation ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update: January 1, 2024 No material impact expected ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this Update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate). A public business entity is required to provide an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items. January 1, 2025 Under evaluation

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following presents information by segment for the year ended December 31, 2023: (In $ millions) Dayrate Reconciling items (2) Consolidated total Dayrate revenue 954.2 (312.2) 642.0 Related party revenue — 129.6 129.6 Gain on disposals — 0.6 0.6 Rig operating and maintenance expenses (665.2) 305.9 (359.3) Depreciation of non-current assets (115.5) (1.9) (117.4) General and administrative expenses — (45.1) (45.1) Income from equity method investments — 4.9 4.9 Operating income including equity method investment 173.5 81.8 255.3 Total assets 3,401.0 (320.9) 3,080.1 The following presents information by segment for the year ended December 31, 2022: (In $ millions) Dayrate Reconciling items (2) Consolidated total Dayrate revenue 600.0 (241.3) 358.7 Related party revenue — 85.1 85.1 Gain on disposals — 4.2 4.2 Rig operating and maintenance expenses (501.2) 236.3 (264.9) Depreciation of non-current assets (114.9) (1.6) (116.5) Impairment of non-current assets (131.7) — (131.7) General and administrative expenses — (36.8) (36.8) Income from equity method investments — 1.2 1.2 Operating (loss)/income including equity method investment (147.8) 47.1 (100.7) Total assets 3,287.9 (286.2) 3,001.7 The following presents information by segment for the year ended December 31, 2021: (In $ millions) Dayrate IWS (1) Reconciling items (2) Consolidated total Dayrate revenue 205.8 301.6 (301.6) 205.8 Related party revenue 39.5 — — 39.5 Intersegment revenue 88.5 — (88.5) — Gain on disposals — — 1.2 1.2 Rig operating and maintenance expenses (339.7) (186.3) 345.5 (180.5) Intersegment expenses — (88.5) 88.5 — Depreciation of non-current assets (117.6) — (2.0) (119.6) General and administrative expenses — — (34.7) (34.7) Income from equity method investments — — 16.1 16.1 Operating (loss)/income including equity method investment (123.5) 26.8 24.5 (72.2) Total assets 3,277.6 — (197.3) 3,080.3 (1) Financial information presented for the IWS operating segment covers the period up to disposal, on August 4, 2021. (2) General and administrative expenses and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income/(loss) and are included in "Reconciling items". The full operating results included above for our equity method investments are not included within our consolidated results and thus are deducted under "Reconciling items" and replaced with our Income/(loss) from equity method investments (see Note 7 - Equity Method Investments).
Revenues by Geographic Area	The following presents our revenues by geographic area: For the Years Ended December 31, (In $ millions) 2023 2022 2021 South East Asia 233.0 154.5 99.5 Mexico 191.2 95.9 39.5 West Africa 168.6 106.9 30.7 Middle East 147.8 37.7 — Europe 31.0 48.8 75.6 Total 771.6 443.8 245.3
Long-lived Assets by Geographic Areas	The following presents the net book value of our jack-up rigs by geographic area (1) : As of December 31, (In $ millions) 2023 2022 Mexico 815.4 675.5 South East Asia 673.4 832.5 Middle East 553.0 481.2 West Africa 444.8 507.0 Europe 91.7 92.9 Total 2,578.3 2,589.1 (1) The fixed assets referred to in the table above exclude assets under construction. Asset locations at the end of a period are not necessarily indicative of the geographical distribution of the revenue or operating profits generated by such assets during the associated periods.
Major Customers by Reporting Segments	The following customers accounted for more than 10% of our dayrate revenues: For the Years Ended December 31, (In % of operating revenues) 2023 2022 2021 Perfomex 17 % 14 % 11 % Saudi Arabian Oil Company 14 % 4 % — % Eni Congo S.A. 14 % 10 % — % PTT Exploration and Production Public Company Limited 5 % 11 % 24 % CNOOC Petroleum Europe Limited — % — % 16 % Total 50 % 39 % 51 %

Contracts with Customers (Table

Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets, Contract Liabilities and Contract Costs from Contracts with Customers	The following presents our contract assets and liabilities from our contracts with customers: As of December 31, (In $ millions) 2023 2022 Accrued revenue (1) 73.7 57.4 Current contract assets 73.7 57.4 Non-current accrued revenue (2) 2.3 3.8 Non-current contract assets 2.3 3.8 Total contract assets 76.0 61.2 Current deferred mobilization, demobilization and contract preparation revenue (59.5) (57.3) Current contract liability (59.5) (57.3) Non-current deferred mobilization, demobilization and contract preparation revenue (56.6) (68.7) Non-current contract liability (56.6) (68.7) Total contract liability (116.1) (126.0) (1) Accrued revenue includes $7.3 million ($0.5 million as of December 31, 2022) related to the current portion of deferred variable rate revenue, $1.2 million ($0.9 million as of December 31, 2022) related to the current portion of liquidated damages associated with a known delay in the operational start date of two of our contracts and $1.1 million ($0.7 million as of December 31, 2022) pertaining to the current portion of deferred demobilization revenue. (2) Non-current accrued revenue includes $1.5 million ($1.5 million as of December 31, 2022) pertaining to the non-current portion of deferred demobilization revenue and $0.8 million ($2.3 million as of December 31, 2022) related to non-current portion of liquidated damages associated with a known delay in the operational start date of two of our contracts. Non-current accrued revenue is included in "Other non-current assets" in our Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets). Contract Costs Deferred mobilization and contract preparation costs relate to costs incurred to prepare a rig for contract and delivery or to mobilize a rig to the drilling location. We defer pre‑operating costs, such as contract preparation and mobilization costs, and recognize such costs on a straight‑line basis, over the estimated firm period of the drilling contract. Costs incurred for the demobilization of rigs at contract completion are recognized as incurred during the demobilization period. As of December 31, (In $ millions) 2023 2022 Current deferred mobilization and contract preparation costs 39.4 38.4 Non-current deferred mobilization and contract preparation costs (1) 42.6 17.1 Total deferred mobilization and contract preparation asset 82.0 55.5 (1) Non-current deferred mobilization and contract preparation costs are included in "Other non-current assets" in our Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets).
Changes in the Remaining Performance Obligation Contract Asset Balances	Total movement in our contract assets and contract liabilities balances during the years ended December 31, 2023 and 2022 are as follows: (In $ millions) Contract assets Contract liabilities Balance as of December 31, 2021 20.2 6.4 Performance obligations satisfied during the reporting period 55.1 — Amortization of revenue — (22.1) Unbilled demobilization revenue 2.2 — Unbilled variable rate revenue 3.9 — Performance obligations to be satisfied over time — 2.2 Cash received, excluding amounts recognized as revenue — 139.5 Cash received against the contract asset balance (20.2) — Balance as of December 31, 2022 61.2 126.0 Performance obligations satisfied during the reporting period 62.6 — Amortization of revenue — (61.9) Unbilled demobilization revenue 0.4 — Unbilled variable rate revenue 11.9 — Performance obligations to be satisfied over time — 0.4 Cash received, excluding amounts recognized as revenue — 51.6 Cash received against the contract asset balance (60.1) — Balance as of December 31, 2023 76.0 116.1
Disaggregation of Revenue	For the years ended December 31, (In $ millions) 2023 2022 2021 Over time 743.0 418.6 234.7 Point in time 28.6 25.2 10.6 Total 771.6 443.8 245.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction	Revenue on existing contracts, where performance obligations are unsatisfied or partially unsatisfied at the balance sheet date, is expected to be recognized as follows as at December 31, 2023: For the years ending December 31, (In $ millions) 2024 2025 2026 2027 onwards Dayrate revenue 596.6 412.2 110.3 83.5 Other revenue (1) 55.7 32.9 7.7 9.9 Total 652.3 445.1 118.0 93.4 (1) Other revenue represents lump sum revenue associated with contract preparation and mobilization and is recognized ratably over the firm term of the associated contract in "Dayrate revenue" in the Consolidated Statements of Operations.

Gain on Disposals (Tables)

Gain on Disposals (Tables)	12 Months Ended
	Dec. 31, 2023
Gain (Loss) on Disposition of Assets [Abstract]
(Losses) / Gains on Disposal of Rigs	We recognized the following gain on disposal for the year ended December 31, 2023: Year Ended December 31, 2023 (in $ millions) Net proceeds Book value on disposal Gain on disposal Rig Related Equipment 0.6 — 0.6 Total 0.6 0.0 0.6 We recognized the following loss and gain on disposals for the year ended December 31, 2022: Year Ended December 31, 2022 (in $ millions) Net proceeds Book value on disposal (Loss)/gain on disposal Gyme (1) 119.5 119.7 (0.2) Newbuildings (2) 11.3 7.6 3.7 Rig Related Equipment 0.7 — 0.7 Total 131.5 127.3 4.2 (1) Of the proceeds from the sale of the "Gyme", $87.0 million was used to directly repay the outstanding debt and back-end fee with PPL pertaining to the Gyme, and $33.0 million was used to directly repay accrued interest associated with the "Gyme" and the eight other rigs financed by PPL. (2) Net proceeds from the sale were used to directly settle certain liabilities and future commitments with Seatrium New Energy Limited (formerly known as Keppel FELS Limited), pertaining to the rig "Tivar" and will be used to settle future commitments with Seatrium for the rigs "Huldra" and "Heidrun". We recognized the following loss and gain on disposals for the year ended December 31, 2021: Year Ended December 31, 2021 (in $ millions) Net proceeds Book value on disposal (Loss)/gain on disposal Balder (3) 4.4 4.5 (0.1) Rig Related Equipment 1.3 — 1.3 Total 5.7 4.5 1.2 (3) Of the net proceeds received from the sale of the "Balder", $3.0 million was received during the year ended December 31, 2020.

Equity Method Investments (Tabl

Equity Method Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summarized Results of Equity Method Investments	The below tables set forth the summarized results from these entities on a 100% basis for the years ended December 31, 2023, 2022 and 2021: Year ended December 31, 2023 In $ millions Perfomex Perfomex II Revenue 290.9 21.3 Operating expenses (284.9) (21.0) Net income 3.8 5.7 Year ended December 31, 2022 In $ millions Perfomex Perfomex II Revenue 157.9 83.4 Operating expenses (154.6) (81.7) Net income — 2.4 Year ended December 31, 2021 Period from January 1, 2021 to August 4, 2021 In $ millions Perfomex Perfomex II Opex Akal Revenue 110.1 61.9 199.4 102.2 Operating expenses (105.0) (54.2) (167.7) (107.1) Net income (loss) 1.0 5.1 30.9 (1.7) Summarized balance sheets, on a 100% basis of the Company's equity method investees are as follows: As at December 31, 2023 In $ millions Perfomex Perfomex II Cash 11.4 0.5 Total current assets 271.4 35.1 Total non-current assets 12.3 2.1 Total assets 283.7 37.2 Total current liabilities 257.2 23.8 Total non-current liabilities 8.3 0.2 Equity 18.2 13.2 Total liabilities and equity 283.7 37.2 As at December 31, 2022 In $ millions Perfomex Perfomex II Cash 13.2 6.6 Total current assets 198.0 54.8 Total non-current assets 28.6 4.8 Total assets 226.6 59.6 Total current liabilities 191.6 51.6 Total non-current liabilities 20.6 0.5 Equity 14.4 7.5 Total liabilities and equity 226.6 59.6 The following presents our investments in equity method investments as at December 31, 2023 and December 31, 2022: In $ millions Perfomex Perfomex II Total Balance as of January 1, 2022 16.9 2.5 19.4 Income / (loss) on a percentage basis — 1.2 1.2 Balance as of December 31, 2022 16.9 3.7 20.6 Funding received from shareholder loan (1) (9.8) — (9.8) Income on a percentage basis 2.0 2.9 4.9 Balance as of December 31, 2023 9.1 6.6 15.7 (1) During the year ended December 31, 2023, $9.8 million funding provided by shareholders loans was repaid by Perfomex, settling the outstanding balance.

Interest expense (Tables)

Interest expense (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of interest expense, net of amounts capitalized	Interest expense is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Debt interest expense (157.4) (125.4) (92.9) Loss on debt extinguishment (1) (19.4) (7.8) — Amortization of deferred finance charges (10.3) (7.9) (6.5) Amortization of debt discount (1.0) — — Gain on debt extinguishment (2) 10.9 1.9 — Total (177.2) (139.2) (99.4) (1) Loss on debt extinguishment for the year ended December 31, 2023 relates to the $15.5 million loss associated with the repayment of the $150m Secured Bonds and the $3.9 million loss associated with the repayment of the Hayfin Debt Facility. Loss on debt extinguishment for the year ended December 31, 2022 relates to the $2.9 million loss associated with the refinancing of the Hayfin Debt Facility and the $4.9 million loss on the repayment of the Syndicated Senior Secured Credit Facilities and New Bridge Facility, of which DNB Bank was one of the lenders of the syndicate. (2) Gain on debt extinguishment for the year ended December 31, 2023 relates to the $7.2 million gain associated with the repayment of the Seatrium Delivery Financing Facility, the $2.8 million gain associated with the repayment of the New DNB Facility and the $0.9 million gain associated with the repayment of the PPL Delivery Financing Facility. Gain on debt extinguishment for the year ended December 31, 2022 relates to the gain on extinguishment of the debt associated with the jack-up rig "Gyme". Upon sale of the rig, part of the proceeds were used to repay the outstanding amount under its facility, which was financed by PPL.

Other Financial Expenses, Net (

Other Financial Expenses, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Other Financial Expenses, Net	Other financial expenses, net is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Yard cost cover expense (22.1) (28.2) (12.8) Foreign exchange loss (2.8) (0.9) (2.8) Bank commitment, guarantee and other fees (1) (2.3) (12.7) (4.2) Other financial income / (expenses) 0.3 (0.1) 4.5 Total (26.9) (41.9) (15.3) (1) Bank commitment, guarantee and other fees include $10.7 million in financing fees for the year ended December 31, 2022 (nil for the years ended December 31, 2023 and December 31, 2021) .

Taxation (Tables)

Taxation (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Total pre-tax income / (loss) is comprised of the following by jurisdiction: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Bermuda (92.2) (44.1) (68.1) Foreign 148.3 (230.3) (115.2) Total 56.1 (274.4) (183.3)
Income Tax Expense	All income tax expense is attributable to foreign jurisdictions and is comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Current tax expense 50.5 20.5 10.2 Change in deferred tax (16.5) (2.1) (0.5) Total 34.0 18.4 9.7
Effective Income Tax Rate Reconciliation	For the Years Ended December 31, 2023 2022 2021 Bermuda statutory income tax rate — % — % — % Tax rates which are different from the statutory rate 101.25 % (7.20) % (6.64) % Adjustment attributable to prior years 3.39 % 0.67 % 1.60 % Change in valuation allowance (29.41) % — % — % Adjustments to uncertain tax positions (14.62) % (0.18) % (0.26) % Total 60.61 % (6.71) % (5.30) %
Net Deferred Tax	The components of the net deferred taxes are as follows: As of December 31, (In $ millions) 2023 2022 Deferred tax assets Net operating losses 17.6 17.7 Excess of tax basis over book basis of property, plant and equipment 14.7 45.0 Other 20.6 17.9 Deferred tax asset 52.9 80.6 Less: valuation allowance (33.6) (77.1) Net deferred tax assets (1) 19.3 3.5 Deferred tax liabilities Deferred tax liabilities — (0.7) Net deferred tax asset 19.3 2.8 (1) Net deferred tax assets are recognized in "Other non-current assets" in the Consolidated Balance Sheets (see Note 18 - Other Non-Current Assets).
Reconciliation of Liabilities Related to Unrecognized Tax Benefits	The following is a reconciliation of the liabilities related to our uncertain tax positions: (In $ millions) 2023 2022 Unrecognized tax benefits, including interest and penalties, at January 1, 11.3 6.2 Additions for tax positions of prior year 0.3 — Reduction in tax positions of prior years (9.5) — Unrecognized tax benefits, excluding interest and penalties, at December 31, 2.1 6.2 Interest and penalties 1.1 5.1 Unrecognized tax benefits, including interest and penalties, at December 31, 3.2 11.3

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic Loss Per Share (EPS)	The computation of basic income/(loss) per share ("EPS") is based on the weighted average number of shares outstanding during the period. For the Years Ended December 31, 2023 2022 2021 Basic income/ (loss) per share 0.09 (1.64) (1.43) Diluted income/ (loss) per share 0.09 (1.64) (1.43) Issued ordinary shares at the end of the year 264,080,391 229,263,598 137,218,175 Weighted average number of shares outstanding during the year, basic 244,270,405 178,404,637 134,726,336 Dilutive effect of share options and RSU (1) 3,880,209 — — Weighted average number of shares outstanding during the year, diluted 248,150,614 178,404,637 134,726,336 (1) Includes the impact of 8,559,698 share options and 112,780 restricted stock units using the treasury stock method. The following potential share issuances effects of convertible bonds, share options, RSUs and performance units have been excluded from the calculation of diluted EPS for each of the years ended December 31, 2023, 2022 and 2021 because the effects were anti-dilutive. 2023 2022 2021 Convertible bonds 34,260,413 5,540,079 5,540,079 Share options 2,160,000 9,445,006 5,670,000 Performance stock units 500,000 500,000 — Restricted share units — 88,584 —

Restricted Cash (Tables)

Restricted Cash (Tables)	12 Months Ended
	Dec. 31, 2023
Restricted Cash [Abstract]
Schedule Of Restricted Cash	Restricted cash is comprised of the following: As of December 31, (In $ millions) 2023 2022 Restricted cash relating to the issuance of guarantees — 10.1 Restricted cash relating to others 0.1 0.4 Total restricted cash 0.1 10.5 Less: amounts included in current restricted cash (0.1) (2.5) Non-current restricted cash — 8.0

Expected Credit Losses (Tables)

Expected Credit Losses (Tables)	12 Months Ended
	Dec. 31, 2023
Credit Loss [Abstract]
Allowance for Expected Credit Losses	The table below sets forth the allowance for expected credit losses: (In $ millions) Trade Receivables Balance as at December 31, 2021 0.8 Provision for expected credit losses 0.2 Write-off charged against allowance (0.7) Balance as at December 31, 2022 0.3 Provision for expected credit losses 0.6 Write-off charged against allowance (0.9) Balance as at December 31, 2023 —

Other Current Assets (Tables)

Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other Current Assets [Abstract]
Schedule of Other Current Assets	Other current assets are comprised of the following: As of December 31, (In $ millions) 2023 2022 VAT receivable 16.5 9.4 Client rechargeables 5.3 4.6 Other tax receivables 4.7 5.2 Deferred financing fee 0.5 — Right-of-use lease asset (1) 0.5 0.5 Corporate income taxes receivables — 1.1 Other receivables 4.5 4.6 Total 32.0 25.4 (1) The right-of-use lease asset pertains to our office and yard leases (see Note 17 - Leases).

Newbuildings (Tables)

Newbuildings (Tables)	12 Months Ended
	Dec. 31, 2023
New buildings [Abstract]
Carrying Value of Newbuildings	The table below sets forth the carrying value of our newbuildings: For the Years Ended December 31, (In $ millions) 2023 2022 Balance as of January 1, 3.5 135.5 Additions 1.9 — Disposals — (7.6) Impairment — (124.4) Total newbuildings 5.4 3.5 The calculation of the impairment charge recognized during the year ended December 31, 2022 is as follows: (In $ millions) Three newbuildings considered in the LOI carrying value 132.0 Estimated cost to complete and respective onerous provision, net 312.4 Total 444.4 Potential sale price 320.0 Impairment charge (124.4) Carrying Value 7.6

Jack-up drilling rigs, net (Tab

Jack-up drilling rigs, net (Tables)	12 Months Ended
	Dec. 31, 2023
Jack Up Rigs [Abstract]
Schedule of jack-up rigs	Set forth below is the carrying value of our jack-up rigs: As of December 31, (In $ millions) 2023 2022 Opening balance as of January 1, 2,589.1 2,730.8 Additions 104.7 100.2 Depreciation (115.5) (114.9) Disposals — (119.7) Impairment — (7.3) Ending balance as of December 31, 2,578.3 2,589.1

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases is as follows: As of December 31, (In $ millions) 2023 2022 Operating leases right-of-use assets 1.6 2.2 Current operating lease liabilities 0.5 0.5 Non-current operating lease liabilities 1.1 1.7
Components of Lease Cost	Components of lease expenses are comprised of the following: For the Years Ended December 31, (In $ millions) 2023 2022 Operating lease expense 12.5 7.9 Short-term operating lease expense — — Total operating lease expense 12.5 7.9 Sublease income — 0.3
Schedule of future minimum leases payments under non cancellable operating leases	The future minimum leases payments under the Company's non-cancellable operating leases as at December 31, 2023 are as follows: (In $ millions) 2024 0.6 2025 0.6 2026 0.3 2027 0.3 2028 0.3 Thereafter — Total Minimum Lease Payments 2.1 Less: Imputed interest (0.5) Present value of operating liabilities 1.6

Other Non-Current Assets (Table

Other Non-Current Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Other Assets, Noncurrent Disclosure [Abstract]
Schedule of Other Non-Current Assets	Other non-current assets are comprised of the following: As of December 31, (In $ millions) 2023 2022 Deferred mobilization and contract preparation costs (1) 42.6 17.1 Deferred tax asset 19.3 3.5 Deferred financing fee 1.7 — Deferred demobilization revenue (2) 1.5 1.5 Right-of-use lease asset, non-current (3) 1.1 1.7 Liquidated damages (4) 0.8 2.3 Prepayments 0.3 0.2 VAT receivable — 0.4 Total 67.3 26.7 (1) Non-current deferred mobilization and contract preparation costs relates to the non-current portion of contract mobilization and preparation costs for the jack-up rigs "Idun", "Saga", "Hild", "Arabia I", "Arabia II" and "Arabia III", which entered into long-term contracts during the year (see Note 5 - Contracts with Customers). (2) Non-current deferred demobilization revenue relates to demobilization revenue for two of our jack-up rigs, which will be billed upon contract completion. (3) The right-of-use lease asset pertains to our office leases (see Note 17 - Leases). (4) Relates to the non-current portion of liquidated damages associated with a known delay in the operational start date of two of our contracts, which is amortized over the firm contract terms and recognized as reduction of "Dayrate revenue" in the Consolidated Statements of Operations.

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	As of December 31, (In $ millions) 2023 2022 Accrued goods and services received, not invoiced 19.7 22.2 Accrued payroll and bonus 12.3 8.6 Other accrued expenses (1) 45.0 50.0 Total 77.0 80.8 (1) Other accrued expenses includes holding costs, professional fees, management fees and other accrued expenses related to rig operations.

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Schedule of Other Current Liabilities	As of December 31, (In $ millions) 2023 2022 Other current taxes payable (1) 19.7 11.4 VAT payable 17.5 22.7 Dividends payable (2) 11.9 — Corporate income taxes payable 6.7 — Accrued payroll and severance 0.8 0.2 Operating lease liability, current 0.5 0.5 Other current liabilities 6.1 1.4 Total other current liabilities 63.2 36.2 (1) Other current taxes payable includes withholding tax, payroll tax and other indirect tax related liabilities. (2) On December 22, 2023, the Company declared a cash distribution of $0.05 per share, corresponding to a total of $11.9 million, which was paid to our shareholders on January 22, 2024.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	Short-term debt is comprised of the following: As of December 31, (In $ millions) 2023 2022 2028 Notes 75.0 — 2030 Notes 25.0 — $350m Convertible bonds — 350.0 PPL Delivery Financing — 60.0 Hayfin Facility — 20.0 New DNB Facility — 20.0 Principal Outstanding 100.0 450.0 Deferred finance charges (1) (10.3) (4.9) Debt discount (6.8) — Hayfin Facility Back-End Fee — 0.4 New DNB Facility Back-End Fee — 0.4 Carrying Value Short-Term Debt (2) 82.9 445.9 Long-term debt is comprised of the following: As of December 31, (In $ millions) 2023 2022 2028 Notes 950.0 — 2030 Notes 490.0 — $250m Convertible Bonds 250.0 — PPL Delivery Financing — 609.6 Seatrium Delivery Financing — 259.2 Hayfin Facility — 134.0 New DNB Facility — 130.0 Principal Outstanding 1,690.0 1,132.8 Deferred finance charges (1) (40.5) (6.4) Debt discount (30.7) — PPL Delivery Financing Back-End Fee — 26.0 Seatrium Delivery Financing Back-End Fee — 13.5 Hayfin Facility Back-End Fee — 2.8 New DNB Facility Back-End Fee — 2.6 Effective Interest Rate adjustments on PPL and Seatrium Delivery Financing Facilities — 19.8 Carrying Value Long-Term Debt (2) 1,618.8 1,191.1 (1) As at December 31, 2023, deferred finance charges include the unamortized legal and bank fees associated with the 2028 Notes, 2030 Notes, $250 million Convertible Bonds, undr awn $150 million RCF as well as the unamortized debt issuance cost associated with the fair value of the Share Lending Agreement (see Note 28 - Stockholders' Equity). As at December 31, 2022, deferred finance charges included the unamortized legal and bank fees associated with the New DNB Facility, amended Hayfin Term Loan Facility, $350 million Convertible Bond and the unamortized extension fee associated with the amended PPL Delivery Financing Facility. (2)
Schedule of Maturities of Long-term Debt	The scheduled maturities as of December 31, 2023 of our principal debt are as follows: (In $ millions) December 31, 2023 2024 100.0 2025 100.0 2026 100.0 2027 100.0 Thereafter 1,390.0 Total 1,790.0
Debt Instrument Redemption	From November 15, 2025, the Issuers may redeem all or a portion of the 2028 Notes at the redemption prices set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date: 12-month period commencing on November 15, 2025 Price (% of principal amount) 2025 105.000 % 2026 102.500 % 2027 and thereafter 100.000 % 12-month period commencing on November 15, 2026 Price (% of principal amount) 2026 105.188 % 2027 102.594 % 2028 and thereafter 100.000 %

Onerous Contracts (Tables)

Onerous Contracts (Tables)	12 Months Ended
	Dec. 31, 2023
Onerous Contracts [Abstract]
Schedule of Onerous Contracts	Onerous contracts are comprised of the following: As of December 31, (In $ millions) 2023 2022 Onerous rig contract "Vale" 26.9 26.9 Onerous rig contract "Var" 27.6 27.6 Total 54.5 54.5

Commitments and contingencies (

Commitments and contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments	The Company has the following delivery installment commitments: As of December 31, (In $ millions) 2023 2022 Delivery installments for jack-up drilling rigs 319.8 294.8 Total 319.8 294.8
Maturity of Commitments	The following table sets forth when our delivery installment commitments fall due as of December 31, 2023: (In $ millions) Less than 1 year 1-3 years Total Delivery installments for jack-up rigs 319.8 — 319.8
Other Commercial Commitments	The Company has the following guarantee commitments: As of December 31, (In $ millions) 2023 2022 Bank guarantees and performance bonds (1) 29.0 9.7 Total 29.0 9.7 (1) In April 2023, the Company entered into a facility with DNB Bank ASA to provide guarantees and letters of credit of up to $25.0 million collateralized by the rigs that secure the $175.0 million facility, enabling the Company to free up the restricted cash that used to be collateralized for guarantees and recognized in the Consolidated Balance Sheets as restricted cash. In August 2023, we amended our $25.0 million guarantee facility provided by DNB Bank ASA temporarily increasing the facility to $40.0 million until December 31, 2023. In November 2023, the Company entered into a new facility with DNB Bank ASA to provide guarantees and letters of credit of up to $30.0 million collateralized by the same security that secures the Notes. As a result, no restricted cash is supporting bank guarantees as at December 31, 2023 ($10.1 million at December 31, 2022). See Note 12 - Restricted Cash. As of December 31, 2023, the expected expiration dates of these obligations are as follows: (In $ millions) Less than 1 year 1-3 years Thereafter Total Bank guarantees and performance bonds 12.1 11.3 5.6 29.0
Assets Pledged as Collateral	Assets pledged as collateral As of December 31, (In $ millions) 2023 2022 Book value of jack-up rigs pledged as collateral for debt facilities 2,578.3 2,396.2

Share based compensation (Table

Share based compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Payment Charges	Share-based payment charges for the years ended December 31, 2023, 2022 and 2021 were as follows: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Share-based payment charge 4.6 2.1 0.1
Share Option, Activity	Details regarding share option issuances for the year ended December 31, 2023, 2022 and 2021 are as follows: Grant Date Number of Share Options Issued Exercise Price Share Price Grant Date November 2023 2,100,000 6.65 6.19 September 2022 1,333,334 4.00 3.96 September 2022 1,333,333 4.75 3.96 September 2022 1,333,333 5.50 3.96 August 2021 5,150,000 2.00 1.40 The table below sets forth the number of share options and weighted average fair value price for the years ended December 31, 2023, 2022 and 2021 : 2023 2022 2021 Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Outstanding at January 1 9,445,006 1.19 5,670,000 0.64 885,000 1.91 Granted during the year 2,100,000 2.63 4,000,000 2.00 5,150,000 0.51 Exercised during the year (410,302) 0.47 — — — — Forfeited during the year (217,506) 0.88 (11,250) 2.68 (105,500) 1.24 Expired during the year (227,500) 2.29 (213,744) 1.78 (259,500) 3.19 Outstanding at December 31 10,689,698 1.48 9,445,006 1.19 5,670,000 0.64 The table below sets forth the number of share options granted and weighted average exercise price during the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Number Weighted Avg. Exercise Price (in $) Number Weighted Avg. Exercise Price (in $) Number Weighted Avg. Exercise Price (in $) Outstanding at January 1 9,445,006 4.48 5,670,000 5.66 885,000 41.86 Granted during the year 2,100,000 6.65 4,000,000 4.75 5,150,000 2.00 Exercised during the year (410,302) 2.00 — — — — Forfeited during the year (217,506) 3.77 (11,250) 48.70 (105,500) 46.42 Expired during the year (227,500) 46.92 (213,744) 38.47 (259,500) 40.64 Outstanding at December 31 10,689,698 4.11 9,445,006 4.48 5,670,000 5.66 Exercisable at December 31 1,313,036 3.51 271,250 45.00 411,244 41.75
Stock Options, Valuation Assumptions	The fair value of equity settled options are measured at grant date using the Black Scholes option pricing model using the following inputs: 2023 2022 2021 Expected future volatility 59 % 76 % 57 % Expected dividend rate — % — % — % Risk-free rate 4.3% to 4.8% 3.4% to 3.5% 0.5% to 0.8% Expected life after vesting 3.3 years 3.5 years 2 years The fair value of PSUs is measured at grant date using the Monte Carlo simulation model using the following inputs: 2022 Expected future volatility 81 % Share price at valuation date $3.96 Expected dividend rate — % Risk-free rate 3.54 %
Performance Stock Units, Activity	The table below sets forth the number of PSUs and weighted average fair value price for the year ended December 31, 2022: Number Weighted Avg. Fair Value Price (in $) Non-vested at January 1, 2022 — — Granted during the year 500,000 2.02 Forfeited during the year — — Expired during the year — — Non-vested at December 31, 2022 500,000 2.02
Restricted Stock Units, Activity	The table below sets forth the number of RSUs and weighted average fair value price for the years ended December 31, 2023 and 2022: 2023 2022 Number Weighted Avg. Fair Value Price (in $) Number Weighted Avg. Fair Value Price (in $) Non-vested at January 1 88,584 5.08 — — Granted during the year 112,780 6.19 88,584 5.08 Vested during the year (88,584) 5.08 — — Forfeited during the year — — — — Expired during the year — — — — Non-vested at December 31 112,780 6.19 88,584 5.08

Pensions (Tables)

Pensions (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Reconciliation of Benefit Obligation and Plan Assets	A reconciliation of the changes in projected benefit obligations (“PBO”) for our pension plans are as follows: As of December 31, (In $ millions) 2023 2022 Benefit obligation at beginning of period 106.9 172.9 Interest cost 2.7 0.7 Actuarial loss / (gain) 2.6 (54.3) Benefits paid (2.1) (1.8) Foreign exchange rate changes 4.2 (10.6) Benefit obligation at end of period 114.3 106.9 A reconciliation of the changes in fair value of plan assets is as follows: As of December 31, (In $ millions) 2023 2022 Fair value of plan assets at beginning of period 106.9 172.9 Actual return on plan assets 5.3 (53.6) Benefits paid (2.1) (1.8) Foreign exchange rate changes 4.2 (10.6) Fair value of plan assets at end of period 114.3 106.9
Benefit Cost	Benefit cost includes the following components: For the Years Ended December 31, (In $ millions) 2023 2022 Interest cost 2.7 0.7 Expected return on plan assets (2.7) (0.7) Net benefit cost — —
Defined Benefit Plans, Key Assumptions	The key assumptions for the plans are summarized below: As of December 31, Weighted Average Assumptions Used to Determine Benefit Obligations 2023 2022 Discount rate 2.33% to 2.47% 2.54% to 2.93% For the Years Ended December 31, Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost 2023 2022 Discount rate 2.54% to 2.93% 2.54% to 2.93% Expected long-term return on plan assets 2.54% to 2.93% 2.54% to 2.93%
Estimated Future Benefit Payments	The following table summarizes the benefit payments at December 31, 2023 estimated to be paid within the next ten years by the issuer of the guaranteed insurance contract: Payments by Period Total 2024 2025 2026 2027 2028 Five Years Thereafter Estimated benefit payments 36.5 2.5 2.8 3.0 3.3 3.5 21.4

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Carrying Value and Estimated Fair Value of Cash and Financial Instruments	The carrying value and estimated fair value of the Company’s cash and financial instruments were as follows: As of December 31, 2023 As of December 31, 2022 (In $ millions) Hierarchy Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents (1) 1 102.5 102.5 108.0 108.0 Restricted cash (1) 1 0.1 0.1 2.5 2.5 Trade receivables (1) 1 56.2 56.2 43.0 43.0 Other current assets (excluding deferred costs) (1) 1 31.5 31.5 25.4 25.4 Due from related parties (1) 1 95.0 95.0 65.6 65.6 Non-current restricted cash (1) 1 — — 8.0 8.0 Liabilities Trade payables (1) 1 35.5 35.5 47.7 47.7 Accrued expenses (1) 1 77.0 77.0 80.8 80.8 Short-term accrued interest and other items (1) 1 42.3 42.3 77.7 77.7 Other current liabilities (1) 1 63.2 63.2 36.2 36.2 Short-term debt (2) 1 — — 100.8 100.8 Short-term debt (2) (3) 2 104.4 100.0 330.8 350.0 Long-term debt (2) 1 — — 1,177.7 1,177.7 Long-term debt (2) (4) 2 1,818.0 1,690.0 — — (1) The carrying values approximate the fair values due to their near term expected receipt of cash. (2) Short term and long term debt excludes debt discounts, deferred finance charges and effective interest rate adjustments. (3) As at December 31, 2023, this relates to our 10% Notes due in 2028 and 10.375% Notes due in 2030 and as at December 31, 2022, this relates to our 3.875% Convertible Bond due in 2023. These are fair valued using observable market-based inputs. (4) As at December 31, 2023 this relates to our 10% Notes due in 2028 and 10.375% Notes due in 2030 and our $250 million Convertible Bond due in 2028 and as at December 31, 2022, this relates to our 3.875% Convertible Bond due in 2023. These are fair valued using observable market-based inputs.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Bareboat revenues and management services revenue from our related parties for the years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Bareboat Revenue - Perfomex 129.6 60.2 22.2 Bareboat Revenue - Perfomex II — 24.9 9.3 Management Services Revenue - Perfomex — — 5.0 Management Services Revenue - Perfomex II — — 3.0 Total 129.6 85.1 39.5 Repayment of loans from our equity method investments for the years ended December 31, 2023, 2022 and 2021 consisted of the following (1) : As of December 31, (In $ millions) 2023 2022 2021 Perfomex (9.8) — (31.6) Perfomex II — — (9.5) Opex — — (3.7) Akal — — (1.7) Total (9.8) — (46.5) (1) Repayment of loans from our equity method investments is included in "Equity method investments" in the Consolidated Balance Sheets (see Note 7 - Equity Method Investments). Receivables: The balances with the joint ventures as of December 31, 2023 and 2022 consisted of the following: As of December 31, (In $ millions) 2023 2022 Perfomex 92.4 62.9 Perfomex II 2.6 2.7 Total 95.0 65.6 b) Transactions with Other Related Parties Additional paid in capital: The transactions with other related parties for years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Magni Partners Limited (1) 0.6 1.6 — Total 0.6 1.6 — (1) The above relates to fees directly attributable to the Company's Equity Offerings in October 2023 and August 2022 and have been recognized in "Additional paid in capital" in our Consolidated Balance Sheets. Expenses: The transactions with other related parties for the years ended December 31, 2023, 2022 and 2021 consisted of the following: For the Years Ended December 31, (In $ millions) 2023 2022 2021 Front End Limited Company (1) 2.7 — — Drew Holdings Limited (2) 1.0 — — Magni Partners Limited (3) 0.6 0.5 0.9 Total 4.3 0.5 0.9 (1) Front End Limited Company ("Front End") owns 3% of Borr Arabia Well Drilling LLC, an entity that is consolidated by Borr Drilling Limited and incorporated in the Kingdom of Saudi Arabia (the "KSA"). Front End is a party to a Management Agreement with Borr Arabia Well Drilling LLC to provide management services in the KSA, for which it receives a management fee. (2) Mr. Tor Olav Trøim, the Chairman of our Board, is the sole owner of Drew Holdings Limited ("Drew"). In January 2023 Drew entered into a SLFA with the Company and DNB Markets for the purposes of facilitating investors’ hedging activities in connection with the $250.0 million Senior Unsecured Convertible bonds due in 2028. In order to make the Company's shares available for lending, and only until a certain number of new shares were issued by the Company in connection with such lending arrangement, Drew made up to 15 million shares available to DNB Markets under the SLFA to facilitate such lending to the convertible bond investors requiring such hedging activities. Under the terms of the SLFA, the Company incurred fees payable to Drew for the shares available for lending. As at December 31, 2023, Drew is no longer a party to the SLA (see Note 28 - Stockholders' Equity). (3)

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Share Capital	Authorized share capital (number of shares of $0.10 each) 2023 2022 Authorized shares: Balance at the start of the year 255,000,000 180,000,000 Increases: August 16, 2022 — 40,000,000 August 25, 2022 — 35,000,000 February 23,2023 60,000,000 — Authorized shares: Balance at the end of the year 315,000,000 255,000,000 Issued Share Capital (number of shares of $0.10 each) 2023 2022 Issued : Balance at the start of the year 229,263,598 137,218,175 Shares issued (1) 8,816,793 92,046,404 Share issued and subsequently repurchased (2) 26,000,000 — Shares cancelled (3) — (981) Issued shares: Balance at the end of the year (3) 264,080,391 229,263,598 Outstanding Share Capital (number of shares of $0.10 each) 2023 2022 Issued shares 264,080,391 229,263,598 Treasury shares 11,498,355 315,511 Outstanding shares 252,582,036 228,948,087 (1) Details of shares issued for the years ended December 31, 2023 and December 31, 2022 are as follows: Date of Issue Type of Listing Exchange Shares Issued Price per Share ($) Gross Proceeds ($ millions) October 24, 2023 Private placement Oslo 7,522,838 6.65 50.1 Various (ATM Sales) (5) US public offering NYSE 1,293,955 7.53 9.7 8,816,793 59.8 Date of Issue Type of Listing Exchange Shares Issued Price per Share ($) Gross Proceeds ($ millions) January 31, 2022 Private placement Oslo 13,333,333 2.25 30.0 August 17, 2022 US public offering NYSE 41,666,667 3.60 150.0 August 26, 2022 US public offering NYSE 34,696,404 3.60 124.9 Various (ATM Sales) (5) US public offering NYSE 2,350,000 3.78 8.9 92,046,404 313.8 (2) During the year ended December 31, 2023, the Company issued 15.0 million shares, 10.0 million shares and 1.0 million of shares, of par value $0.10 each on January 31, 2023, February 24, 2023 and August 16, 2023 respectively, which were subsequently repurchased into treasury. (3) Effective August 26, 2022 the company recorded the cancellation of 981 shares which related to fractional shares. (4) As of December 31, 2023, our shares were listed on the Oslo Stock Exchange and the New York Stock Exchange. (5) In July 2021, the Company entered into an Equity Distribution Agreement with Clarksons for the offer and sale of up to $40.0 million of common shares of the Company through an ATM program. During the year ended December 31, 2023, the Company issued 1,293,955 shares raising gross proceeds of $9.7 million and net proceeds of $9.6 million, with compensation paid by the Company to Clarksons of $0.1 million. During the year ended December 31, 2022, the Company issued 2,350,000 shares raising gross proceeds of $8.9 million and net proceeds of $8.8 million, with compensation paid by the Company to Clarksons of $0.1 million. Treasury Shares (number of shares of $0.10 each) 2023 2022 Treasury shares : Balance at the start of the year 315,511 406,333 Share issued and subsequently repurchased 26,000,000 — Shares bought back (1) 125,000 — Shares lent under the Share Lending Agreement (2) (14,443,270) — Shares issued on exercise of share options (3) (410,302) — Shares issued as compensation (4) (88,584) (90,822) Treasury shares : Balance at the end of the year 11,498,355 315,511 (1) On December 8, 2023 the board approved a share repurchase program for the Company’s shares, to be purchased in the open market and limited to a total amount of $100 million. In December 2023, we acquired an aggregate of 125,000 shares on the NYSE at an aggregate purchase price of $0.8 million. The Company did not acquire any of its own shares in 2022. (2) As of December 31, 2023, the Company had loa ned 14,443,270 share s to DNB for the purposes of allowing the holders of the New Convertible Bonds to perform hedging activities on the OSE (see "Share Lending Agreement"). (3) The Company issued 1.0 million shares of par value $0.10 each on August 16, 2023, which were subsequently repurchased into treasury to be used solely for issuance in connection with the exercise of share options vesting under the Company’s existing share option program. The Company has issued 410,302 of these treasury shares in connection with our Borr Scheme (see Note 24 - Share Based Compensation) following the exercise of 410,302 share options. (4) During the years ended December 31, 2023 and December 31, 2022, the Company issued 88,584 and 90,822 common shares in relation to Director compensation. The value on the date of issuance of $0.45 million and $0.3 million, respectively, has been recognized in "General and Administrative expenses" in the Consolidated Statements of Operations (see Note 24 - Share Based Compensation as it relates to the 2023 issuance of common shares in settlement of RSUs). The book value of the treasury shares issued was $2.8 million and $3.9 million respectively, as these shares had been bought back in 2018. The loss on issuance of the treasury shares of $2.4 million and $3.6 million, respectively, has been recognized as a reduction in "Additional Paid in Capital" in the Consolidated Balance Sheets as at December 31, 2023 and December 31, 2022.

General (Details)

General (Details) $ in Millions	1 Months Ended		12 Months Ended
	Nov. 30, 2023 USD ($)	Oct. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) rig	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2024 USD ($)	Nov. 07, 2023 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Proceeds from share issuance, net of issuance costs	$ 50	$ 50	$ 58.1	$ 298.1	$ 44.8
1.54 billion USD notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal	1,540		1,540				$ 1,540
180 million USD revolving credit facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revolving credit facility	180		180
180 million USD Super Senior Credit Facility, RCF
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revolving credit facility	150		150				150
180 million USD revolving credit facility, guarantee facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revolving credit facility	30		$ 30				$ 30
2028 Notes
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal	$ 1,025
2028 Notes | Subsequent event
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Principal						$ 200
Jack-up rigs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of rigs owned | rig			22
Number of rigs under construction | rig			2

Basis of Preparation and Acco_3

Basis of Preparation and Accounting Policies (Details)			12 Months Ended
	Dec. 14, 2021 $ / shares	Aug. 04, 2021 segment	Dec. 31, 2023 segment $ / shares	Aug. 16, 2023 $ / shares
Property, Plant and Equipment [Line Items]
Stock conversion ratio	0.5
Ordinary shares, par value (in dollars per share) | $ / shares	$ 0.05		$ 0.10	$ 0.10
Reportable segments | segment		2	1
Akal
Property, Plant and Equipment [Line Items]
Ownership percentage sold		49%
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Property, Plant and Equipment [Line Items]
Ownership percentage sold		49%
Jack-up rigs
Property, Plant and Equipment [Line Items]
Estimated useful life			30 years
Jack-up rig equipment and machinery | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life			3 years
Jack-up rig equipment and machinery | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life			20 years

Segments - Narrative (Details)

Segments - Narrative (Details) - segment	12 Months Ended
	Dec. 31, 2021	Aug. 04, 2021
Revenue, Major Customer [Line Items]
Number of operating segments	2
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Revenue, Major Customer [Line Items]
Ownership percentage sold		49%
Akal
Revenue, Major Customer [Line Items]
Ownership percentage sold		49%

Segments - Segment Reporting In

Segments - Segment Reporting Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Dayrate revenue	$ 642	$ 358.7	$ 205.8
Related party revenue	129.6	85.1	39.5
Intersegment revenue			0
Gain on disposals	0.6	4.2	1.2
Rig operating and maintenance expenses	(359.3)	(264.9)	(180.5)
Intersegment expenses			0
Depreciation of non-current assets	(117.4)	(116.5)	(119.6)
Impairment of non-current assets		(131.7)
General and administrative expenses	(45.1)	(36.8)	(34.7)
Income from equity method investments	4.9	1.2	16.1
Operating income including equity method investment	255.3	(100.7)	(72.2)
Total assets	3,080.1	3,001.7	3,080.3
Operating segments | Dayrate
Segment Reporting Information [Line Items]
Dayrate revenue	954.2	600	205.8
Related party revenue	0	0	39.5
Gain on disposals	0	0	0
Rig operating and maintenance expenses	(665.2)	(501.2)	(339.7)
Depreciation of non-current assets	(115.5)	(114.9)	(117.6)
Impairment of non-current assets		(131.7)
General and administrative expenses	0	0	0
Income from equity method investments	0	0	0
Operating income including equity method investment	173.5	(147.8)	(123.5)
Total assets	3,401	3,287.9	3,277.6
Operating segments | IWS
Segment Reporting Information [Line Items]
Dayrate revenue			301.6
Related party revenue			0
Gain on disposals			0
Rig operating and maintenance expenses			(186.3)
Depreciation of non-current assets			0
General and administrative expenses			0
Income from equity method investments			0
Operating income including equity method investment			26.8
Total assets			0
Intersegment eliminations
Segment Reporting Information [Line Items]
Intersegment revenue			(88.5)
Intersegment expenses			88.5
Intersegment eliminations | Dayrate
Segment Reporting Information [Line Items]
Intersegment revenue			88.5
Intersegment expenses			0
Intersegment eliminations | IWS
Segment Reporting Information [Line Items]
Intersegment revenue			0
Intersegment expenses			(88.5)
Reconciling items
Segment Reporting Information [Line Items]
Dayrate revenue	(312.2)	(241.3)	(301.6)
Related party revenue	129.6	85.1	0
Gain on disposals	0.6	4.2	1.2
Rig operating and maintenance expenses	305.9	236.3	345.5
Depreciation of non-current assets	(1.9)	(1.6)	(2)
Impairment of non-current assets		0
General and administrative expenses	(45.1)	(36.8)	(34.7)
Income from equity method investments	4.9	1.2	16.1
Operating income including equity method investment	81.8	47.1	24.5
Total assets	$ (320.9)	$ (286.2)	$ (197.3)

Segments - Revenue by Geographi

Segments - Revenue by Geographic Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 771.6	$ 443.8	$ 245.3
South East Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	233	154.5	99.5
West Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	168.6	106.9	30.7
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	191.2	95.9	39.5
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	31	48.8	75.6
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 147.8	$ 37.7	$ 0

Segments - Long-lived Assets by

Segments - Long-lived Assets by Geographic Areas (Details) - Operating segments - Dayrate - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 2,578.3	$ 2,589.1
South East Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	673.4	832.5
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	815.4	675.5
West Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	444.8	507
Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	553	481.2
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 91.7	$ 92.9

Segments - Major Customers by R

Segments - Major Customers by Reporting Segments (Details) - Revenues - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Perfomex
Revenue, Major Customer [Line Items]
Percentage of contract revenues	17%	14%	11%
Saudi Arabian Oil Company
Revenue, Major Customer [Line Items]
Percentage of contract revenues	14%	4%	0%
Eni Congo S.A.
Revenue, Major Customer [Line Items]
Percentage of contract revenues	14%	10%	0%
PTT Exploration and Production Public Company Limited
Revenue, Major Customer [Line Items]
Percentage of contract revenues	5%	11%	24%
CNOOC Petroleum Europe Limited
Revenue, Major Customer [Line Items]
Percentage of contract revenues	0%	0%	16%
Total
Revenue, Major Customer [Line Items]
Percentage of contract revenues	50%	39%	51%

Contracts with Customers - Cont

Contracts with Customers - Contract Assets and Liabilities (Details) $ in Millions	Dec. 31, 2023 USD ($) contract	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Accrued revenue	$ 73.7	$ 57.4
Current contract assets	73.7	57.4
Non-current accrued revenue	2.3	3.8
Non-current contract assets	2.3	3.8
Total contract assets	76	61.2	$ 20.2
Current contract liability
Current deferred mobilization, demobilization and contract preparation revenue	(59.5)	(57.3)
Non-current contract liability
Non-current deferred mobilization, demobilization and contract preparation revenue	(56.6)	(68.7)
Total contract liability	(116.1)	(126)	$ (6.4)
Accrued revenue	73.7	57.4
Liquidated damages costs, current	$ 1.2	0.9
Delayed contracts | contract	2
Liquidated damages, non current	$ 0.8	2.3
Deferred demobilization revenue
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Accrued revenue	1.1	0.7
Non-current accrued revenue	1.5	1.5
Non-current contract liability
Accrued revenue	1.1	0.7
Deferred variable rate revenue
Contract with Customer, Asset, after Allowance for Credit Loss, Current [Abstract]
Accrued revenue	7.3	0.5
Non-current contract liability
Accrued revenue	$ 7.3	$ 0.5

Contracts with Customers - Sign

Contracts with Customers - Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets, opening balance	$ 61.2	$ 20.2
Contract liability, beginning balance	126	6.4
Performance obligations satisfied during the reporting period	62.6	55.1
Amortization of revenue	61.9	22.1
Unbilled demobilization revenue	0.4	2.2
Unbilled variable rate revenue	11.9	3.9
Performance obligations to be satisfied over time	0.4	2.2
Cash received, excluding amounts recognized as revenue	51.6	139.5
Cash received against the contract asset balance	60.1	20.2
Contract assets, closing balance	76	61.2
Contract liability, closing balance	$ 116.1	$ 126

Contracts with Customers - Disa

Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 771.6	$ 443.8	$ 245.3
Over time
Disaggregation of Revenue [Line Items]
Revenue	743	418.6	234.7
Point in time
Disaggregation of Revenue [Line Items]
Revenue	$ 28.6	$ 25.2	$ 10.6

Contracts with Customers - Perf

Contracts with Customers - Performance Obligation Expected Timing of Satisfaction (Details) $ in Millions	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 652.3
Performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Dayrate revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 596.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	55.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 445.1
Performance obligation, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Dayrate revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 412.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	32.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 118
Performance obligation, period	3 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Dayrate revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 110.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	7.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 93.4
Performance obligation, period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Dayrate revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 83.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Other revenue
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 9.9

Contract with Customers - Contr

Contract with Customers - Contract Cost (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Current deferred mobilization and contract preparation costs	$ 39.4	$ 38.4
Non-current deferred mobilization and contract preparation costs	42.6	17.1
Total deferred mobilization and contract preparation asset	$ 82	$ 55.5

Contracts with Customers - Narr

Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Increase in deferred mobilization and contract preparation costs	$ 26.5	$ 33.9
Additional deferred contract preparation and mobilization costs	71.1	70.6
Capitalized contract cost, amortization	$ 44.6	$ 36.7

Gain on Disposals (Details)

Gain on Disposals (Details) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2022 rig	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Property, Plant and Equipment [Line Items]
Proceeds from sale of fixed assets		$ 0.6	$ 131.5	$ 5.7
Book value on disposal		0	127.3	4.5
(Loss)/gain on disposal		0.6	4.2	1.2
Repayments of debt		1,800.6	355.5	0
PPL Delivery Financing
Property, Plant and Equipment [Line Items]
Number of jack-up rigs secured by mortgage | rig	8
Rig Related Equipment
Property, Plant and Equipment [Line Items]
Proceeds from sale of fixed assets		0.6	0.7	1.3
Book value on disposal		0	0	0
(Loss)/gain on disposal		$ 0.6	0.7	1.3
Gyme
Property, Plant and Equipment [Line Items]
Proceeds from sale of fixed assets			119.5
Book value on disposal			119.7
(Loss)/gain on disposal			(0.2)
Repayments of debt			87
Repayments of accrued interest			33
Newbuildings
Property, Plant and Equipment [Line Items]
Proceeds from sale of fixed assets			11.3
Book value on disposal			7.6
(Loss)/gain on disposal			$ 3.7
Balder
Property, Plant and Equipment [Line Items]
Proceeds from sale of fixed assets				4.4	$ 3
Book value on disposal				4.5
(Loss)/gain on disposal				$ (0.1)

Equity Method Investments - Nar

Equity Method Investments - Narrative (Details) $ in Millions		2 Months Ended	10 Months Ended	12 Months Ended			14 Months Ended
	Aug. 04, 2021 USD ($)	Dec. 31, 2022 USD ($) rig	Oct. 19, 2022 rig	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) rig	Dec. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information [Abstract]
Proceeds from disposal of equity method investments				$ 0	$ 0	$ 10.6
Equity method investments		$ 20.6		15.7	20.6	19.4	$ 15.7
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”) | Borr Mexico Ventures Limited
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage acquired share by the entity								49%
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Equity Method Investment, Summarized Financial Information [Abstract]
Ownership percentage sold	49%
Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Ownership percentage sold	49%
Perfomex and Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage acquired share by the entity	51%								49%
Number of joint ventures for bareboat charters | rig			2
Perfomex
Equity Method Investment, Summarized Financial Information [Abstract]
Number of rigs on bareboat charter | rig		5					5
Additional ownership percentage acquired	2%
Equity method investments		$ 16.9		9.1	16.9	16.9	$ 9.1
Opex and Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Realized gain on disposal of investment						3.6
Proceeds from disposal of equity method investments						10.6
Equity method investments	$ 7
Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Additional ownership percentage acquired	2%
Equity method investments		3.7		6.6	3.7	$ 2.5	6.6
Opex | Operadora productora y exploradora mexicana, S.A. de C.V. (“operadora”)
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage of non-controlling interests								51%
Akal | Operadora productora y exploradora mexicana, S.A. de C.V. (“operadora”)
Equity Method Investment, Summarized Financial Information [Abstract]
Percentage of non-controlling interests								51%
Opex and Akal | Perfomex and Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Contracts receivable		113.9		164.9	113.9		164.9
Billed contracts receivable		105.1		131.7	105.1		131.7
Unbilled contracts receivable		$ 8.8		$ 33.2	$ 8.8		$ 33.2
Pemex | Opex and Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Contracts receivable	$ 237.1
Billed contracts receivable	113.7
Unbilled contracts receivable	$ 123.4

Equity Method Investments - Sum

Equity Method Investments - Summarized Statement of Operations (Details) - USD ($) $ in Millions	7 Months Ended	12 Months Ended
	Aug. 04, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue		$ 771.6	$ 443.8	$ 245.3
Operating expenses		(521.8)	(549.9)	(334.8)
Net income		22.1	(292.8)	(193)
Perfomex
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue		290.9	157.9	110.1
Operating expenses		(284.9)	(154.6)	(105)
Net income		3.8	0	1
Perfomex II
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue		21.3	83.4	61.9
Operating expenses		(21)	(81.7)	(54.2)
Net income		$ 5.7	$ 2.4	$ 5.1
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	$ 199.4
Operating expenses	(167.7)
Net income	30.9
Akal
Equity Method Investment, Summarized Financial Information [Abstract]
Revenue	102.2
Operating expenses	(107.1)
Net income	$ (1.7)

Equity Method Investments - S_2

Equity Method Investments - Summarized Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Total current assets	$ 409.9	$ 349.9
Total non-current assets	2,670.2	2,651.8
Total assets	3,080.1	3,001.7	$ 3,080.3
Total current liabilities	360.4	745.6
Total non-current liabilities	1,735.7	1,358.3
Equity	984	897.8	$ 889.9	$ 1,036.8
Total liabilities and equity	3,080.1	3,001.7
Perfomex
Schedule of Equity Method Investments [Line Items]
Cash	11.4	13.2
Total current assets	271.4	198
Total non-current assets	12.3	28.6
Total assets	283.7	226.6
Total current liabilities	257.2	191.6
Total non-current liabilities	8.3	20.6
Equity	18.2	14.4
Total liabilities and equity	283.7	226.6
Perfomex II
Schedule of Equity Method Investments [Line Items]
Cash	0.5	6.6
Total current assets	35.1	54.8
Total non-current assets	2.1	4.8
Total assets	37.2	59.6
Total current liabilities	23.8	51.6
Total non-current liabilities	0.2	0.5
Equity	13.2	7.5
Total liabilities and equity	$ 37.2	$ 59.6

Equity Method Investments - Inv

Equity Method Investments - Investments In Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Balance as of January 1	$ 20.6	$ 19.4
Income / (loss) on a percentage basis	4.9	1.2	$ 16.1
Funding received from shareholder loan	(9.8)	0	(46.5)
Balance as of December 31	15.7	20.6	19.4
Perfomex
Schedule of Equity Method Investments [Line Items]
Balance as of January 1	16.9	16.9
Income / (loss) on a percentage basis	2	0
Funding received from shareholder loan	(9.8)
Balance as of December 31	9.1	16.9	16.9
Perfomex II
Schedule of Equity Method Investments [Line Items]
Balance as of January 1	3.7	2.5
Income / (loss) on a percentage basis	2.9	1.2
Funding received from shareholder loan	0
Balance as of December 31	$ 6.6	$ 3.7	$ 2.5

Interest expense (Details)

Interest expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt interest expense	$ (157.4)	$ (125.4)	$ (92.9)
Loss on debt extinguishment	(19.4)	(7.8)	0
Amortization of deferred finance charges	(10.3)	(7.9)	(6.5)
Amortization of debt discount	(1)	0	0
Gain on debt extinguishment	10.9	1.9	0
Total	(177.2)	(139.2)	$ (99.4)
Secured Bonds
Debt Instrument [Line Items]
Loss on debt extinguishment	(15.5)
Principal	150
Hayfin Facility
Debt Instrument [Line Items]
Loss on debt extinguishment	(3.9)	(2.9)
Syndicated senior secured credit facilities and new bridge revolving credit facility
Debt Instrument [Line Items]
Loss on debt extinguishment		$ (4.9)
Seatrium delivery financing
Debt Instrument [Line Items]
Gain on debt extinguishment	7.2
New DNB facility
Debt Instrument [Line Items]
Gain on debt extinguishment	2.8
PPL Delivery Financing
Debt Instrument [Line Items]
Gain on debt extinguishment	$ 0.9

Other Financial Expenses, Net -

Other Financial Expenses, Net - Other Financial Expenses, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Yard cost cover expense	$ (22.1)	$ (28.2)	$ (12.8)
Foreign exchange loss	(2.8)	(0.9)	(2.8)
Bank commitment, guarantee and other fees	(2.3)	(12.7)	(4.2)
Other financial income / (expenses)	0.3	(0.1)	4.5
Total	(26.9)	(41.9)	$ (15.3)
Financing fees	$ 0	$ 10.7

Taxation - Total Pre-Tax Loss (

Taxation - Total Pre-Tax Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Bermuda	$ (92.2)	$ (44.1)	$ (68.1)
Foreign	148.3	(230.3)	(115.2)
Income / (loss) before income taxes	$ 56.1	$ (274.4)	$ (183.3)

Taxation - Components of Income

Taxation - Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current tax expense	$ 50.5	$ 20.5	$ 10.2
Change in deferred tax	(16.5)	(2.1)	(0.5)
Total	$ 34	$ 18.4	$ 9.7

Taxation - Narrative (Details)

Taxation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Examination [Line Items]
Effective income tax rate	60.61%	(6.71%)	(5.30%)
Loss before income taxes	$ 56.1	$ (274.4)	$ (183.3)
Unrecognized tax benefits, interest and penalties	1.1	0.5	0.4
Reduction in tax positions of prior years	9.5	0
Unrecognized tax benefits, including interest and penalties, at January 1,	3.2	$ 11.3	$ 6.2
Her Majesty's Revenue and Customs (HMRC)
Income Tax Examination [Line Items]
Reduction in income tax provision, valuation allowance	64
Valuation allowance, deferred tax asset, increase (decrease), amount	$ 16.5

Taxation - Reconciliation of th

Taxation - Reconciliation of the Bermuda Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the Bermuda Statutory Tax Rate [Abstract]
Bermuda statutory income tax rate	0%	0%	0%
Tax rates which are different from the statutory rate	101.25%	(7.20%)	(6.64%)
Adjustment attributable to prior years	3.39%	0.67%	1.60%
Change in valuation allowance	(29.41%)	0%	0%
Adjustments to uncertain tax positions	(14.62%)	(0.18%)	(0.26%)
Total	60.61%	(6.71%)	(5.30%)

Taxation - Deferred Tax Assets

Taxation - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Net operating losses	$ 17.6	$ 17.7
Excess of tax basis over book basis of property, plant and equipment	14.7	45
Other	20.6	17.9
Deferred tax asset	52.9	80.6
Less: valuation allowance	(33.6)	(77.1)
Net deferred tax assets	19.3	3.5
Deferred tax liabilities
Deferred tax liabilities	0	(0.7)
Net deferred tax asset	$ 19.3	$ 2.8

Taxation - Unrecognized Tax Ben

Taxation - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Liabilities Related to Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits, including interest and penalties, at January 1,	$ 3.2	$ 11.3	$ 6.2
Additions for tax positions of prior year	0.3	0
Reduction in tax positions of prior years	(9.5)	0
Unrecognized tax benefits, excluding interest and penalties, at December 31,	2.1	6.2
Interest and penalties	1.1	5.1
Unrecognized tax benefits, including interest and penalties, at December 31,	$ 3.2	$ 11.3

Earnings per Share - Schedule o

Earnings per Share - Schedule of Computation of Basic Loss Per Share (EPS) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic loss per share (in dollars per share)	$ 0.09	$ (1.64)	$ (1.43)
Diluted loss per share (in dollars per share)	$ 0.09	$ (1.64)	$ (1.43)
Issued ordinary shares at the end of the year (in shares)	264,080,391	229,263,598	137,218,175
Weighted average number of shares outstanding, basic, during the year (in shares)	244,270,405	178,404,637	134,726,336
Dilutive effect of share options and RSU (in shares)	3,880,209	0	0
Weighted average shares outstanding, diluted (in shares)	248,150,614	178,404,637	134,726,336
Convertible bonds
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	34,260,413	5,540,079	5,540,079
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of share options and RSU (in shares)	8,559,698
Number of anti-dilutive securities (in shares)	2,160,000	9,445,006	5,670,000
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	500,000	500,000	0
Restricted share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive effect of share options and RSU (in shares)	112,780
Number of anti-dilutive securities (in shares)	0	88,584	0

Earnings per Share - Narrative

Earnings per Share - Narrative (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Conversion price (in dollars per share)	$ 7.2971
Convertible bonds
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	34,260,413	5,540,079	5,540,079
Share options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	2,160,000	9,445,006	5,670,000
Performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of anti-dilutive securities (in shares)	500,000	500,000	0

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Cash [Abstract]
Restricted cash relating to the issuance of guarantees	$ 0	$ 10.1
Restricted cash relating to others	0.1	0.4
Total restricted cash	0.1	10.5
Less: amounts included in current restricted cash	(0.1)	(2.5)	$ (3.3)	$ 0
Non-current restricted cash	$ 0	$ 8	$ 7.8	$ 0

Restricted Cash - Narrative (De

Restricted Cash - Narrative (Details) - USD ($) $ in Millions	Nov. 30, 2023	Aug. 31, 2023	Apr. 30, 2023
DNB guarantees and letters of credit
Restricted Cash and Cash Equivalents Items [Line Items]
Revolving credit facility			$ 25
175 million USD Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Revolving credit facility			175
25 million USD Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Revolving credit facility		$ 40	$ 25
30 Million USD Facility
Restricted Cash and Cash Equivalents Items [Line Items]
Revolving credit facility	$ 30

Expected Credit Losses (Details

Expected Credit Losses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trade Receivables
Expected credit losses, trade receivables, beginning balance	$ 0.3	$ 0.8
Provision for expected credit losses	0.6	0.2
Write-off charged against allowance	(0.9)	(0.7)
Expected credit losses, trade receivables, ending balance	$ 0	$ 0.3

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Current Assets [Abstract]
VAT receivable	$ 16.5	$ 9.4
Client rechargeables	5.3	4.6
Other tax receivables	4.7	5.2
Corporate income taxes receivables	0	1.1
Right-of-use lease assets	0.5	0.5
Deferred financing fee	0.5	0
Other receivables	4.5	4.6
Other Assets, Current	$ 32	$ 25.4

Newbuildings (Details)

Newbuildings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Carrying Value Of New Buildings [Roll Forward]
Opening balance	$ 3.5	$ 135.5
Additions	1.9	0
Disposals	0	(7.6)
Impairment	0	(124.4)
Total newbuildings	$ 5.4	$ 3.5

Newbuildings - Narrative (Detai

Newbuildings - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) rig	Sep. 30, 2022 rig	Jun. 30, 2022 USD ($) rig	Dec. 31, 2022 USD ($) rig	Dec. 31, 2023 USD ($) rig	Dec. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Jack-up rigs with impairment indication | rig					7
Number of newbuild Jack-up rigs | rig			3
Impairment of non-current assets					$ 0	$ 124.4
Transocean Rigs
Property, Plant and Equipment [Line Items]
Payment of acceleration costs							$ 12.5
Remaining contracted installments outstanding, amount	$ 294.8			$ 294.8	$ 319.8	294.8
Letter of intent
Property, Plant and Equipment [Line Items]
Number of newbuild Jack-up rigs | rig	3	3	3	3
Newbuildings
Property, Plant and Equipment [Line Items]
Jack-up rigs with impairment indication | rig					2
Newbuildings | Letter of intent
Property, Plant and Equipment [Line Items]
Potential sale price	$ 320		$ 320	$ 320		320
Impairment of non-current assets			$ 124.4			$ 124.4
Gain on disposals	$ 3.7

Newbuildings - Newbuildings Imp

Newbuildings - Newbuildings Impairment (Details) $ in Millions	3 Months Ended			6 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) rig	Sep. 30, 2022 rig	Jun. 30, 2022 USD ($) rig	Dec. 31, 2022 USD ($) rig	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Carrying Value Of New Buildings [Roll Forward]
Number of newbuild Jack-up rigs | rig			3
Impairment charge					$ 0	$ (124.4)
Carrying Value	$ 3.9			$ 3.9	$ 3.5	3.9
Letter of intent
Carrying Value Of New Buildings [Roll Forward]
Number of newbuild Jack-up rigs | rig	3	3	3	3
Three newbuildings considered in the LOI carrying value	$ 132			$ 132		132
Estimated cost to complete and respective onerous provision, net	312.4			312.4		312.4
Total	444.4			444.4		444.4
Newbuildings | Letter of intent
Carrying Value Of New Buildings [Roll Forward]
Potential sale price	320		$ 320	320		320
Impairment charge			$ (124.4)			(124.4)
Carrying Value	$ 7.6			$ 7.6		$ 7.6

Jack-up drilling rigs, net (Det

Jack-up drilling rigs, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Jack Up Rigs [Roll Forward]
Opening balance as of January 1,	$ 2,589.1	$ 2,730.8
Additions	104.7	100.2
Depreciation	(115.5)	(114.9)
Disposals	0	(119.7)
Impairment	0	(7.3)
Ending balance as of December 31,	$ 2,578.3	$ 2,589.1

Jack-up drilling rigs, net - Na

Jack-up drilling rigs, net - Narrative (Details) $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Oct. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) rig	Dec. 31, 2023 USD ($) rig	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Accumulated depreciation, jack-up rigs		$ 482.6	$ 598.1	$ 482.6
Depreciation			1.9	1.6	$ 2
Accumulated depreciation		$ 5.2	7.1	5.2
Gain on disposals			(0.6)	(4.2)	(1.2)
Impairment of non-current assets			$ 0	131.7	0
Jack-up rigs with impairment indication | rig			7
Plausible decrease in day rates and utilization			10%
Gyme
Property, Plant and Equipment [Line Items]
Impairment of non-current assets			$ 0	7.3	$ 0
PPL Delivery Financing
Property, Plant and Equipment [Line Items]
Number of jack-up rigs secured by mortgage | rig		8
Gyme
Property, Plant and Equipment [Line Items]
Gross proceeds from sale of fixed assets	$ 120
Gain on disposals				$ 0.2

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions		12 Months Ended
	Mar. 01, 2022 lease	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 lease	Dec. 31, 2018 lease
Lessee, Lease, Description [Line Items]
Number of onerous leases | lease					2
Right of use lease asset, current		$ 0.5	$ 0.5
Right-of-use lease asset, non-current		$ 1.1	1.7
Operating lease, weighted average remaining lease term		4 years 2 months 12 days
Operating lease, weighted-average discount rate, percent		6.60%
Sublease income		$ 0	0.3
Operating lease expense		12.5	7.9
General and administrative expense
Lessee, Lease, Description [Line Items]
Operating lease expense		1.8	1.7
Operating expense
Lessee, Lease, Description [Line Items]
Operating lease expense		$ 10.7	6.2
Beverwijk
Lessee, Lease, Description [Line Items]
Number of onerous leases, expired during the period | lease				1
Houston
Lessee, Lease, Description [Line Items]
Number of onerous leases, expired during the period | lease	1
Houston | General and administrative expense
Lessee, Lease, Description [Line Items]
Sublease income			0.2
Houston | Onerous Lease Liability
Lessee, Lease, Description [Line Items]
Sublease income			$ 0.1

Leases (Details)

Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating leases [Abstract]
Operating leases right-of-use assets	$ 1.6	$ 2.2
Current operating lease liabilities	$ 0.5	$ 0.5
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Non-current operating lease liabilities	$ 1.1	$ 1.7
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Components of Lease Cost [Abstract]
Operating lease expense	$ 12.5	$ 7.9
Short-term operating lease expense	0	0
Total operating lease expense	12.5	7.9
Sublease income	$ 0	$ 0.3

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments Under Non Cancellable Operating Leases (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 0.6
2025	0.6
2026	0.3
2027	0.3
2028	0.3
Thereafter	0
Total Minimum Lease Payments	2.1
Less: Imputed interest	(0.5)
Present value of operating liabilities	$ 1.6

Other Non-Current Assets (Detai

Other Non-Current Assets (Details) $ in Millions	Dec. 31, 2023 USD ($) contract rig	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Deferred mobilization and contract preparation cost	$ 42.6	$ 17.1
Deferred tax asset	19.3	3.5
Deferred financing fee	1.7	0
Non-current accrued revenue	$ 2.3	$ 3.8
Right-of-use lease asset, non-current [extensible enumeration]	Other non-current assets	Other non-current assets
Right-of-use lease asset, non-current	$ 1.1	$ 1.7
Liquidated damages	0.8	2.3
Prepayments	0.3	0.2
VAT receivable	0	0.4
Other non-current assets	$ 67.3	26.7
Rigs billed upon completion | rig	2
Delayed contracts | contract	2
Deferred demobilization revenue
Disaggregation of Revenue [Line Items]
Non-current accrued revenue	$ 1.5	$ 1.5

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued goods and services received, not invoiced	$ 19.7	$ 22.2
Accrued payroll and bonus	12.3	8.6
Other accrued expenses	45	50
Total	$ 77	$ 80.8

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended
	Mar. 18, 2024	Jan. 22, 2024	Mar. 31, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Other current taxes payable					$ 19.7	$ 11.4
VAT payable					17.5	22.7
Dividends payable (2)					11.9	0
Corporate income taxes payable					6.7	0
Accrued payroll and severance					$ 0.8	$ 0.2
Operating lease liability, current, [extensible enumeration]					Other current liabilities	Other current liabilities
Operating lease liability, current					$ 0.5	$ 0.5
Other current liabilities					6.1	1.4
Other current liabilities					$ 63.2	$ 36.2
Subsequent event
Subsequent Event [Line Items]
Dividends paid		$ 11.9
Dividend paid per share (in USD per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Debt - Short term (Details)

Debt - Short term (Details) - USD ($)	Dec. 31, 2023	Nov. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000,000		$ 450,000,000
Deferred finance charges	(10,300,000)		(4,900,000)
Debt discount	(6,800,000)		0
Short-term debt	82,900,000		445,900,000
2028 Notes
Debt Instrument [Line Items]
Principal		$ 1,025,000,000
Short-term debt outstanding	75,000,000		0
2030 Notes
Debt Instrument [Line Items]
Short-term debt outstanding	25,000,000		0
$350m Convertible bonds
Debt Instrument [Line Items]
Principal	350,000,000
Short-term debt outstanding	0		350,000,000
PPL Delivery Financing
Debt Instrument [Line Items]
Short-term debt outstanding	0		60,000,000
Hayfin Facility
Debt Instrument [Line Items]
Short-term debt outstanding	0		20,000,000
Back-end fee, short-term	0		400,000
New DNB Facility
Debt Instrument [Line Items]
Principal			150,000,000
Short-term debt outstanding	0		20,000,000
Back-end fee, short-term	$ 0		$ 400,000

Debt - Long term (Details)

Debt - Long term (Details) - USD ($)	Dec. 31, 2023	Nov. 30, 2023	Feb. 28, 2023	Dec. 31, 2022
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	$ 1,618,800,000			$ 1,191,100,000
Principal Outstanding	1,690,000,000			1,132,800,000
Deferred finance charges	(40,500,000)			(6,400,000)
Debt discount	(30,700,000)			0
Effective Interest Rate adjustments on PPL and Seatrium Delivery Financing Facilities	0			19,800,000
2028 Notes
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	950,000,000			0
Principal		$ 1,025,000,000
2030 Notes
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	490,000,000			0
$250m Convertible Bonds
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	250,000,000			0
Principal	250,000,000		$ 250,000,000
PPL Delivery Financing
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	0			609,600,000
Back-end fee, long-term	0			26,000,000
Seatrium Delivery Financing
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	0			259,200,000
Back-end fee, long-term	0			13,500,000
Hayfin Facility
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	0			134,000,000
Back-end fee, long-term	0			2,800,000
New DNB Facility
Long-term Debt, Current Maturities [Abstract]
Carrying Value Long-Term Debt	0			130,000,000
Back-end fee, long-term	$ 0			2,600,000
Principal				$ 150,000,000

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 100
2025	100
2026	100
2027	100
Thereafter	1,390
Total Debt Outstanding Prior To Backend Fees, Effective Interest Rate Adjustments And Deferred Finance Charges	1,790
Principal Outstanding	$ 1,690	$ 1,132.8

Debt - Our Long Term Debt (Deta

Debt - Our Long Term Debt (Details)

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Nov. 30, 2023 USD ($)

Oct. 31, 2023 USD ($)

Aug. 31, 2022 USD ($)

Dec. 31, 2022 USD ($) rig

Sep. 30, 2022 rig

Jun. 30, 2022 rig

Dec. 31, 2022 USD ($) rig

Dec. 31, 2023 USD ($)

Dec. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Nov. 07, 2023 USD ($)

Feb. 28, 2023 USD ($)

Debt Instrument [Line Items]

Additional equity offering

$ 274,900,000

Number of rig deliveries deferred | rig

2

Number of newbuild Jack-up rigs | rig

3

Proceeds from share issuance, net of issuance costs

$ 50,000,000

$ 50,000,000

$ 58,100,000

$ 298,100,000

$ 44,800,000

New DNB Facility

Debt Instrument [Line Items]

Principal

$ 150,000,000

$ 150,000,000

$ 150,000,000

Letter of intent

Debt Instrument [Line Items]

Number of newbuild Jack-up rigs | rig

3

3

3

3

$250m Convertible Bonds

Debt Instrument [Line Items]

Principal

250,000,000

$ 250,000,000

Senior secured bonds, due 2026

Debt Instrument [Line Items]

Principal

150,000,000

$ 150,000,000

$350m Convertible bonds

Debt Instrument [Line Items]

Principal

350,000,000

1.54 billion USD notes

Debt Instrument [Line Items]

Principal

1,540,000,000

1,540,000,000

$ 1,540,000,000

180 million USD revolving credit facility

Debt Instrument [Line Items]

Revolving credit facility

180,000,000

180,000,000

180 million USD Super Senior Credit Facility, RCF

Debt Instrument [Line Items]

Revolving credit facility

150,000,000

150,000,000

150,000,000

180 million USD Super Senior Credit Facility, RCF | 180 million USD revolving credit facility

Debt Instrument [Line Items]

Remaining borrowing capacity

150,000,000

180 million USD revolving credit facility, guarantee facility

Debt Instrument [Line Items]

Revolving credit facility

$ 30,000,000

30,000,000

$ 30,000,000

Remaining borrowing capacity

$ 29,000,000

Debt - Senior Secured Notes (De

Debt - Senior Secured Notes (Details)		1 Months Ended	12 Months Ended
	Nov. 07, 2023 USD ($)	Nov. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) rig	Feb. 28, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from issuance of private placement			$ 50,000,000
Number of rigs completed | rig			22
1.54 billion USD notes
Debt Instrument [Line Items]
Principal	$ 1,540,000,000	$ 1,540,000,000	$ 1,540,000,000
Debt Instrument, Annual Principal Payment			$ 100,000,000
1.54 billion USD notes | Annual
Debt Instrument [Line Items]
Redemption price %			105%
1.54 billion USD notes | Cash Sweep
Debt Instrument [Line Items]
Redemption price %			105%
1.54 billion USD notes | Exceeds 3 to 1
Debt Instrument [Line Items]
Debt instruments as % of excess cash flows			75%
1.54 billion USD notes | Between 2 and 3
Debt Instrument [Line Items]
Debt instruments as % of excess cash flows			50%
1.54 billion USD notes | Between 1.5 and 2
Debt Instrument [Line Items]
Debt instruments as % of excess cash flows			25%
2028 Notes
Debt Instrument [Line Items]
Principal		1,025,000,000
Principal issued	$ 1,025,000,000	$ 1,025,000,000
Issue price %	97.75%
Proceeds from debt, net of discount and issuance costs	$ 1,001,900,000
Debt instrument, interest rate	10%		10%
2028 Notes | Prior to Nov 15 2025 | Equity offering
Debt Instrument [Line Items]
Redemption price %			110%
Redemption price, % of principal amount redeemed			40%
Principal amount outstanding %			60%
2028 Notes | Prior to Nov 15 2025 | No equity offering
Debt Instrument [Line Items]
Redemption price %			103%
Principal amount outstanding %			10%
2030 Notes
Debt Instrument [Line Items]
Principal issued	$ 515,000,000
Issue price %	97%
Proceeds from debt, net of discount and issuance costs	$ 499,500,000
Debt instrument, interest rate	10.375%		10.375%
Redemption price, % of principal amount redeemed, triggering event			101%
2030 Notes | Prior to Nov 15 2025 | Equity offering
Debt Instrument [Line Items]
Redemption price %			110.375%
Redemption price, % of principal amount redeemed			40%
Principal amount outstanding %			60%
2030 Notes | Prior to Nov 15 2025 | No equity offering
Debt Instrument [Line Items]
Redemption price %			103%
Redemption price, % of principal amount redeemed during 12 months			10%
Senior secured bonds, due 2026
Debt Instrument [Line Items]
Principal			$ 150,000,000	$ 150,000,000

Debt - Optional Redemptions (De

Debt - Optional Redemptions (Details)	12 Months Ended
	Dec. 31, 2023
2028 Notes | 2025
Debt Instrument [Line Items]
Price (% of principal amount)	105%
2028 Notes | 2026
Debt Instrument [Line Items]
Price (% of principal amount)	102.50%
2028 Notes | 2027 and thereafter
Debt Instrument [Line Items]
Price (% of principal amount)	100%
2028 Notes | Prior to Nov 15 2025 | Equity offering
Debt Instrument [Line Items]
Redemption price, % of principal amount redeemed	40%
Price (% of principal amount)	110%
Principal amount outstanding %	60%
2028 Notes | Prior to Nov 15 2025 | No equity offering
Debt Instrument [Line Items]
Price (% of principal amount)	103%
Principal amount outstanding %	10%
2030 Notes | 2025
Debt Instrument [Line Items]
Price (% of principal amount)	105.188%
2030 Notes | 2026
Debt Instrument [Line Items]
Price (% of principal amount)	102.594%
2030 Notes | 2027 and thereafter
Debt Instrument [Line Items]
Price (% of principal amount)	100%
2030 Notes | Prior to Nov 15 2025 | Equity offering
Debt Instrument [Line Items]
Redemption price, % of principal amount redeemed	40%
Price (% of principal amount)	110.375%
Principal amount outstanding %	60%
2030 Notes | Prior to Nov 15 2025 | No equity offering
Debt Instrument [Line Items]
Price (% of principal amount)	103%

Debt - Super Senior Credit Faci

Debt - Super Senior Credit Facility (Details) - USD ($) $ in Millions	2 Months Ended
	Dec. 31, 2023	Nov. 30, 2023	Nov. 07, 2023
180 million USD Super Senior Credit Facility, RCF
Debt Instrument [Line Items]
Revolving credit facility	$ 150	$ 150	$ 150
Commitment fee %	40%
180 million USD Super Senior Credit Facility, RCF | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.25%
180 million USD revolving credit facility, guarantee facility
Debt Instrument [Line Items]
Revolving credit facility	$ 30	$ 30	$ 30

Debt - Seatrium Newbuilding Fin

Debt - Seatrium Newbuilding Financing (Details) - Seatrium Delivery Financing	1 Months Ended
	Oct. 31, 2023 USD ($)	Dec. 31, 2023 rig
Debt Instrument [Line Items]
Number of jack-up rigs scheduled for delivery | rig		2
Final installment amount	$ 147,406,000
Payment of acceleration costs	12,500,000
Revolving credit facility	130,000,000
Year 1 principal repayments	15,000,000
Year 2 principal repayments	$ 15,000,000
Maximum
Debt Instrument [Line Items]
Debt term	4 years
Minimum
Debt Instrument [Line Items]
Debt term	3 years

Debt - Unsecured Convertible Bo

Debt - Unsecured Convertible Bonds (Details)				1 Months Ended			12 Months Ended
	Mar. 31, 2024 shares $ / shares	Mar. 18, 2024 $ / shares	Jan. 22, 2024 $ / shares	Mar. 31, 2024 $ / shares	Jan. 31, 2024 $ / shares	Feb. 28, 2023 USD ($) shares $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022
Debt Instrument [Line Items]
Conversion price (in dollars per share)							$ 7.2971
Subsequent event
Debt Instrument [Line Items]
Dividend paid per share (in USD per share)		$ 0.05	$ 0.05	$ 0.05	$ 0.05
$250m Convertible Bonds
Debt Instrument [Line Items]
Principal | $						$ 250,000,000	$ 250,000,000
Conversion price (in dollars per share)						$ 7.3471
Conversion of bonds into shares (in shares) | shares						34,027,031
Debt instrument, interest rate						5%
$250m Convertible Bonds | Subsequent event
Debt Instrument [Line Items]
Conversion price (in dollars per share)	$ 7.2384			$ 7.2384
Conversion of bonds into shares (in shares) | shares	34,538,019
Interest bearing debt
Debt Instrument [Line Items]
Average interest rate							10.62%	7.32%

Onerous Contracts (Details)

Onerous Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Components of Onerous Contracts [Abstract]
Onerous rig construction contracts acquired	$ 54.5	$ 54.5
Onerous rig contract "Vale"
Components of Onerous Contracts [Abstract]
Onerous rig construction contracts acquired	26.9	26.9
Onerous rig contract "Var"
Components of Onerous Contracts [Abstract]
Onerous rig construction contracts acquired	$ 27.6	$ 27.6

Onerous Contracts - Narrative (

Onerous Contracts - Narrative (Details)	3 Months Ended
	Jun. 30, 2022 rig
Onerous Contracts [Abstract]
Number of newbuild Jack-up rigs	3

Commitments and contingencies -

Commitments and contingencies - Narrative (Details) $ in Millions		1 Months Ended		12 Months Ended
	Mar. 15, 2017 rig company	Jun. 30, 2020 rig	May 31, 2018 rig	Dec. 31, 2023 USD ($) rig	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) rig
Transocean Rigs
Other Commitments [Line Items]
Number of high specification jack-up drilling rigs to be acquired	15
Number of jack-up rig companies acquired | company	8
Number of rigs under construction	5
Number of premium newbuild jack-up drilling rigs acquired	5
Number of premium newbuild jack-up drilling rigs delivered				2
Number of premium newbuild jack-up drilling rigs sold				1
Number of premium newbuild jack-up drilling rigs under construction		2		2
Payment of acceleration costs | $					$ 12.5
Remaining contracted installments outstanding, amount | $				$ 319.8		$ 294.8
Seatrium Delivery Financing
Other Commitments [Line Items]
Number of premium newbuild jack-up drilling rigs acquired			5
Remaining contracted installments outstanding, amount | $				$ 0		$ 0
Number rigs with deferred delivery subsequently sold				2		2

Commitments and contingencies_2

Commitments and contingencies (Details) - Commitments and Maturity of Commitments - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Delivery installments for jack-up drilling rigs	$ 319.8	$ 294.8
Less than 1 year	319.8
1-3 years	$ 0

Commitments and contingencies_3

Commitments and contingencies (Details) - Other Commercial Commitments - USD ($) $ in Millions	Dec. 31, 2023	Nov. 30, 2023	Aug. 31, 2023	Apr. 30, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Total	$ 29				$ 9.7
Restricted cash	0.1				10.5
DNB guarantees and letters of credit
Other Commitments [Line Items]
Revolving credit facility				$ 25
175 million USD Facility
Other Commitments [Line Items]
Revolving credit facility				175
25 million USD Facility
Other Commitments [Line Items]
Revolving credit facility			$ 40	$ 25
30 Million USD Facility
Other Commitments [Line Items]
Revolving credit facility		$ 30
Bank guarantees and performance bonds
Other Commitments [Line Items]
Total	29				9.7
Bank guarantees
Other Commitments [Line Items]
Restricted cash	$ 0				$ 10.1

Commitments and contingencies_4

Commitments and contingencies (Details) - Other Commercial Commitments Maturity - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Commitments [Line Items]
Other Commitment	$ 29	$ 9.7
Bank guarantees and performance bonds
Other Commitments [Line Items]
Less than 1 year	12.1
1-3 years	11.3
Thereafter	5.6
Other Commitment	$ 29	$ 9.7

Commitments and contingencies_5

Commitments and contingencies (Details) - Assets Pledged as Collateral - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Book value of jack-up rigs pledged as collateral for debt facilities	$ 2,578.3	$ 2,396.2

Share based compensation - Narr

Share based compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment charge	$ 4.6	$ 2.1	$ 0.1
Intrinsic value, non-vested awards	0.8	0.4
Intrinsic value, vested awards	$ 0.6
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards, expiration period	5 years
Aggregate number of share options authorized (in shares)	12,997,000
Fair values of the share options	$ 5.5	8	$ 2.6
Intrinsic value, options outstanding	36.3	16.9
Intrinsic value, exercisable options	6.7	0
Intrinsic value, options exercised	$ 2.2	$ 0
Share options | Total vested
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining life for vested options	2 years 6 months 14 days	8 months 15 days	1 year 2 months 8 days
Share options | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Share options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted during the year (in shares)	0	500,000	0
Vesting requirement share price (in USD per share)	$ 10
Vesting requirement % of days	75%
Share-based payment charge	$ 0.3	$ 0.1
Fair value of awards granted		$ 1
Restricted share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted during the year (in shares)	112,780	88,584	0
Share-based payment charge	$ 0.5	$ 0.1
Fair value of awards granted	$ 0.7	$ 0.5

Share based compensation - Shar

Share based compensation - Share-based Payment Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based payment charge	$ 4.6	$ 2.1	$ 0.1

Share based compensation - Sh_2

Share based compensation - Share Options Issued (Details) - Share options - $ / shares		1 Months Ended		12 Months Ended
	Nov. 17, 2023	Sep. 30, 2022	Aug. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 01, 2022	Aug. 11, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation (in shares)	2,100,000		5,150,000
Exercise price (in dollars per share)	$ 6.65		$ 2	$ 6.65	$ 4.75	$ 2
Share price (in dollars per share)	$ 6.19							$ 1.40
Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation (in shares)		1,333,334
Exercise price (in dollars per share)		$ 4
Share price (in dollars per share)							$ 3.96
Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation (in shares)		1,333,333
Exercise price (in dollars per share)		$ 4.75
Share price (in dollars per share)							3.96
Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation (in shares)		1,333,333
Exercise price (in dollars per share)		$ 5.50
Share price (in dollars per share)							$ 3.96

Share based compensation - Sh_3

Share based compensation - Share Options Activity (Details) - $ / shares		1 Months Ended	12 Months Ended
	Nov. 17, 2023	Aug. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number
Outstanding at beginning balance (in shares)			9,445,006	5,670,000	885,000
Granted during the year (in shares)			(2,100,000)	(4,000,000)	(5,150,000)
Exercised during the year (in shares)			(410,302)	0	0
Forfeited during the year (in shares)			(217,506)	(11,250)	(105,500)
Expired during the year (in shares)			(227,500)	(213,744)	(259,500)
Outstanding at ending balance (in shares)			10,689,698	9,445,006	5,670,000
Weighted Avg. Fair Value Price (in $)
Outstanding at beginning balance (in dollars per share)			$ 1.19	$ 0.64	$ 1.91
Granted during the year (in dollars per share)			2.63	2	0.51
Exercised during the year (in dollars per share)			0.47	0	0
Forfeited during the year (in dollars per share)			0.88	2.68	1.24
Expired during the year (in dollars per share)			2.29	1.78	3.19
Outstanding at ending balance (in dollars per share)			1.48	1.19	0.64
Weighted Avg. Exercise Price (in $)
Exercised during the year (in dollars per share)			$ 0.47	$ 0	$ 0
Share options
Number
Outstanding at beginning balance (in shares)			9,445,006	5,670,000	885,000
Granted during the year (in shares)			(2,100,000)	(4,000,000)	(5,150,000)
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price			$ 2	$ 0	$ 0
Exercised during the year (in shares)			(410,302)	0	0
Forfeited during the year (in shares)			(217,506)	(11,250)	(105,500)
Expired during the year (in shares)			(227,500)	(213,744)	(259,500)
Outstanding at ending balance (in shares)			10,689,698	9,445,006	5,670,000
Exercisable (in shares)			1,313,036	271,250	411,244
Weighted Avg. Exercise Price (in $)
Outstanding at beginning balance (in dollars per share)			$ 4.48	$ 5.66	$ 41.86
Granted during the year (in dollars per share)	$ 6.65	$ 2	6.65	4.75	2
Forfeited during the year (in dollars per share)			3.77	48.70	46.42
Expired during the year (in dollars per share)			46.92	38.47	40.64
Outstanding at ending balance (in dollars per share)			4.11	4.48	5.66
Exercisable (in dollars per share)			$ 3.51	$ 45	$ 41.75

Share based compensation - Fair

Share based compensation - Fair Value of Equity Settled Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 17, 2023	Sep. 01, 2022	Aug. 11, 2021
Share options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected future volatility	59%	76%	57%
Expected dividend rate	0%	0%	0%
Risk-free rate, minimum	4.30%	3.40%	0.50%
Risk-free rate, maximum	4.80%	3.50%	0.80%
Expected life after vesting	3 years 3 months 18 days	3 years 6 months	2 years
Share price at valuation date (in USD per share)				$ 6.19		$ 1.40
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected future volatility		81%
Expected dividend rate		0%
Risk-free rate		3.54%
Share price at valuation date (in USD per share)					$ 3.96

Share based compensation - PSU

Share based compensation - PSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Performance stock units
Number
Outstanding at beginning balance (in shares)	500,000	0
Granted during the year (in shares)	0	500,000	0
Forfeited during the year (in shares)		0
Expired during the year (in shares)		0
Outstanding at ending balance (in shares)		500,000	0
Weighted Avg. Fair Value Price (in $)
Outstanding at beginning balance (in dollars per share)	$ 2.02	$ 0
Granted during the year (in dollars per share)		2.02
Forfeited during the year (in dollars per share)		0
Expired during the year (in dollars per share)		0
Outstanding at ending balance (in dollars per share)		$ 2.02	$ 0
Restricted stock units
Number
Outstanding at beginning balance (in shares)	88,584	0
Granted during the year (in shares)	112,780	88,584	0
Vested during the year (in shares)	(88,584)	0
Forfeited during the year (in shares)	0	0
Expired during the year (in shares)	0	0
Outstanding at ending balance (in shares)	112,780	88,584	0
Weighted Avg. Fair Value Price (in $)
Outstanding at beginning balance (in dollars per share)	$ 5.08	$ 0
Granted during the year (in dollars per share)	6.19	5.08
Vested during the year	5.08	0
Forfeited during the year (in dollars per share)	0	0
Expired during the year (in dollars per share)	0	0
Outstanding at ending balance (in dollars per share)	$ 6.19	$ 5.08	$ 0

Pensions (Details) - Narrative

Pensions (Details) - Narrative $ in Millions		12 Months Ended
	Mar. 29, 2018 pensionPlan	Dec. 31, 2023 USD ($) pensionPlan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of defined benefit pension plans acquired | pensionPlan	2
Number of non-US noncontributory defined benefit pension plans sponsored | pensionPlan		2
Amount of defined contribution		$ 2.2	$ 2.4	$ 1.3
Defined benefit plans
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at end of period		114.3	106.9	172.9
Fair value of plan assets at end of period		114.3	106.9	$ 172.9
Interest cost		2.7
Expected return on plan assets		2.7	0.7
Benefit cost		$ 0	$ 0

Pensions (Details) - Defined Be

Pensions (Details) - Defined Benefit Plan Reconciliations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined benefit plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation at beginning of period	$ 106.9	$ 172.9
Interest cost	2.7
Actuarial loss / (gain)	2.6	(54.3)
Benefits paid	(2.1)	(1.8)
Foreign exchange rate changes	4.2	(10.6)
Benefit obligation at end of period	114.3	106.9
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of period	106.9	172.9
Actual return on plan assets	5.3	(53.6)
Foreign exchange rate changes	4.2	(10.6)
Fair value of plan assets at end of period	114.3	106.9
Net defined benefit plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Interest cost	$ 2.7	$ 0.7

Pensions (Details) - Defined _2

Pensions (Details) - Defined Benefit Plan Costs and Key Assumptions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.33%	2.54%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.54%	2.54%
Expected long-term return on plan assets	2.54%	2.54%
Maximum
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate	2.47%	2.93%
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost
Discount rate	2.93%	2.93%
Expected long-term return on plan assets	2.93%	2.93%
Defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 2.7
Expected return on plan assets	(2.7)	$ (0.7)
Net benefit cost	0	0
Net defined benefit plans
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost	$ 2.7	$ 0.7

Pensions (Details) - Defined _3

Pensions (Details) - Defined Benefit Plans Cash Flows - Defined benefit plans $ in Millions	Dec. 31, 2023 USD ($)
Estimated benefit payments
Total	$ 36.5
2024	2.5
2025	2.8
2026	3
2027	3.3
2028	3.5
Five Years Thereafter	$ 21.4

Financial Instruments (Details)

Financial Instruments (Details) - USD ($)	Dec. 31, 2023	Nov. 30, 2023	Nov. 07, 2023	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Restricted cash	$ 100,000				$ 10,500,000
Non-current restricted cash	$ 0				$ 8,000,000	$ 7,800,000	$ 0
2028 Notes
Liabilities
Debt instrument, interest rate	10%		10%
Principal		$ 1,025,000,000
2030 Notes
Liabilities
Debt instrument, interest rate	10.375%		10.375%
$350m Convertible bonds
Liabilities
Debt instrument, interest rate					3.875%
Principal	$ 350,000,000
$250m Convertible Bonds
Liabilities
Debt instrument, interest rate				5%
Principal	250,000,000			$ 250,000,000
Fair Value | Fair Value, Inputs, Level 1
Assets
Cash and cash equivalents	102,500,000				$ 108,000,000
Restricted cash	100,000				2,500,000
Trade receivables	56,200,000				43,000,000
Other current assets (excluding deferred costs)	31,500,000				25,400,000
Due from related parties	95,000,000				65,600,000
Non-current restricted cash	0				8,000,000
Liabilities
Trade payables	35,500,000				47,700,000
Accrued expenses	77,000,000				80,800,000
Short-term accrued interest and other items	42,300,000				77,700,000
Other current liabilities	63,200,000				36,200,000
Short-term debt	0				100,800,000
Long-term debt	0				1,177,700,000
Fair Value | Fair Value, Inputs, Level 2
Liabilities
Short-term debt	104,400,000				330,800,000
Long-term debt	1,818,000,000				0
Carrying Value
Assets
Cash and cash equivalents	102,500,000				108,000,000
Restricted cash	100,000				2,500,000
Trade receivables	56,200,000				43,000,000
Other current assets (excluding deferred costs)	31,500,000				25,400,000
Due from related parties	95,000,000				65,600,000
Non-current restricted cash	0				8,000,000
Liabilities
Trade payables	35,500,000				47,700,000
Accrued expenses	77,000,000				80,800,000
Short-term accrued interest and other items	42,300,000				77,700,000
Other current liabilities	63,200,000				36,200,000
Carrying Value | Fair Value, Inputs, Level 1
Liabilities
Short-term debt	0				100,800,000
Long-term debt	0				1,177,700,000
Carrying Value | Fair Value, Inputs, Level 2
Liabilities
Short-term debt	100,000,000				350,000,000
Long-term debt	$ 1,690,000,000				$ 0

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - $250m Convertible Bonds - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 28, 2023	Jan. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Issuance costs	$ 12,400,000		$ 12,400,000
Principal	250,000,000	$ 250,000,000
Deferred finance costs, amortization expense	2,300,000
Deferred finance costs, current	2,500,000
Deferred finance costs, non-current	$ 7,600,000

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ in Millions		2 Months Ended	10 Months Ended	14 Months Ended
	Aug. 04, 2021	Dec. 31, 2022 USD ($) rig	Oct. 19, 2022 rig	Dec. 31, 2023 USD ($) rig	Nov. 30, 2023 USD ($)	Jan. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Debt issuance costs | $		$ 4.9		$ 10.3
Performex
Related Party Transaction [Line Items]
Number of rigs			3
Number of rigs on bareboat charter		5		5
Additional ownership percentage acquired	2%
Management Services Revenue - Perfomex II
Related Party Transaction [Line Items]
Number of rigs			2
Additional ownership percentage acquired	2%
Akal
Related Party Transaction [Line Items]
Ownership percentage sold	49%
Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Related Party Transaction [Line Items]
Ownership percentage sold	49%
Magni Partners Limited | Related party
Related Party Transaction [Line Items]
Debt issuance costs | $					$ 1	$ 1.3

Related Party Transactions - Tr

Related Party Transactions - Transactions with Significant Influence Entities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliated entity
Related Party Transaction [Line Items]
Trade receivables, net	$ 95	$ 65.6
Perfomex | Affiliated entity
Related Party Transaction [Line Items]
Trade receivables, net	92.4	62.9
Perfomex II | Affiliated entity
Related Party Transaction [Line Items]
Trade receivables, net	2.6	2.7
Management Services Revenue | Perfomex
Related Party Transaction [Line Items]
Amounts of related party transaction	0	0	$ 5
Management Services Revenue | Perfomex II
Related Party Transaction [Line Items]
Amounts of related party transaction	0	0	3
Bareboat Revenue | Perfomex
Related Party Transaction [Line Items]
Amounts of related party transaction	129.6	60.2	22.2
Bareboat Revenue | Perfomex II
Related Party Transaction [Line Items]
Amounts of related party transaction	0	24.9	9.3
Revenue
Related Party Transaction [Line Items]
Amounts of related party transaction	129.6	85.1	39.5
Funding provided to (received from) equity method investments
Related Party Transaction [Line Items]
Amounts of related party transaction	(9.8)	0	(46.5)
Funding provided to (received from) equity method investments | Perfomex
Related Party Transaction [Line Items]
Amounts of related party transaction	(9.8)	0	(31.6)
Funding provided to (received from) equity method investments | Perfomex II
Related Party Transaction [Line Items]
Amounts of related party transaction	0	0	(9.5)
Funding provided to (received from) equity method investments | Opex Perforadora S.A. de C.V. (“Opex”) and Perforadora Profesional AKAL I, SA de CV (“Akal”)
Related Party Transaction [Line Items]
Amounts of related party transaction	0	0	(3.7)
Funding provided to (received from) equity method investments | Akal
Related Party Transaction [Line Items]
Amounts of related party transaction	$ 0	$ 0	$ (1.7)

Related Party Transactions - _2

Related Party Transactions - Transactions with Other Related Parties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023	Jan. 31, 2023
Related Party Transaction [Line Items]
Additional paid in capital	$ 337,200,000	$ 2,265,600,000
Rig operating and maintenance expenses	359,300,000	264,900,000	$ 180,500,000
Other financial income / (expenses)	(300,000)	100,000	(4,500,000)
General and administrative expenses	45,100,000	36,800,000	34,700,000
Income / (loss) before income taxes	56,100,000	(274,400,000)	(183,300,000)
$250m Convertible Bonds
Related Party Transaction [Line Items]
Principal	$ 250,000,000			$ 250,000,000
Borr Arabia Well Drilling LLC | Front End Limited Company
Related Party Transaction [Line Items]
Ownership percentage, non-controlling	3%
Drew Holdings Limited | $250m Convertible Bonds
Related Party Transaction [Line Items]
SLA shares issued (in shares)					15,000,000
Other affiliates
Related Party Transaction [Line Items]
Additional paid in capital	$ 600,000	1,600,000	0
Income / (loss) before income taxes	4,300,000	500,000	900,000
Other affiliates | Front End Limited Company
Related Party Transaction [Line Items]
Rig operating and maintenance expenses	2,700,000	0	0
Other affiliates | Drew Holdings Limited
Related Party Transaction [Line Items]
Other financial income / (expenses)	1,000,000	0	0
Other affiliates | Magni Partners Limited
Related Party Transaction [Line Items]
Additional paid in capital	600,000	1,600,000	0
General and administrative expenses	$ 600,000	$ 500,000	$ 900,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Authorized And Issued Share Capital - $ / shares								12 Months Ended
	Aug. 16, 2023	Feb. 24, 2023	Feb. 23, 2023	Jan. 31, 2023	Aug. 26, 2022	Aug. 25, 2022	Aug. 16, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 14, 2021
Equity [Abstract]
Ordinary shares, par value (in dollars per share)	$ 0.10							$ 0.10			$ 0.05
Authorized share capital [Abstract]
Authorized shares: Balance at the start of the year (in shares)								255,000,000	180,000,000
Stock authorized during period (in shares)			60,000,000			35,000,000	40,000,000
Authorized shares: Balance at the end of the year (in shares)								315,000,000	255,000,000	180,000,000
Shares Issued
Issued : Balance at the start of the year (in shares)								229,263,598	137,218,175
Issue of common shares (in shares)								8,816,793	92,046,404
Share issued and subsequently repurchased (in shares)	1,000,000	10,000,000		15,000,000				26,000,000	0
Shares cancelled (in shares)					(981)			0	(981)
Issued : Balance at the end of the year (in shares)								264,080,391	229,263,598	137,218,175
Treasury shares held by company (in shares)								11,498,355	315,511	406,333
Outstanding shares (in shares)								252,582,036	228,948,087

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Shares Issued - USD ($) $ / shares in Units, $ in Millions					1 Months Ended		12 Months Ended
	Oct. 24, 2023	Aug. 26, 2022	Aug. 17, 2022	Jan. 31, 2022	Nov. 30, 2023	Oct. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Aug. 16, 2023	Dec. 14, 2021	Jul. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Issue of common shares (in shares)							8,816,793	92,046,404
Gross proceeds							$ 59.8	$ 313.8
Ordinary shares, par value (in dollars per share)							$ 0.10			$ 0.10	$ 0.05
Stock cancelled (in shares)		981					0	981
Gross proceeds					$ 50	$ 50	$ 58.1	$ 298.1	$ 44.8
Oslo
Equity, Class of Treasury Stock [Line Items]
Issue of common shares (in shares)	7,522,838			13,333,333
Price per share (in dollars per share)	$ 6.65			$ 2.25
Gross proceeds	$ 50.1			$ 30
NYSE
Equity, Class of Treasury Stock [Line Items]
Issue of common shares (in shares)		34,696,404	41,666,667				1,293,955	2,350,000
Price per share (in dollars per share)		$ 3.60	$ 3.60				$ 7.53	$ 3.78
Gross proceeds		$ 124.9	$ 150				$ 9.7	$ 8.9
At-the-market offering | NYSE
Equity, Class of Treasury Stock [Line Items]
Issue of common shares (in shares)							1,293,955	2,350,000
Amount authorized for issuance												$ 40
Gross proceeds							$ 9.7	$ 8.9
Net proceeds							9.6	8.8
Stock issuance costs							$ 0.1	$ 0.1

Stockholders' Equity (Details_3

Stockholders' Equity (Details) - Treasury Share Issuance - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Aug. 16, 2023	Feb. 24, 2023	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 08, 2023	Dec. 14, 2021
Equity, Class of Treasury Stock [Line Items]
Ordinary shares, par value (in dollars per share)	$ 0.10			$ 0.10	$ 0.10				$ 0.05
Treasury shares held by company (in shares)				11,498,355	11,498,355	315,511	406,333
Share issued and subsequently repurchased (in shares)	1,000,000	10,000,000	15,000,000		26,000,000	0
Shares bought back (in shares)				125,000	125,000	0
Shares lent under the Share Lending Agreement (in shares)				(14,443,270)	(14,443,270)	0
Exercised during the year (in shares)					(410,302)	0	0
Shares issued as compensation (in shares)						(90,822)
Stock repurchase program, authorized amount								$ 100,000
Repurchase of treasury shares				$ 800	$ 800
Issue of common shares (in shares)					8,816,793	92,046,404
Stock issued as directors compensation						$ 300
Book value of treasury shares reissued						3,900
Loss on issuance of treasury shares						$ 3,600
Restricted share units
Equity, Class of Treasury Stock [Line Items]
Shares issued as compensation (in shares)					(88,584)
Stock issued as directors compensation					$ 450
Book value of treasury shares reissued					2,800
Loss on issuance of treasury shares					$ 2,400

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)

1 Months Ended

12 Months Ended

Mar. 18, 2024 $ / shares

Jan. 22, 2024 USD ($) $ / shares

Dec. 22, 2023 USD ($)

Mar. 31, 2024 $ / shares

Jan. 31, 2024 $ / shares

Dec. 31, 2023 USD ($) shares

Dec. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($)

Dec. 21, 2023 USD ($)

Apr. 19, 2023 kr / shares

Mar. 31, 2023 shares

Feb. 28, 2023 USD ($)

Jan. 31, 2023 USD ($) shares

Equity, Class of Treasury Stock [Line Items]

Other financial income / (expenses)

$ (300,000)

$ 100,000

$ (4,500,000)

SLA shares outstanding (in shares) | shares

14,443,270

0

Additional paid in capital

$ 290,578,712

$ 2,290,578,712

Adjustments to additional paid in capital

$ 0

Subsequent event

Equity, Class of Treasury Stock [Line Items]

Dividend paid per share (in USD per share) | $ / shares

$ 0.05

$ 0.05

$ 0.05

$ 0.05

Dividends paid

$ 11,900,000

Contributed Surplus

Equity, Class of Treasury Stock [Line Items]

Adjustments to additional paid in capital

(2,000,000,000)

(2,000,000,000)

Additional paid in capital

Equity, Class of Treasury Stock [Line Items]

Adjustments to additional paid in capital

$ 2,000,000,000

2,000,000,000

Drew Holdings Limited

Equity, Class of Treasury Stock [Line Items]

Shares issued but not available for trading (in shares) | shares

15,000,000

Drew Holdings Limited | Related party

Equity, Class of Treasury Stock [Line Items]

Other financial income / (expenses)

1,000,000

$250m Convertible Bonds

Equity, Class of Treasury Stock [Line Items]

Principal

$ 250,000,000

$ 250,000,000

Shares authorized (in shares) | shares

25,000,000

Lending fee per investor

0.50%

Lending fee %

1%

Issuance costs

$ 12,400,000

$ 12,400,000

Minimum share price (in NOK per share) | kr / shares

kr 56.36

SLA shares outstanding (in shares) | shares

14,443,270

14,232,778

Deferred finance costs

$ 10,100,000

$250m Convertible Bonds | Drew Holdings Limited

Equity, Class of Treasury Stock [Line Items]

SLA shares issued (in shares) | shares

15,000,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)				1 Months Ended			12 Months Ended
	Mar. 18, 2024	Jan. 22, 2024	Nov. 07, 2023	Mar. 31, 2024	Jan. 31, 2024	Nov. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2023
Subsequent Event [Line Items]
Shares issued on exercise of share options (in shares)							410,302	0	0
Long-term debt							$ 1,618,800,000	$ 1,191,100,000
2028 Notes
Subsequent Event [Line Items]
Principal						$ 1,025,000,000
Debt instrument, interest rate			10%				10%
Issue price %			97.75%
Proceeds from debt, net of discount and issuance costs			$ 1,001,900,000
Principal issued			$ 1,025,000,000			$ 1,025,000,000
Long-term debt							$ 950,000,000	0
$250m Convertible Bonds
Subsequent Event [Line Items]
Principal							250,000,000			$ 250,000,000
Debt instrument, interest rate										5%
Long-term debt							$ 250,000,000	$ 0
Subsequent event
Subsequent Event [Line Items]
Dividend paid per share (in USD per share)	$ 0.05	$ 0.05		$ 0.05	$ 0.05
Dividends paid		$ 11,900,000
Shares issued on exercise of share options (in shares)				303,336	108,000
Subsequent event | 2028 Notes
Subsequent Event [Line Items]
Principal				$ 200,000,000
Debt instrument, interest rate				10%
Issue price %				102.50%
Proceeds from debt, net of discount and issuance costs				$ 211,900,000
Subsequent event | $250m Convertible Bonds
Subsequent Event [Line Items]
Debt repurchase amount				10,600,000
Long-term debt				$ 239,400,000