# EDGAR Filing Document

**Accession Number:** 0001715497
**File Stem:** 0001140361-23-002663
**Filing Date:** 2023-1
**Character Count:** 6767
**Document Hash:** 6982561329d1ec37ab6755a83ab4a109
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-002663.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001140361-23-002663

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230124

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Borr Drilling Ltd
- **CENTRAL INDEX KEY:** 0001715497
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39007
- **FILM NUMBER:** 23550248

**BUSINESS ADDRESS:**
- **STREET 1:** S.E. PEARMAN BUILDING
- **STREET 2:** 2ND FLOOR 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11
- **BUSINESS PHONE:** 4722483000

**MAIL ADDRESS:**
- **STREET 1:** S.E. PEARMAN BUILDING
- **STREET 2:** 2ND FLOOR 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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#### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16

#### OF THE SECURITIES EXCHANGE ACT OF 1934

January 24, 2023

#### Commission File Number 001-39007

#### <br>

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## Borr Drilling Limited

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S. E. Pearman Building

#### 2nd Floor 9 Par-la-Ville Road

#### Hamilton HM11

#### Bermuda

#### (Address of principal executive office)

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐

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<u>Exhibits</u>

[99.1](brhc10047002_ex99-1.htm) Press Release

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#### SIGNATURES

#### <br>
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BORR DRILLING LIMITED** | **BORR DRILLING LIMITED** |
| Date: January 24, 2023 | By: | /s/ Mi Hong Yoon |
|  | Name: | Mi Hong Yoon |
|  | Title: | Director |

---

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## Exhibit 99.1

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**Exhibit 99.1**<br>

#### Borr Drilling Limited – Updated 2022 and 2023 guidance

Hamilton, Bermuda, 24 January 2023

Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") is pleased to announce updates to its preliminary Revenue and EBITDA guidance for 2022 and 2023.

For 2022, Borr Drilling expects to record revenues of $435 - $450 million and adjusted EBITDA of $152 - $162 million\* (previous guidance was revenue between $375 - $400 million and Adjusted EBITDA of $115 - $140 million). This implies estimated Q4 2022 Revenues between $140 – $150 million, and Q4 2022 Adjusted EBITDA of between $50 - $60 million.

For 2023, based on current contracts and projections for new contracts, the Company expects to generate revenues of $740 - $780 million and Adjusted EBITDA of $360 - $400 million (previous guidance was adjusted EBITDA of $290 - $330 million).

The cash and cash equivalents balance at year end 2022 is estimated to be ~$105 million.

"Borr Drilling has been through a transformational journey the last years, activating and putting 21 rigs successfully to work and significantly strengthening the Company's balance sheet. The outlook for the industry and our Company is continuing to improve, which is likely to lead to further increased utilisation and higher day-rates." says CEO Patrick Schorn

It is important to note that the financial preliminary guidance for Q4 and 2022 are estimates, and the financial results are not finalised. The results are also subject to audit, and as such are subject to change.

Forward looking statements

This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expect", "will" and similar expressions and include statements relating to letter of awards including the duration of such contracts and backlog, and other non-historical statements. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, preliminary and expected financial results, including revenue and adjusted EBITDA, cash and cash equivalents, industry outlook, further increased utilization and higher day rates and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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<sup>\*</sup> The Company provides guidance on expected adjusted EBITDA, which is a financial measure calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP). adjusted EBITDA represents our periodic net loss adjusted for: depreciation and impairment of non-current assets, other non-operating income; (income)/loss from equity method investments, total financial (income) expense net, income tax expense, amortization of deferred mobilization costs and revenue. The Company provides guidance on adjusted EBITDA because it believes this measure provides useful information regarding the Company's expected operational performance. Due to the forward-looking nature of adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort.

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