Borr Drilling Limited (NYSE:BORR) Q2 2024 Earnings Conference Call August 15, 2024 9:00 AM ET
Company Participants
Patrick Schorn - CEO
Magnus Vaaler - CFO
Bruno Morand - Chief Commercial Officer
Conference Call Participants
James West - Evercore ISI
Fredrik Stene - Clarksons Securities
Truls Olsen - Fearnley Securities
Doug Becker - Capital One
Operator
Good day and thank you for standing by. Welcome to the Borr Drilling Limited Second Quarter 2024 Results Presentation Webcast and Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to our first speaker today, Mr. Patrick Schorn, CEO. Please go ahead.
Patrick Schorn
Good morning and thank you for participating in the Borr Drilling second quarter 2024 earnings call. I'm Patrick Schorn and with me here today in Dubai is Bruno Morand, our Chief Commercial Officer; and Magnus Vaaler, our Chief Financial Officer. Next slide, please.
First, covering the required disclaimers, I would like to remind all participants that some of the statements will be forward-looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I therefore refer you to our latest public filings. Next slide.
I'm pleased with the second quarter results and performance. All 22 delivered rigs are contracted and committed. In addition, one of the newbuild rigs, The Vale, has been delivered today for which we already have a work scope assigned and The Var our final newbuild remains on schedule for delivery in late Q4 2024.
On the back of our strong contract portfolio, we generated $253 million in adjusted EBITDA year-to-date, positioning us well to meet our full-year 2024 adjusted EBITDA guidance of $500 million to $550 million. From a cash standpoint, we are well-positioned for the future. We have an undrawn $150 million RCF, a $45 million guarantee facility and nearly $200 million in cash at the end of the quarter.
In 2024, we will complete our CapEx program related to the newbuild rigs enable us to further enhance shareholder returns through additional dividends and or share buybacks with $100 million still available under the current buyback authorization.
The Board has approved a quarterly dividend of $0.10 per share for Q2 2024, which was doubled in the first quarter, amounting to approximately $100 million in annual dividends. In terms of contracting, we have continued to secure new contracts at accretive day rates, including the recently announced long-term contract for the Arabia I in Brazil.