Borr Drilling Ltd more than tripled its net income year-over-year in 2024.

The Bermudian-based oilfield services company reported net income of $82.1 million, an increase of $60 million or 271 per cent compared with the prior year.

Fourth-quarter net income was $26.3 million, an increase of $16.6 million or 171 per cent compared with the third quarter of 2024.

Borr reported annual adjusted earnings before interest, tax, depreciation and amortisation (ebitda) of $505.4 million, an increase of $137.6 million or 37 per cent compared with the prior year.

During the year, the company was awarded 19 new contract commitments, representing approximately 4,500 days and $795 million of potential contract revenue.

This month, the company said, it agreed with a major Mexican customer to receive settlement of payment for approximately $125 million related to its outstanding receivables.

Chief executive Patrick Schorn said: “Our operational performance in the fourth quarter of 2024 was solid, with a technical utilisation rate of 98.9 per cent and an economic utilisation rate of 97.1 per cent.

“Operating revenues grew quarter-on-quarter by $21.5 million, primarily due to Natt and Prospector 1 moving to higher day rates.

“Additionally, the termination of the Arabia II contract in Saudi had a $5 million net positive effect due to the acceleration of the amortisation of the mobilisation fee offset by decrease in day-rate revenue, resulting in adjusted ebitda for the quarter of $136.7 million.

“Despite the various headwinds experienced during the year, we were still able to deliver our full year adjusted ebitda within the original guidance range of $500-$550 million, which was set in Q3 2023.”

Mr Schorn added: “In the second half of 2024, softening demand and declining day rates signalled potential headwinds for the global jack-up market heading into 2025, and a weaker market with rig suspensions in Saudi Arabia and Mexico.

“However, this was partially offset by incremental demand in West Africa and South East Asia. We anticipate the market will continue to face uncertainties in the first half of 2025; however, recent increases in contracting and tendering levels provide some early signs of improving conditions towards the second half of the year, as per S&P Petrodata.”

Mr Schorn said Borr has approximately 6,700 contracted rig days in 2025 with approximately 2,000 days still available for contracting.