Borr Drilling Limited, the Bermudian-based oilfield services company, has updated its preliminary revenue and operating expense guidance for 2022 and 2023.

For 2022, Borr expects to record revenues of $435-$450 million and adjusted earnings before interest, taxes, depreciation and amortisation 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 –$155 million, and Q4 2022 adjusted Ebitda of between $50-$60 million.

For 2023, based on current contracts and projections for new contracts, the company said it 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 approximately $105 million.

CEO Patrick Schorn said: “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."

The company said the financial preliminary guidance for Q4 and 2022 is based on estimates, and the financial results are not finalised. The results are also subject to audit, and as such are subject to change.