Borr Drilling Ltd

Latest Results (05.03.2026):

Borr Drilling Ltd — Fourth Quarter 2025: Borr Drilling Ltd reported Q4 2025 total operating revenues of $259.4 million, a Q4 net loss of $1.0 million and Adjusted EBITDA of $105.2 million. Results show a sequential decline versus Q3 2025 driven by lower dayrates and some contract disruptions, while full-year 2025 Adjusted EBITDA finished at $470.1 million and full-year net income at $45.0 million.

Revenue

Q4 2025 total operating revenues were $259.4m (dayrate $225.0m, bareboat $23.6m, management $10.8m), down $17.7m (6%) versus Q3 2025, largely from lower dayrates on specific rigs and fewer operating days on others.

Profitability

Q4 2025 net loss was $1.0m, a $28.8m swing from Q3 2025’s $27.8m net income. Operating income fell to $67.4m from $98.0m sequentially, reflecting higher operating costs and lower revenue.

Adjusted EBITDA

Adjusted EBITDA for Q4 2025 was $105.2m, down $30.4m (22%) sequentially. Full-year 2025 Adjusted EBITDA was $470.1m, a 7% decrease versus 2024 and at the top end of company guidance.

Costs and Operating Expenses

Total operating expenses rose to $192.1m in Q4 (+$13.2m vs Q3), driven mainly by higher rig operating & maintenance costs including personnel, accelerated amortization and increased reimbursables.

Liquidity and Leverage

Cash and cash equivalents were $379.7m at Dec 31, 2025, and undrawn revolvers totaled $234.0m, giving total liquidity of $613.7m. Principal debt outstanding was $2,210.0m. Q4 financing proceeds included $159.3m net from notes and $80.3m net from the equity offering.

Acquisition & Financing Activity

In Dec 2025 Borr agreed to acquire five premium jack-ups from Noble for $360m (completed Jan 2026). Financing included $165m additional 2030 secured notes, a $150m seller’s credit and 21m shares issued at $4.00 ($84m gross).

Fleet, Contracts & Utilization

As of the report the fleet totals 29 modern jack-ups. Q4 technical utilization was 98.8% and economic utilization 97.8%. Dayrate Equivalent Backlog was $1.13bn at Dec 31, 2025 (reported $1.20bn as of the report date after further awards and the acquisition).

Market Commentary & Outlook

Management sees market improvements ahead, citing higher tender activity (multi‑year highs) and increasing contract coverage for 2026 (80% first half, 48% second half, adjusted for acquired rigs). Management expects conditions to firm into H2 2026 and improve earnings visibility into 2027.

Key Risks Noted

The company highlighted ongoing industry risks: geopolitical events, sanctions-related contract impacts, demand volatility, supply-chain and inflationary pressures, and debt/refinancing risks given material indebtedness and upcoming maturities. Summarized from source with an LLMView Source