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Borr Drilling Limited is an international offshore drilling contractor specializing in shallow-water drilling services for the oil and gas industry. The company owns and operates a modern fleet of jack-up drilling rigs designed for exploration, development, and maintenance of oil and gas wells in shallow-water areas. Borr Drilling primarily generates revenue through its dayrate model, offering rig charters and ancillary services to a diverse range of clients, including integrated oil companies, national oil companies, and independent oil and gas producers.
- Dayrate Model - Provides rig charters and associated services for shallow-water drilling operations, including exploration, development, and workover activities. This segment encompasses all revenue-generating activities of the company.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Magnus Vaaler Executive | Chief Financial Officer | None | Magnus Vaaler has been CFO since December 2020. He joined Borr in 2018 and previously worked as VP Finance at Offshore Merchant Partners and Treasurer at Frontline Ltd. | |
Patrick Schorn Executive | Chief Executive Officer | None | Patrick Schorn has been CEO since September 2020. He previously served as a Director at Borr Drilling and held multiple senior roles at Schlumberger, including EVP of Wells and President of Operations. | View Report → |
Dan Rabun Board | Director | Chairman of ChampionX Corporation; Director of APA Corporation; Director of Golar LNG Ltd | Dan Rabun joined the Board in April 2023. He is the former CEO and Chairman of Ensco plc and has extensive experience in corporate governance. | |
Jeffrey R. Currie Board | Director | Chief Strategy Officer at The Carlyle Group; Chairman of the Advisory Board at The University of Chicago’s Energy Policy Institute; Board Member at Abaxx Technologies | Jeffrey Currie joined the Board in October 2023. He is a former Partner and Global Head of Commodities Research at Goldman Sachs. | |
Kate Blankenship Board | Director | Director of 2020 Bulkers Ltd, Eagle Bulk Shipping Inc, International Seaways Inc | Kate Blankenship has been a Director since February 2019. She is Chair of the Audit and Compensation Committees and has extensive experience in financial oversight. | |
Mi Hong Yoon Board | Director | Managing Director of Golar Management (Bermuda) Ltd; Company Secretary for Golar LNG Ltd, 2020 Bulkers Ltd, and Himalaya Shipping Ltd | Mi Hong Yoon has been a Director since March 2022. She has a legal background and previously served as Chief Legal, Regulatory, and Compliance Officer at Digicel Bermuda. | |
Neil Glass Board | Director | Director and Audit Committee Chair at Cool Company Ltd | Neil Glass has been a Director since December 2019. He is Chair of the Nominating and Governance Committee and has over 20 years of experience in governance and financial oversight. | |
Tor Olav Trøim Board | Chairman of the Board | Chairman of Golar LNG Ltd; Director of Stolt-Nielsen Ltd, Magni Sports AS, Vålerenga Fotball AS; Founder of Magni Partners | Tor Olav Trøim has been Chairman since February 2022 (previously served 2017–2019). He has over 30 years of experience in energy industries and is the founder of Magni Partners. |
- Given the unexpected suspensions by Aramco and the potential for further disruptions, how confident are you in achieving your 2024 adjusted EBITDA guidance of $500 million to $550 million, and what specific measures have you implemented to mitigate the impact of such suspensions on your financial performance?
- With your contracted coverage for 2025 currently at 70% and open capacity primarily in the second half of the year, what is your strategy to secure contracts for these periods at favorable day rates amidst increasing competition, particularly in regions like Asia where competitive pressures have intensified?
- Anticipating significant free cash flow in 2025 due to reduced CapEx and higher day rates, can you provide more detailed insights into your capital allocation plans between debt reduction, shareholder returns through dividends and buybacks, and potential investments, and what factors will influence these decisions?
- Regarding your entry into the Brazilian market with the Arabia I, which involves regulatory and operational complexities, what are the key risks you foresee, and how are you preparing to address potential cost overruns or delays associated with importation and acceptance of rigs?
- Considering the aging global jack-up fleet and the absence of newbuild orders over the past decade, how does Borr Drilling plan to meet future demand, and are you contemplating investing in newbuild orders despite high construction costs and extended shipyard delivery times?
Recent press releases and 8-K filings for BORR.
- Financial results release: Borr Drilling Ltd will publish its Q1 2025 financial results after the NYSE close on May 21, 2025.
- Conference call and webcast: A webcast and conference call are scheduled for May 22, 2025 at 9:00 AM New York Time (15:00 CET) to discuss the results.
- On April 11, 2025, Borr Drilling Ltd filed a 6‑K report containing a prospectus supplement to its automatic shelf registration statement on Form F‑3 for the resale of up to 62,888,215 common shares (par value $0.10 each).
- The filing includes a legal opinion from Conyers Dill & Pearman LLP confirming the legality of the securities offering, with key exhibits incorporated by reference.
- New contract awards for rigs "Thor", "Gerd", and "Norve" with an expected combined duration of 774 days and estimated contract revenues of approximately $120 million, excluding mobilization fees.
- Mobilization update: Long-term contracts for rigs "Arabia I" and "Vali" are set to generate lump-sum mobilization revenues of about $48 million.
- Fleet reactivation: Rigs "Galar", "Grid", and "Gersemi" in Mexico have received re-mobilization notices with operations anticipated to resume in Q2 2025.
- Operational improvement: Six rigs that were idle in Q1 2025 are scheduled to resume operations, laying the foundation for enhanced utilization, revenue, and EBITDA from Q2 2025 onward.