Borr Drilling (BORR) Company Report

Borr Drilling Limited reported Q3 2025 Adjusted EBITDA of $135.6 million on total operating revenues of $277.1 million, achieving an Adjusted EBITDA Margin of 48.9%.
The company maintains a strong liquidity position of $461.8 million as of Q3 2025 and projects full year 2025 Adjusted EBITDA to be between $455 million and $470 million.
Operational performance shows 85% contract coverage for 2025 at an average dayrate of $145k, with 79% coverage for H1 2026 at $139k/day.
The company secured $625 million in new backlog revenue year-to-date 2025, driven by resilient modern jack-up demand and improving market conditions, particularly in the Middle East and West Africa.

Nov 7, 2025, 11:01 AM

6-K

Borr Drilling Limited Announces Third Quarter 2025 Results

BORR

Earnings

Guidance Update

Revenue Acceleration/Inflection

Borr Drilling Limited reported total operating revenues of $277.1 million for the third quarter of 2025, marking a 4% increase compared to the second quarter of 2025. Adjusted EBITDA rose 2% to $135.6 million, while net income decreased by 21% to $27.8 million compared to the prior quarter.
The company anticipates full year 2025 Adjusted EBITDA to be in the range of $455 million to $470 million. During Q3 2025, 23 of Borr Drilling's 24 rigs were active, achieving a technical utilization of 97.9% and economic utilization of 97.4%.
Year-to-date 2025, Borr Drilling secured 22 new contract commitments, representing over 4,820 days and $625 million in potential contract revenue. The total contract revenue backlog was $1.11 billion as of September 30, 2025, and $1.25 billion as of November 5, 2025.

Nov 6, 2025, 5:51 PM

6-K

Borr Drilling Reports Strong Q3 2025 Results and Positive Market Outlook

BORR

Earnings

Guidance Update

Revenue Acceleration/Inflection

Borr Drilling reported strong Q3 2025 results, with revenue increasing by $9.4 million quarter-over-quarter and adjusted EBITDA rising 2% to $135.6 million. The company ended the quarter with a free cash position of $227.8 million and total available liquidity of $461.8 million.
The company secured 22 new commitments year-to-date, adding $625 million to its backlog, including two-year extensions for the Gersemi and Gunnlod in Mexico with improved terms. Collections in Mexico restarted, with approximately $19 million received in September and October.
Borr Drilling anticipates full-year 2025 adjusted EBITDA to be in the range of $450 million-$470 million.
The jack-up market has bottomed, with modern rig market utilization at approximately 93% and clear signs of demand inflection in key regions like Saudi Arabia and Mexico. Saudi Aramco has called back seven to eight rigs previously suspended.

Nov 6, 2025, 3:00 PM

Transcript

Borr Drilling Reports Q3 2025 Financial Results and Provides 2025 Adjusted EBITDA Guidance

BORR

Earnings

Guidance Update

Revenue Acceleration/Inflection

Borr Drilling reported Q3 2025 total operating revenues of $277.1 million, with Adjusted EBITDA of $135.6 million and a net income of $27.8 million. The Adjusted EBITDA margin for the quarter was 48.9%.
The company maintained strong liquidity, totaling $461.8 million as of Q3 2025, which includes $227.8 million in cash and cash equivalents.
Operational highlights include 85% contract coverage for 2025 and nearly 80% coverage for the first half of 2026.
Borr Drilling provided full-year 2025 Adjusted EBITDA guidance ranging from $455 million to $470 million.
Year-to-date 2025, the company secured 22 new commitments, adding over $625 million in backlog revenue at an average dayrate of $130k.

Nov 6, 2025, 3:00 PM

Presentation

Borr Drilling Announces Third Quarter 2025 Results and Positive Market Outlook

BORR

Earnings

Guidance Update

New Projects/Investments

Borr Drilling Limited reported total operating revenues of $277.1 million for Q3 2025, a 4% increase from Q2 2025, and Adjusted EBITDA of $135.6 million, up 2% from the prior quarter, while net income decreased 21% to $27.8 million.
The company maintained strong operational performance with 23 of its 24 rigs active during Q3 2025, achieving 97.9% technical utilization and 97.4% economic utilization.
Year-to-date 2025, Borr Drilling secured 22 new contract commitments totaling over 4,820 days and $625 million in potential revenue, and anticipates full year 2025 Adjusted EBITDA in the range of $455 million to $470 million.
Looking ahead, 2026 coverage stands at 62% with an average dayrate of $140,000, and the company foresees a tightening market in the near to medium term due to demand inflection in key markets like Saudi Arabia and Mexico.

Nov 5, 2025, 9:40 PM

Press Release

Borr Drilling Limited Reports Q3 and Nine-Month 2025 Financial Results, Announces CEO Transition and Capital Activities

BORR

Earnings

Equity Issuance

CEO Change

For the nine months ended September 30, 2025, Borr Drilling Limited reported total operating revenues of $761.4 million and net income of $46.0 million, with net cash provided by operating activities significantly increasing to $217.1 million. In Q3 2025, net income was $27.8 million on total operating revenues of $277.1 million.
The company completed a public offering in July and August 2025, issuing 50,000,000 shares at $2.05 per share for $102.5 million in gross proceeds, and increased its authorized share capital to 365,000,000 shares.
Borr Drilling amended its Super Senior Revolving Credit Facility (SSRCF) to $200.0 million and secured a new $34.0 million Senior Secured Revolving Facility Agreement (SRCF); both facilities were undrawn as of September 30, 2025.
Bruno Morand was appointed Chief Executive Officer effective September 1, 2025, succeeding Patrick Schorn, who transitioned to Executive Chair of the Board.
In October 2025, the company terminated drilling contracts for the jack-up rigs "Odin" and "Hild" due to international sanctions affecting a counterparty.

Nov 5, 2025, 9:07 PM

6-K

Borr Drilling Announces Contract Extensions and Collections Update

BORR

New Projects/Investments

Revenue Acceleration/Inflection

Borr Drilling Limited announced contract extensions for three jack-up rigs: Galar, Gersemi, and Njord, as of October 27, 2025.
The rigs Galar and Gersemi were awarded two-year firm contract extensions in Mexico, which include improved commercial and payment terms, and two one-year unpriced options.
The total contract value for these extensions is approximately $213 million, excluding options.
Additionally, the company received approximately $19 million in payments for its operations with Pemex, which supports confidence in the continued normalization of payment activity.

Oct 27, 2025, 5:30 PM

6-K

Borr Drilling Limited terminates two drilling contracts

BORR

Borr Drilling Limited announced the termination of two drilling contracts for the rigs Odin and Hild in Mexico.
The terminations were a result of the recent implementation of international sanctions affecting a counterparty.
These contracts had firm commitments until November 2025 for the Odin rig and March 2026 for the Hild rig.

Oct 27, 2025, 10:02 AM

6-K

Borr Drilling Limited Announces Strong Q2 2025 Results and Leadership Transition

BORR

Earnings

CEO Change

Debt Issuance

Borr Drilling Limited reported Q2 2025 total operating revenues of $267.7 million, a 24% increase compared to Q1 2025, and a net income of $35.1 million, an increase of $52.0 million compared to the net loss in the first quarter of 2025.
Adjusted EBITDA for Q2 2025 was $133.2 million, representing a 39% increase from Q1 2025.
In July 2025, the company increased its liquidity by more than $200 million through a $102.5 million equity offering and commitments from commercial banks to amend and increase its revolving credit facilities.
Bruno Morand has been appointed CEO, effective September 1, 2025, with current CEO Patrick Schorn transitioning to Executive Chair of the Company's Board of Directors.
The company's contract coverage is 84% for 2025 at an average day rate of $145,000, and 47% for 2026 at an average day rate of $139,000.

Aug 15, 2025, 12:00 AM

6-K

Borr Drilling to Hold Special General Meeting on August 6, 2025

BORR

Board Change

Proxy Vote Outcomes

Borr Drilling Limited will convene a Special General Meeting (SGM) on Wednesday, August 6, 2025, at 11:00 a.m. local time in Bermuda.
Shareholders will vote on proposals to set the maximum number of Directors to not more than eight and to elect Mr. Thiago Mordehachvili as a Director.
The SGM will also address a proposal to increase the Company's authorized share capital from US$31,500,000.00 (315,000,000 common shares) to US$36,500,000.00 (365,000,000 common shares) by authorizing an additional 50,000,000 common shares.