Borr Drilling (BORR) Company Report

Analyst Coverage

Research analysts who have asked questions during Borr Drilling earnings calls.

Doug Becker

Capital One

4 questions for BORR

Also covers: GTLS, HAL, HP +4 more

Fredrik Stene

Clarksons Securities

4 questions for BORR

Also covers: NE, RIG, SDRL +2 more

Truls Olsen

Fearnley Securities

4 questions for BORR

Also covers: SDRL

Greg Lewis

BTIG

3 questions for BORR

Also covers: BLBD, BTDR, CLSK +14 more

Fredrik Steen

Clarkson Securities

2 questions for BORR

James West

Evercore ISI

2 questions for BORR

Also covers: AMPS, BKR, CEG +12 more

Joshua Jayne

Daniel Energy Partners

2 questions for BORR

Also covers: AESI, AROC, CLB +20 more

Scott Gruber

Citigroup

2 questions for BORR

Also covers: APA, BKR, BKV +26 more

Daniel Kutz

Morgan Stanley

1 question for BORR

Also covers: ACDC, HP, LBRT +9 more

Dan Katz

Morgan Stanley

1 question for BORR

Douglas Becker

Capital One

1 question for BORR

Also covers: AESI, HAL, HP +6 more

Eddie Kim

Barclays

1 question for BORR

Also covers: AESI, FTI, HP +9 more

Frederic Steen

Clarkson Securities

1 question for BORR

Greg Brody

Bank of America

1 question for BORR

Gregg Brody

Bank of America Merrill Lynch

1 question for BORR

Also covers: CLMT, CRK, NGL

Latest news

Recent press releases and 8-K filings for BORR.

Borr Drilling Reports Q4 and Full-Year 2025 Results

BORR

Earnings

Guidance Update

New Projects/Investments

Borr Drilling Limited reported a Q4 2025 Adjusted EBITDA of $105.2 million and a full-year 2025 Adjusted EBITDA of $470.1 million, which was at the top end of its guidance range.
The company maintained solid liquidity of $613.7 million at the end of Q4 2025, comprising $379.7 million in cash and cash equivalents and $234.0 million in RCF capacity, with an annual debt amortization of $144 million.
Borr Drilling's fleet consists of 29 modern rigs, with 25 currently active and contracted, and the company completed the acquisition of five premium assets.
The company has a constructive market outlook expected to support utilization and dayrates into 2027.

Feb 20, 2026, 11:02 AM

6-K

Borr Drilling Announces Fourth Quarter and Full Year 2025 Results

BORR

Earnings

M&A

Debt Issuance

Borr Drilling reported total operating revenues of $259.4 million for the fourth quarter of 2025, a 6% decrease compared to the third quarter of 2025, leading to a net loss of $1.0 million.
For the full year 2025, the company's net income was $45.0 million, a 45% decrease from 2024, and Adjusted EBITDA was $470.1 million, down 7% from 2024.
The company completed the acquisition of five premium jack-up rigs from Noble Corporation for $360 million in January 2026, which was partly financed by an additional $165 million principal amount of senior secured notes and an $84 million equity offering.
Operational performance remained strong with a technical utilization rate of 98.8% and an economic utilization rate of 97.8% in Q4 2025.
The total Dayrate Equivalent Backlog increased to $1.20 billion as of the report date, and management expects market conditions to continue improving into the second half of 2026.

Feb 19, 2026, 5:08 PM

6-K

Borr Drilling Reports Q4 2025 Results and Provides Market Outlook

BORR

Earnings

M&A

Guidance Update

Borr Drilling reported Q4 2025 operating revenues of $259.4 million and an Adjusted EBITDA of $104.5 million, with full year 2025 Adjusted EBITDA reaching $470.1 million. The company recorded a net loss of $1 million in Q4 2025, but a full year net income of $45 million.
The company completed the acquisition of 5 premium rigs from Noble, paying $174 million in cash consideration in January. To support this, Borr Drilling issued $165 million in additional bonds and raised $84 million in gross proceeds from an equity offering in December.
Management believes the jackup market bottom is behind them, with fundamentals gradually recovering and day rates expected to recover in 2027 and beyond. As of the Q4 2025 report, 2026 fleet coverage stands at 64%, increasing to 80% for the first half of 2026 with the inclusion of newly acquired rigs.
As of December 31, 2025, Borr Drilling had cash and cash equivalents of $379.7 million, resulting in total liquidity of $613.7 million. The company also reported receiving $46 million in payments from Pemex in Q4 2025 and a further $23 million in early January, reducing the outstanding balance to $90 million-$100 million at year-end.

Feb 19, 2026, 2:00 PM

Transcript

Borr Drilling Reports Q4 2025 Results, Announces Rig Acquisitions and Positive Market Outlook

BORR

Earnings

M&A

Guidance Update

Borr Drilling reported Q4 2025 operational revenues of $259.4 million and a net loss of $1 million, while its full-year 2025 Adjusted EBITDA reached $470.1 million, at the top end of its guidance range.
The company expanded its fleet through the acquisition of 5 premium rigs from Noble, completed after year-end with a $174 million cash payment and a $150 million seller credit, and secured seven new commitments adding approximately $145 million to its backlog.
Borr Drilling's liquidity as of December 31, 2025, stood at $613.7 million, including $379.7 million in cash and cash equivalents and $234 million in undrawn revolving credit facilities. Payments from Pemex also improved, with $46 million received in Q4 2025.
The market outlook anticipates continued improvement through H2 2026 and a clear recovery in day rates in 2027 and beyond, supported by significant tender activity, especially in the Middle East, with awards expected around mid-2026.

Feb 19, 2026, 2:00 PM

Transcript

Borr Drilling Reports Q4 and Full-Year 2025 Results

BORR

Earnings

Guidance Update

M&A

Borr Drilling reported a Q4 2025 Adjusted EBITDA of $105.2 million and a full-year 2025 Adjusted EBITDA of $470.1 million, reaching the top end of its guidance range.
The company's fleet consists of 29 modern rigs, with 25 currently active, and achieved 85% contract coverage at an average dayrate of $145k for 2025.
Borr Drilling maintained a strong liquidity position in Q4 2025, with $613.7 million available, including $379.7 million in cash and cash equivalents, and completed the acquisition of five premium assets.

Feb 19, 2026, 2:00 PM

Presentation

Borr Drilling Reports Strong Q4 and Full-Year 2025 Results, Expands Fleet, and Strengthens Liquidity

BORR

Earnings

M&A

Debt Issuance

Borr Drilling reported Q4 2025 operational revenues of $259.4 million and Adjusted EBITDA of $105.4 million, contributing to a full-year 2025 Adjusted EBITDA of $470.1 million, which was at the top end of guidance.
The company completed the acquisition of 5 premium rigs from Noble in January 2026, expanding its fleet to 29 rigs, and strengthened its liquidity with an additional $165 million bond offering and an $84 million equity offering.
Fleet contract coverage for 2026 reached 80% for the first half and 48% for the second half, with management anticipating overall coverage to exceed 70% and market conditions to improve through H2 2026, leading to a recovery in day rates into 2027.
As of December 31, 2025, Borr Drilling held $379.7 million in cash and cash equivalents, with total liquidity of $613.7 million, and saw improved collections from Pemex, receiving $46 million in Q4 2025 and an additional $23 million in early January 2026.

Feb 19, 2026, 2:00 PM

Transcript

Borr Drilling Completes Acquisition of Five Jack-Up Rigs

BORR

M&A

New Projects/Investments

Borr Drilling Limited completed the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million.
This acquisition increases Borr Drilling’s fleet to 29 rigs, strengthening its position as the leading pure-play owner of premium jack-up rigs.
The acquired rigs have been renamed: Noble Regina Allen to Sif, Noble Tom Prosser to Freyja, Noble Mick O’Brien to Forseti, Noble Resolute to Bestla, and Noble Resilient to Joro.

Jan 29, 2026, 11:21 AM

6-K

Borr Drilling completes acquisition of five jack-up rigs

BORR

M&A

New Projects/Investments

Borr Drilling Limited completed the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million.
This acquisition increases Borr Drilling's fleet to 29 rigs, solidifying its position as the leading pure-play owner of premium jack-up rigs.
Borr Drilling's CEO, Bruno Morand, commented that the expansion occurred at an opportune point in the market cycle and that the acquired rigs provide well-suited capacity for near-term opportunities.

Jan 28, 2026, 10:42 PM

Press Release

Borr Drilling Announces New Rig Contract Commitments

BORR

New Projects/Investments

Borr Drilling Limited announced new contract commitments for two of its premium jack-up rigs.
The Ran rig received a one-well extension with ENI in Mexico, extending its firm contract through March 2026 for an anticipated 75 days.
The Odin rig secured a contract for two wells plus an optional well in the United States, expected to commence mid-2026 with an estimated duration of 60 days per well.
This new commitment for the Odin rig activated a six-month optional period with Cantium, starting in January 2027.

Jan 6, 2026, 2:57 PM

6-K

Borr Drilling Announces New Rig Contract Commitments

BORR

New Projects/Investments

Borr Drilling Limited has announced new contract commitments for two of its premium jack-up rigs, the Ran and the Odin.
The Ran rig received a one-well extension with ENI in Mexico, with an anticipated duration of 75 days, extending its firm contract through March 2026.
The Odin rig secured a contract for two wells plus an optional well with an undisclosed operator in the United States, expected to commence mid-2026 with an estimated duration of 60 days per well.
This new firm commitment for the Odin also activated a six-month optional period with Cantium, commencing in January 2027.