Borr Drilling Limited (NYSE:BORR) has released unaudited results for the three months and the year 2025. The company reported fourth‑quarter operating revenues of $259.4 million, down 6 percent from the prior quarter, and a net loss of $1.0 million. Adjusted EBITDA came in at $105.2 million, a 22 percent sequential decline. For the full year, net income totaled $45.0 million, while Adjusted EBITDA reached $470.1 million.
Operational highlights
CEO Bruno Morand noted that technical utilization was 98.8 percent and economic utilization was 97.8 percent in the quarter. Revenue declined due to sanctions‑related contract terminations and rigs transitioning to new contracts at lower day rates, but EBITDA performance was in line with expectations. The company secured 24 new contract commitments in 2025, representing more than 5,000 days and $649 million of backlog.
Strategic moves
Borr completed the acquisition of five premium jack‑up rigs from Noble Corporation for $360 million in January 2026. The purchase was funded through a mix of debt and equity, including $165 million in senior secured notes due 2030 and an $84 million equity offering. Integration of the new rigs is progressing ahead of expectations.
Market outlook
Morand emphasized that fundamentals in the jack‑up market are recovering, with tendering activity at multi‑year highs. In Mexico, upstream investment is increasing, while the Middle East is seeing multiple tenders for long‑term contracts. Contracted marketed premium rig utilization remains steady at about 90 percent. Borr expects market conditions to improve into the second half of 2026, setting the stage for stronger earnings visibility into 2027.
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor headquartered in Bermuda, focused on providing high‑quality jack‑up drilling services. The company operates a modern fleet of premium rigs and is committed to operational excellence, customer partnerships, and long‑term shareholder value.
