Borr Drilling Limited Q1 2026 Earnings Release

Borr Drilling Limited announced its unaudited results for the first quarter ended March 31, 2026. Total operating revenues were $247.0 million, a 5% decrease from Q4 2025. The company reported a net loss of $29.0 million, a significant increase from a $1.0 million loss in the previous quarter. Adjusted EBITDA also decreased by 16% to $88.5 million. Key developments during the quarter included the acquisition of five jack-up rigs from Noble Corporation and agreements to acquire five more through a new joint venture. Subsequent to the quarter, Borr Drilling completed an offering of $300 million in senior unsecured convertible notes, primarily used to repurchase existing convertible bonds. The company secured 13 contract commitments year-to-date, representing over 2,250 days and $274 million in backlog. Despite a delayed contract start-up for the Odin rig and rigs transitioning between contracts impacting Q2 results, the CEO expressed confidence in the company's prospects for 2027 and 2028, citing a strengthened long-term outlook for the sector.