Borr Drilling Limited Q1 2026 Results

Borr Drilling Limited reported its Q1 2026 results, highlighting an Adjusted EBITDA of $88.5 million, a decrease from $105.2 million in Q4 2025. Total operating revenues were $247.0 million, down from $259.4 million in the previous quarter. The company experienced a net loss of $29.0 million in Q1 2026, compared to a net loss of $1.0 million in Q4 2025. Liquidity stood at $480.0 million, with cash and cash equivalents at $246.0 million. The fleet consists of 29 modern rigs, with 24 active and 5 available. The company noted $274 million in new commitments and an average dayrate of $137k. Contract coverage for 2026 is at 71%. The report also discussed market trends, including Middle East tendering, Asian demand, and Mexico's rig requirements, while acknowledging near-term disruptions potentially leading to pent-up demand. Borr Drilling remains focused on enhancing shareholder value through opportunistic acquisitions and capital structure improvements.