Borr Drilling Ltd
F:B2W
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Borr Drilling Ltd
F:B2W
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Borr Drilling Ltd
Borr Drilling Ltd. engages in the provision of offshore drilling services to the oil and gas industry. The firm focuses on acquiring and operating drilling assets. The firm's rigs have the capacity to drill to a depth of approximately 35,000 feet while operating in water depths ranging from 30 to 400 feet. The firm's fleet includes Borr Drilling Ran and Borr Drilling Frigg. Borr Drilling Ran is an ABS A1 Self-Elevating Drilling Unit. Borr Drilling Ran has a length of approximately 250 feet, a breadth of over 370 feet and a depth of approximately 30 feet. Borr Drilling Frigg is an ABS A1 Self-Elevating Drilling Unit. Borr Drilling Frigg has a length of approximately 250 feet, a breadth of over 230 feet and a depth of approximately 30 feet. Borr Drilling Frigg has a spud can diameter of approximately 60 feet.
Borr Drilling Ltd. engages in the provision of offshore drilling services to the oil and gas industry. The firm focuses on acquiring and operating drilling assets. The firm's rigs have the capacity to drill to a depth of approximately 35,000 feet while operating in water depths ranging from 30 to 400 feet. The firm's fleet includes Borr Drilling Ran and Borr Drilling Frigg. Borr Drilling Ran is an ABS A1 Self-Elevating Drilling Unit. Borr Drilling Ran has a length of approximately 250 feet, a breadth of over 370 feet and a depth of approximately 30 feet. Borr Drilling Frigg is an ABS A1 Self-Elevating Drilling Unit. Borr Drilling Frigg has a length of approximately 250 feet, a breadth of over 230 feet and a depth of approximately 30 feet. Borr Drilling Frigg has a spud can diameter of approximately 60 feet.
Quarterly results: Borr Drilling reported first-quarter revenue of $247 million and adjusted EBITDA of $88.5 million, with performance hurt by the delayed startup of the Odin and an $8.4 million credit loss provision.
Fleet growth: The company agreed to acquire 5 premium jack-up rigs for $287 million through a 50-50 joint venture, expanding the fleet from 29 to 34 rigs and strengthening its Mexico presence.
Coverage improved: Since the last earnings report, Borr secured 8 contract commitments and 1,100+ days of firm work, lifting full-year 2026 coverage to 71% at an average day rate of about $137,000.
Capital structure: Borr completed a $300 million convertible notes offering and used the proceeds to repurchase part of its 2028 converts, extending maturity to 2033.
Demand outlook: Management said the Middle East conflict and broader energy security concerns are strengthening the long-term outlook for jack-up demand, though near-term timing remains uncertain.
U.S. Gulf delay: Odin’s U.S. startup slipped to late June after transit disruption, extra preparation work, and approvals, creating another quarter of drag before cash flow begins.
