Borr Drilling Limited Earnings Recaps
Q3 2025
Nov 7, 2025
Borr Drilling Limited reported a robust Q3 2025, with a revenue increase of $9.4 million quarter-over-quarter and adjusted EBITDA growth to $135.6 million, while maintaining high utilization rates across its fleet.
Key takeaways
- Revenue growth driven by increased day rates and bareboat chartering, with total operating revenues at $158.3 million.
- Adjusted EBITDA margin remains strong at 48.9%, reflecting high operational efficiency.
- Significant liquidity position with $461.8 million available, including $227.8 million in free cash.
- Secured three contract extensions in Mexico, enhancing visibility into 2026 and beyond.
- Optimistic outlook for Q4 2025 despite near-term transition impacts, with full-year adjusted EBITDA projected between $455 million and $470 million.
Q2 2025
Aug 14, 2025
Borr Drilling reported robust second quarter results, marked by a 24% increase in revenues to $267.7 million and an impressive EBITDA growth of 39% to $133 million, driven by high rig utilization and strong demand.
Key takeaways
- Technical utilization reached 99.6%, with 22 out of 24 rigs active during the quarter.
- Secured significant contract wins, enhancing contract coverage to 84% for 2025 at an average day rate of $145,000.
- Successfully increased liquidity by $200 million through a comprehensive financing package, including a $102.5 million equity raise.
- Generated $106.5 million in free cash flow year-to-date, reflecting continued operational strength and financial discipline.
- Positive outlook for third quarter performance, aligning with current market conditions and government-backed initiatives in Mexico.