Borr Drilling Stock Earnings Reports

Borr Drilling reported Q1 2026 revenue of $247 million, adjusted EBITDA of $88.5 million and a net loss of $29 million. Operational technical utilization was 99.4% and economic utilization 97%. Results were negatively impacted by an $8.4 million credit loss provision and delayed start-up of the Odin (now expected to commence in late June), which has incurred prep and OpEx without revenue and will add roughly $10 million of additional contract-prep costs in Q2. Cash was $246 million and total liquidity $480 million (including $234 million undrawn revolver); cash declined mainly from the $175 million cash completion of the five-rig Noble acquisition. The fleet grew to 34 rigs after completing the Paratus (five premium jack-ups) acquisition via a 50/50 JV for $287 million. Contracting momentum: 13 new commitments year-to-date adding ~$274 million backlog; full-year 2026 coverage is 71% at an average dayrate of ~$137,000 and H2 2026 coverage rose to 65% (from 48%). Post-quarter Borr issued $300 million of convertible notes due 2033 and used proceeds to repurchase a significant portion of 2028 convertibles, extending maturities and lowering coupon (3.5% vs 5%). Management sees near-term uncertainty from the Middle East conflict but expects it to increase oil prices and ultimately jack-up demand with a 6–12 month lag; they view 2027–2028 as the period of stronger upside and are prioritizing finding employment for newly acquired rigs rather than immediate further fleet expansion. Key market opportunities highlighted: Mexico, Asia (Malaysia, Vietnam, China), West Africa and selective U.S. Gulf work (Odin).