Borr Drilling Limited reported fourth‑quarter 2025 results on February 18, 2026, showing operational revenue of $259.4 million, a 6% sequential decline from the $277.1 million reported in the third quarter. The company posted a net loss of $1.0 million, while adjusted EBITDA reached $105.2 million, matching management’s expectations and bringing full‑year 2025 adjusted EBITDA to $470.1 million, at the top end of the guidance range.
Technical utilization stood at 98.8% and economic utilization at 97.8%, the highest levels in the company’s history. The revenue drop was driven by sanctions‑related contract terminations and the transition of rigs to new contracts at lower average day rates, as CEO Bruno Morand explained: “Fourth‑quarter operational revenue totalled $259.4 million, declining sequentially due to the impact of sanctions‑related contract terminations and rigs transitioning to new contracts at lower average day rates.”
Borr’s fleet contract visibility improved, reaching 80% in the first half of 2026 and 48% in the second half, after securing new commitments for seven rigs. The acquisition of five premium jack‑up rigs from Noble Corporation, completed in January 2026 for $360 million, has integrated well and is expected to enhance operational capacity and customer relationships. Morand added, “We are pleased to have expanded our premium fleet at an opportune point in this market cycle. These five jack‑up rigs are highly compatible with our existing portfolio and provide well‑suited capacity for near‑term opportunities.”
The company’s backlog for 2025 includes 24 new contract commitments totaling over 5,000 days and $649 million in day‑rate equivalent, positioning Borr to capture demand as the jack‑up market bottom appears to have passed. Management remains optimistic about the second half of 2026, noting that “Our expanded fleet will provide us with scale and operational flexibility. We expect market conditions to continue improving through the second half of 2026.”
Investors weighed the revenue beat against the net loss and the company’s continued focus on high utilization and fleet expansion, leading to a cautious market reaction.
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