Borr Drilling Limited has secured new contracts and extensions for four of its premium jack‑up rigs, expanding its operational footprint to Gabon, Mexico, Vietnam, and the United States. The Prospector 5 rig received a binding award from BW Energy for a four‑well program in Gabon that will run for at least 320 days starting in the third quarter of 2026, with an option for an additional 220 days. The Ran rig earned a six‑month extension with ENI in Mexico that keeps the rig committed through September 2026. The Joro rig obtained short extensions totaling roughly two months, extending its activity through May 2026. The Thor rig was awarded a 100‑day, two‑well campaign in Vietnam that will begin in July 2026; the operator for this contract remains undisclosed.
The new agreements bring Borr Drilling’s contract backlog to approximately $962.9 million as of December 31 2025, reinforcing the company’s visibility into 2026 and reducing near‑term idle risk. With 25 of its 29 rigs now contracted or committed, fleet utilization is expected to remain high, while the geographic spread across West Africa, the Americas, Southeast Asia, and the United States mitigates regional demand cycles.
Borr Drilling’s Q4 2025 financial results provide context for the contract wins. The company posted a net loss of $1.0 million on revenues of $259.4 million, a sequential decline driven in part by sanctions‑related contract terminations and a shift to lower‑rate contracts. Nevertheless, full‑year 2025 Adjusted EBITDA reached $470.1 million, meeting the upper end of guidance, and the company’s net profit margin fell to 4.4 % from 8.1 % a year earlier. The recent $360 million acquisition of five premium jack‑up rigs from Noble, financed through a mix of senior secured notes, seller credit, and equity, has expanded the fleet to 29 rigs and positioned Borr Drilling to capture additional market share.
CEO Bruno Morand highlighted the company’s operational performance, noting a technical utilization rate of 98.8 % and an economic utilization rate of 97.8 % in Q4 2025. He added that the firm’s contract visibility continues to improve as it reduces remaining open days, underscoring management’s focus on maintaining high utilization and leveraging the new contracts to sustain growth.
The jack‑up rig market is experiencing a multi‑year high in tendering activity, reflecting stronger customer demand and longer‑dated contracting opportunities. Borr Drilling’s new contracts align with this trend, positioning the company to benefit from the favorable market environment while reinforcing its strategic emphasis on fleet expansion and geographic diversification.
Overall, the new contracts and extensions strengthen Borr Drilling’s backlog, enhance fleet utilization, and broaden its geographic reach, providing a solid foundation for continued growth amid a recovering offshore drilling market.
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