Borr Drilling Ltd. has announced its unaudited results for the first quarter of 2025. The company reported total operating revenues of $216.6 million, which represents a decrease of $46.5 million, or 18%, compared to the fourth quarter of 2024. Borr Drilling also reported a net loss of $16.9 million for the quarter, a significant decline from the net income of $26.3 million recorded in the previous quarter. The company's Adjusted EBITDA was $96.1 million, a decrease of $40.6 million from the fourth quarter of 2024. The decline in revenues and net income was attributed to temporary rig suspensions and preparations for upcoming contracts. Despite these challenges, Borr Drilling secured nine new contract commitments during the year to date in 2025, totaling approximately 1,550 days of service and potentially bringing in $221 million in contract revenue.
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