Borr Drilling reported Q4 2025 total operating revenues of USD 259.4 million (-6%) and a net loss of USD 1.0 million, with Adjusted EBITDA of USD 105.2 million (-22%). For FY 2025, the company posted net income of USD 45.0 million (-45%) and Adjusted EBITDA of USD 470.1 million (-7%). During the period, Borr Drilling agreed to acquire five premium jack-up rigs from Noble Corporation for USD 360 million (completed in January 2026), issued an additional USD 165.0 million of 10.375% senior secured notes due 2030, and completed an equity offering of 21 million shares at USD 4.00 per share for gross proceeds of USD 84.0 million. The company said it won 24 new contract commitments in FY 2025, representing more than 5,000 days and USD 649.0 million of dayrate equivalent backlog, and reported Q4 2025 technical utilization of 98.8% and economic utilization of 97.8%. CEO Bruno Morand said Q4 revenues declined sequentially due to sanctions-related contract terminations and rigs transitioning to new contracts at lower average day rates, while noting improving contract coverage into 2026 and expectations for firmer market conditions into H2 2026.

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