Borr Drilling Limited Announces Fourth Quarter 2025 Results

Borr Drilling (NYSE: BORR) reported Q4 2025 operating revenue of $259.4 million and a Q4 net loss of $1.0 million.

Rhea-AI Summary

Borr Drilling (NYSE: BORR) reported Q4 2025 operating revenue of $259.4 million and a Q4 net loss of $1.0 million. Full-year 2025 net income was $45.0 million and Adjusted EBITDA was $470.1 million. The company closed a $360 million acquisition of five premium jack-ups (completed Jan 2026) and raised debt and equity financing to support fleet expansion. 2025 backlog included 24 contract commitments representing ~5,000 days and $649 million Dayrate Equivalent Backlog.

Conference call scheduled Feb 19, 2026 at 09:00 NY time.

Positive

• $360M acquisition of five premium jack-up rigs completed in Jan 2026
• $649M Dayrate Equivalent Backlog from 24 new 2025 contracts (~5,000 days)
• 2025 Adjusted EBITDA of $470.1M at top end of guidance range

Negative

• Full-year net income down 45% to $45.0M versus 2024
• Q4 Adjusted EBITDA declined 22% sequentially to $105.2M
• Completed $165M senior secured notes and 21M shares equity offering (potential dilution)

Argus Feb 19 session

+3.63% close to close Open Argus

Details

News Market Reaction – BORR

On Feb 19, the first trading day after this news, BORR closed 3.63% above the previous close.

Data tracked by StockTitan Argus for the Feb 19 session.

Market Context

This announcement combines softer Q4 2025 figures with confirmation that full-year Adjusted EBITDA o...

Analysis

This announcement combines softer Q4 2025 figures with confirmation that full-year Adjusted EBITDA of $470.1M landed at the top of guidance and that Borr expanded its fleet via a $360M jack-up acquisition. The company highlighted strong utilization, $649M of Dayrate Equivalent Backlog from 2025 awards, and improving coverage into 2026. Investors may focus on trends in net income, the impact of new debt and the $84M equity raise, and how quickly acquired rigs contribute to earnings.

Key Figures

Q4 2025 revenue: $259.4 million Q4 2025 net loss: $1.0 million Q4 2025 Adjusted EBITDA: $105.2 million +5 more

Q4 2025 revenue

$259.4 million

Total operating revenues, Q4 2025; down $17.7M or 6% vs Q3 2025

Q4 2025 net loss

$1.0 million

Net loss for Q4 2025; decreased by $28.8M vs Q3 2025 net income

Q4 2025 Adjusted EBITDA

$105.2 million

Adjusted EBITDA for Q4 2025; down $30.4M or 22% vs Q3 2025

2025 net income

$45.0 million

Full-year 2025 net income; down $37.1M or 45% vs 2024

2025 Adjusted EBITDA

$470.1 million

Full-year 2025 Adjusted EBITDA; down $35.3M or 7% vs 2024

Rig acquisition price

$360 million

Total purchase price for five premium jack-up rigs from Noble

Equity offering proceeds

$84 million

Gross proceeds from 21M shares at $4.00 per share

Dayrate backlog 2025

$649 million

Dayrate Equivalent Backlog from 24 new contract commitments in 2025

Previous Earnings Reports

3 past events · Latest: Nov 05

Same Type 3 events

1. Nov 05

   Q3 2025 earnings

   24h Move

   +0.7%

   Q3 2025 revenue and EBITDA growth with updated 2026 coverage and guidance.

2. Aug 13

   Q2 2025 earnings

   24h Move

   -6.9%

   Strong Q2 2025 revenue, EBITDA and liquidity improvements plus new CEO update.

3. Aug 14

   Q2 2024 earnings

   24h Move

   +2.9%

   Q2 2024 revenue and EBITDA growth with dividend and newbuild progress.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, senior secured notes, jack-up rigs, dayrate equivalent backlog, +3 more

7 terms

adjusted ebitda financial

"Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

senior secured notes financial

"additional $165 million principal amount of 10.375% senior secured notes due 2030"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

jack-up rigs technical

"acquisition of five premium jack-up rigs from Noble Corporation for a total purchase"

A jack-up rig is a mobile offshore platform used for drilling or servicing wells that lowers extendable legs to the seabed and then raises the working platform above the water like a table on stilts. Investors care because these rigs are revenue-generating assets whose value and income depend on oil and gas demand, contract rates and utilization; think of them as specialized rental equipment whose earnings rise and fall with energy prices and project activity.

dayrate equivalent backlog financial

"5,000 days and $649 million of Dayrate Equivalent Backlog"

Dayrate equivalent backlog is the total value of a company’s firm future work converted into the number of standard billable days at the company’s typical daily rate, so it expresses upcoming contracted revenue as ‘days of work’ rather than lump-sum dollars. For investors, it makes future cash flow and utilization easier to judge—similar to knowing how many paid workdays remain on a calendar—so you can assess revenue visibility, pricing pressure, and how busy the company will be in coming months.

technical utilization rate technical

"with a technical utilization rate of 98.8% and an economic utilization rate"

Technical utilization rate is the percentage of a company’s technical or production capacity—such as factories, equipment, rigs, or data-processing systems—that is actually being used over a given period. Investors watch it because a high rate suggests efficient use of assets and stronger near-term revenue potential, while a low rate can indicate spare capacity, underused investment, or upcoming costs to ramp up or maintain equipment; think of it like how busy a restaurant kitchen is compared with how many seats it can serve.

economic utilization rate technical

"technical utilization rate of 98.8% and an economic utilization rate of 97.8%"

Economic utilization rate measures how much of a company's productive capacity is actually being used to make money, after accounting for market demand, pricing and operational limits. Think of a factory or a power plant: the physical machines might be capable of running full-time, but the economic utilization rate shows what portion is profitable to run given current sales and prices. Investors watch it because rising rates often signal stronger demand and potential revenue growth, while falling rates can mean excess capacity or weakening market conditions.

upstream capex financial

"Pemex announced 34% year-over-year increase in upstream capex and continued mandate"

Spending on upstream capex is the money a company invests in finding, developing and producing natural resources—like drilling wells, building platforms or developing mines—rather than processing or selling finished products. Investors watch it because this spending creates the future supply that drives sales and cash flow; like planting and tending crops, higher or better-targeted upstream investment can increase future harvests but also raises near-term costs and risk if the resources aren’t found or produced as expected.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HAMILTON, Bermuda, Feb. 18, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the three months and year ended December 31, 2025.

Highlights 

• Fourth Quarter total operating revenues of $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025
• Fourth Quarter net loss of $1.0 million, a decrease of $28.8 million compared to the third quarter of 2025
• Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025
• 2025 annual net income of $45.0 million, a decrease of $37.1 million or 45% compared to 2024 
• 2025 annual Adjusted EBITDA of $470.1 million, a decrease of $35.3 million or 7% compared to 2024  
• Entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, which was subsequently completed in January 2026
• Completed offering of additional $165 million principal amount of 10.375% senior secured notes due 2030
• Completed equity offering of 21 million shares at a price of $4.00 per share for total gross proceeds of $84 million 
• For the full year 2025, the Company was awarded 24 new contract commitments, representing more than 5,000 days and $649 million of Dayrate Equivalent Backlog

Chief Executive Officer Bruno Morand commented:

"Our operational performance in the fourth quarter of 2025 was solid, with a technical utilization rate of 98.8% and an economic utilization rate of 97.8%. 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. However, Adjusted EBITDA of $105.2 million came in line with our expectations, bringing full-year 2025 Adjusted EBITDA to $470.1 million, at the top end of our guidance range. This performance underscores the resilience of our organization, which navigated several headwinds in 2025 while delivering strong operational and financial execution.

Our fleet contract visibility continues to improve as we reduce remaining open days. Recent awards and extensions increased 2026 coverage to 80% in the first half and 48% in the second half, such numbers adjusted for the recently acquired rigs. Since our last quarterly report, we secured new commitments for seven rigs and expect further coverage gains in the coming months as we progress negotiations on multiple active leads.

We believe the jack-up market bottom is now behind us. We see fundamentals recovering gradually as demand increases, most notably in the Middle East where multiple tenders are progressing for long-term contracts for an estimated 13 rigs. Recent industry data shows the global jack-up rig tendering pipeline is at multi-year highs, reflecting stronger customer activity and longer-dated contracting opportunities. In Mexico, payment visibility and the operating outlook are improving, supported by financial measures implemented by the Mexican Government, Pemex announced 34% year-over-year increase in upstream capex and continued mandate to increase production. Contracted marketed premium rig utilization remains steady at approximately 90.3%. As tenders are awarded and available supply is absorbed, we expect market conditions to firm, supporting improved pricing and earnings visibility.

Against this backdrop, we are pleased to have expanded our premium jackup fleet through the accretive acquisition of five premium rigs from Noble, funded by a mix of debt and equity offerings supported by strong investor demand. These rigs are highly complementary to our existing portfolio and add well-suited capacity to pursue near-term opportunities. Integration is progressing well and ahead of expectations.

Looking ahead, we expect market conditions to continue improving into the second half of 2026, and we anticipate that the ongoing dynamics set the stage for improved fundamentals and earnings visibility into 2027. Our Borr Drilling platform remains differentiated through operational excellence, a customer centric approach, and a premium fleet. We expect the expanded fleet to deepen customer relationships and support long-term shareholder value."

Conference Call

A conference call and webcast are scheduled for 09:00 New York time (15:00 CET) on Thursday, February 19, 2026.

In order to listen to the live presentation, participants may do one of the following:

a)    Webcast

To access the webcast, please go to the following link: https://edge.media-server.com/mmc/p/inc8qdus

b)    Conference Call

Please use the below link to register for the conference call: https://register-conf.media-server.com/register/BIce9fcdcdcdf44d4d947622b4da3afbd6

Participants will then receive dial-in details on screen and via email and may choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.

Participants are encouraged to dial in 10 minutes before the start of the call. 

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-fourth-quarter-2025-results,c4309781

The following files are available for download:

https://mb.cision.com/Public/16983/4309781/ab2f7a4265c96ed9.pdf	Borr Drilling Limited Q4 2025 Earnings Release
https://mb.cision.com/Public/16983/4309781/80490597a0bae6ea.pdf	Borr Drilling Limited Q4 2025 Fleet Status Report

 

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited-announces-fourth-quarter-2025-results-302692061.html

SOURCE Borr Drilling Limited

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Borr Drilling (BORR) Q4 2025 revenue and net income figures?

Q4 2025 operating revenue was $259.4 million and net loss was $1.0 million. According to the company, revenue fell sequentially due to sanctions-related contract terminations and rigs moving to lower-rate contracts.

How did BORR perform for full-year 2025 on earnings and EBITDA?

Full-year 2025 net income was $45.0 million and Adjusted EBITDA was $470.1 million. According to the company, Adjusted EBITDA landed at the top end of its 2025 guidance range.

What acquisition did Borr Drilling announce and when was it completed?

Borr acquired five premium jack-up rigs for $360 million, with the transaction completed in January 2026. According to the company, the rigs are complementary and integration is ahead of expectations.

How much backlog and new contract coverage did BORR secure in 2025?

In 2025 the company was awarded 24 new contract commitments totaling about 5,000 days and $649 million Dayrate Equivalent Backlog. According to the company, this improves near-term revenue visibility.

What financing did Borr Drilling complete to support fleet expansion?

The company completed a $165 million senior secured notes offering and an equity offering of 21 million shares raising $84 million gross. According to the company, proceeds funded the rig acquisition and strengthened liquidity.

What is BORR's fleet utilization and outlook for jack-up market recovery?

Q4 technical utilization was 98.8% and economic utilization 97.8%. According to the company, tender activity and regional demand, notably in the Middle East and Mexico, signal gradual market recovery through 2026.