Borr Drilling Limited Announces Second Quarter 2025 Results
Borr Drilling (NYSE: BORR) reported strong Q2 2025 results with total operating revenues of $267.7 million, up 24% quarter-over-quarter. The company achieved a net income of $35.1 million, marking a significant improvement from Q1's net loss, while Adjusted EBITDA increased 39% to $133.2 million.
The company demonstrated robust operational performance with 99.6% technical utilization and 22 out of 24 rigs active. In July 2025, Borr strengthened its financial position through a $102.5 million equity offering and secured bank commitments, increasing liquidity by over $200 million. The company also announced Bruno Morand as the new CEO effective September 1, 2025, with current CEO Patrick Schorn transitioning to Executive Chair.
Year-to-date, Borr secured 14 new contracts worth approximately $318 million, achieving 84% contract coverage for 2025 at an average day rate of $145,000.
Borr Drilling (NYSE: BORR) ha registrato un solido secondo trimestre 2025, con ricavi operativi totali pari a $267,7 milioni, in aumento del 24% rispetto al trimestre precedente. L'azienda ha conseguito un utile netto di $35,1 milioni, un netto miglioramento rispetto alla perdita del primo trimestre, mentre l'Adjusted EBITDA è salito del 39% a $133,2 milioni.
Le performance operative sono state eccellenti, con una utilizzazione tecnica del 99,6% e 22 piattaforme su 24 operative. A luglio 2025 Borr ha rafforzato la propria posizione finanziaria tramite un'offerta azionaria da $102,5 milioni e impegni bancari, aumentando la liquidità di oltre $200 milioni. È stato inoltre annunciato che Bruno Morand assumerà la carica di nuovo CEO a partire dal 1° settembre 2025; l'attuale CEO Patrick Schorn passerà al ruolo di Presidente Esecutivo.
Da inizio anno Borr ha acquisito 14 nuovi contratti per un valore complessivo di circa $318 milioni, raggiungendo una copertura contrattuale dell'84% per il 2025 con una tariffa giornaliera media di $145.000.
Borr Drilling (NYSE: BORR) presentó sólidos resultados en el segundo trimestre de 2025, con ingresos operativos totales de $267,7 millones, un aumento del 24% respecto al trimestre anterior. La compañía obtuvo un beneficio neto de $35,1 millones, mejorando notablemente frente a la pérdida del primer trimestre, y el EBITDA ajustado creció un 39% hasta $133,2 millones.
El desempeño operativo fue robusto, con una utilización técnica del 99,6% y 22 de 24 plataformas activas. En julio de 2025 Borr reforzó su posición financiera mediante una oferta de acciones por $102,5 millones y compromisos bancarios, incrementando la liquidez en más de $200 millones. También se anunció que Bruno Morand será el nuevo CEO a partir del 1 de septiembre de 2025, mientras que el actual CEO Patrick Schorn pasará a ser Presidente Ejecutivo.
En lo que va de año, Borr ha asegurado 14 nuevos contratos por aproximadamente $318 millones, alcanzando una cobertura contractual del 84% para 2025 con una tarifa media diaria de $145.000.
Borr Drilling (NYSE: BORR)는 2025년 2분기에 총 영업수익 $267.7 million을 기록하며 전분기 대비 24% 증가한 견조한 실적을 발표했습니다. 회사는 $35.1 million의 순이익을 달성해 1분기 순손실에서 큰 폭으로 개선되었고, 조정 EBITDA는 39% 증가한 $133.2 million을 기록했습니다.
현장 운영 성과도 강세를 보였으며, 기술 가동률 99.6%을 기록했고 24대 중 22대의 리그가 가동 중입니다. 2025년 7월 Borr는 $102.5 million 규모의 유상증자와 은행 약정을 통해 재무 여건을 강화해 유동성을 2억 달러 이상 늘렸습니다. 또한 Bruno Morand가 2025년 9월 1일부로 신임 CEO로 취임하고 현 CEO Patrick Schorn은 집행 의장(Executive Chair)으로 자리하게 된다고 발표했습니다.
연초부터 Borr는 약 $318 million 규모의 14건의 신규 계약을 확보했으며, 2025년 계약 커버리지는 84%에 달하고 평균 일일 요율은 $145,000입니다.
Borr Drilling (NYSE: BORR) a publié de solides résultats pour le deuxième trimestre 2025, avec des revenus d'exploitation totaux de 267,7 M$, en hausse de 24 % par rapport au trimestre précédent. La société a réalisé un bénéfice net de 35,1 M$, s'améliorant nettement par rapport à la perte nette du premier trimestre, tandis que l'EBITDA ajusté a augmenté de 39 % pour atteindre 133,2 M$.
Les performances opérationnelles ont été robustes, avec une utilisation technique de 99,6 % et 22 des 24 plates-formes en activité. En juillet 2025, Borr a renforcé sa position financière via une offre d'actions de 102,5 M$ et des engagements bancaires, augmentant la liquidité de plus de 200 M$. La société a également annoncé que Bruno Morand prendra ses fonctions de nouveau PDG le 1er septembre 2025, l'actuel PDG Patrick Schorn devenant président exécutif.
Depuis le début de l'année, Borr a sécurisé 14 nouveaux contrats d'environ 318 M$, atteignant une couverture contractuelle de 84 % pour 2025, avec un tarif journalier moyen de 145 000 $.
Borr Drilling (NYSE: BORR) meldete starke Ergebnisse für das zweite Quartal 2025: die gesamten Betriebserlöse betrugen $267,7 Millionen, ein Anstieg von 24% gegenüber dem Vorquartal. Das Unternehmen erzielte einen Nettogewinn von $35,1 Millionen und verbesserte sich damit deutlich gegenüber dem Nettoverlust im ersten Quartal; das bereinigte EBITDA stieg um 39% auf $133,2 Millionen.
Die operative Leistungsfähigkeit war hoch, mit einer technischen Auslastung von 99,6% und 22 von 24 aktiven Bohrgeräten. Im Juli 2025 stärkte Borr seine Finanzposition durch ein Aktienangebot in Höhe von $102,5 Millionen und Bankzusage, wodurch die Liquidität um mehr als $200 Millionen erhöht wurde. Zudem wurde bekannt gegeben, dass Bruno Morand ab dem 1. September 2025 neuer CEO wird, während der aktuelle CEO Patrick Schorn in die Rolle des Executive Chair wechselt.
Seit Jahresbeginn hat Borr 14 neue Verträge im Wert von rund $318 Millionen abgeschlossen und damit eine Vertragsabdeckung von 84% für 2025 erreicht, bei einer durchschnittlichen Tagesrate von $145.000.
- Revenue increased 24% to $267.7 million in Q2 2025
- Net income of $35.1 million, a $52.0 million improvement from Q1 2025
- Adjusted EBITDA grew 39% to $133.2 million
- Secured $200+ million in additional liquidity through equity offering and bank commitments
- Achieved 99.6% technical utilization with 22 of 24 rigs active
- 84% contract coverage for 2025 at $145,000 average day rate
- Secured 14 new contracts worth $318 million YTD
- Only 47% contract coverage for 2026, lower than 2025's coverage
- Lower average day rate of $139,000 for 2026 contracts compared to 2025
- Dilution from $102.5 million equity offering
Insights
Borr Drilling's Q2 shows strong financial rebound with 39% EBITDA growth and significant liquidity boost from refinancing.
Borr Drilling delivered exceptional Q2 2025 results, with
The operational metrics demonstrate remarkable efficiency, with technical utilization at
Most notably, Borr has secured solid forward visibility with
The
The leadership transition to Bruno Morand as CEO, with current CEO Patrick Schorn becoming Executive Chair, appears to be a planned succession rather than a disruptive change. The outlook remains positive, with Q3 expected to maintain similar activity levels and performance as Q2.
Highlights
- Total operating revenues of
$267.7 million $51.1 million 24% compared to the first quarter of 2025
- Net income of
$35.1 million $52.0 million
- Adjusted EBITDA of
$133.2 million $37.1 million 39% compared to the first quarter of 2025
- YTD 2025, the company was awarded 14 new contract commitments, representing approximately 2,584 days and
$318 million
Other Events
- In July 2025, the Company increased its liquidity by more than
$200 million $102.5 million
- Appointment of Bruno Morand as CEO, effective September 1, 2025, with Patrick Schorn becoming Executive Chair of the Company's Board of Directors.
CEO, Patrick Schorn commented:
"Our second-quarter results were strong, with technical utilization of
During the quarter, we secured important new awards, including a multi-rig contract in
In July, we took a decisive step to strengthen Borr Drilling's longer term financial position through a comprehensive financing package. This initiative, which included a
Looking into the third quarter, we see a comparable level of activity as the second quarter and anticipate a similar performance. As previously indicated, we are comfortable with the current Bloomberg consensus estimate of 2025 Adjusted EBITDA of approximately
We are encouraged by the Mexican government's renewed commitment to strengthening Pemex's liquidity and restated goal to achieve 1,800 mbpd in production. Our experience and track record of delivering best-in-class wells, uniquely positions Borr to capture incremental drilling activity, particularly under private investment projects that are expected to play an incremental role in the future of
Conference call
A conference call and webcast is scheduled for 9:00 AM New York Time (15:00 CET) on Thursday August 14, 2025 and participants are encouraged to dial in 10 minutes before the start of the call.
In order to listen to the presentation, you may also do one of the following:
a) Webcast
To access the webcast, please go to the following link:
https://edge.media-server.com/mmc/p/g4x5gjyu
b) Conference Call
Please use the below link to register for the conference call, https://register-conf.media-server.com/register/BIa0d72be56dd74bcaadc7275d099212cc
Participants will then receive dial-in details on screen and via email and can then choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.
CONTACT:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Public/16983/4217468/9f1ea16af7d127b6.pdf | Borr Drilling Limited Q2 2025 Fleet Status Report |
https://mb.cision.com/Public/16983/4217468/b82303c4404f9253.pdf | Borr Drilling Limited Q2 2025 Earnings Release |
View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited-announces-second-quarter-2025-results-302529422.html
SOURCE Borr Drilling Limited
FAQ
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