Borr Drilling Limited Announces Second Quarter 2025 Results
Rhea-AI Summary
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.
Positive
- 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
Negative
- 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
News Market Reaction
On the day this news was published, BORR declined 6.90%, reflecting a notable negative market reaction. Argus tracked a peak move of +5.6% during that session. Argus tracked a trough of -6.7% from its starting point during tracking. Our momentum scanner triggered 25 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $56M from the company's valuation, bringing the market cap to $750M at that time. Trading volume was very high at 3.1x the daily average, suggesting heavy selling pressure.
Data tracked by StockTitan Argus on the day of publication.
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
What were Borr Drilling's (BORR) Q2 2025 earnings results?
How much additional liquidity did Borr Drilling secure in July 2025?
Who is the new CEO of Borr Drilling and when does he start?
What is Borr Drilling's contract coverage and day rate for 2025?
How many new contracts did Borr Drilling win in 2025 YTD?
What was Borr Drilling's technical utilization rate in Q2 2025?
