Borr Drilling Provides Operational Update on Arabian Gulf Operations

Borr Drilling (NYSE: BORR) provided an operational update on March 9, 2026 concerning its four jack-up rigs in the Arabian Gulf: one in Saudi Arabia, one in the UAE and two in Qatar.

Rhea-AI Summary

Borr Drilling (NYSE: BORR) provided an operational update on March 9, 2026 concerning its four jack-up rigs in the Arabian Gulf: one in Saudi Arabia, one in the UAE and two in Qatar. Three rigs in Qatar and the UAE have been down manned as a precaution. On March 7, 2026 the Arabia III was impacted by an incident on a customer-operated platform, was safely shut down and evacuated. All employees and crew in the region are accounted for and safe. The rigs remain under contract and insured, and the company is monitoring developments and staying in active communication with customers and stakeholders. Additional updates will be provided if material developments occur.

Positive

• All regional personnel safe and accounted for
• Four jack-up rigs remain under contract
• Rigs in region are insured
• Company in active communication with customers and stakeholders

Negative

• Three rigs down manned as precaution, reducing active operations
• Arabia III was shut down after an incident on March 7, 2026
• Operations remain on standby, implying potential near-term revenue disruption

Argus Mar 9 session

+0.54% close to close Open Argus

Details

News Market Reaction – BORR

On Mar 9, the day this news came out, BORR closed 0.54% above the previous close.

Data tracked by StockTitan Argus for the Mar 9 session.

Key Figures

Q4 2025 revenue: $259.4M Q4 2025 net loss: $1.0M FY 2025 net income: $45.0M +5 more

Q4 2025 revenue

$259.4M

Operating revenue in Q4 2025

Q4 2025 net loss

$1.0M

Net loss for Q4 2025

FY 2025 net income

$45.0M

Full-year 2025 net income

FY 2025 Adjusted EBITDA

$470.1M

Adjusted EBITDA for full-year 2025

Rig acquisition price

$360M

Purchase price for five premium jack-up rigs

Dayrate Eq. Backlog

$649M

Backlog value tied to ~5,000 contracted days in 2025

Contract commitments

24 commitments

Number of contract commitments in 2025 backlog

Fleet size

29 rigs

Total jack-up rigs after Noble acquisition

Historical Context

5 past events · Latest: Feb 18

5 events

1. Feb 18

   Q4 2025 earnings

   24h Move

   +3.6%

   Mixed Q4 results but profitable 2025 and sizeable backlog and EBITDA.

2. Jan 30

   Earnings call setup

   24h Move

   +0.4%

   Announcement of timing and access details for Q4 2025 results call.

3. Jan 28

   Rig acquisition

   24h Move

   +3.3%

   Completion of five-rig, $360 million jack-up acquisition expanding fleet to 29.

4. Jan 28

   Counterparty sale

   24h Move

   +3.3%

   Noble’s confirmation of five jack-up sale closing with Borr as buyer.

5. Jan 06

   Contracting updates

   24h Move

   +3.8%

   New contract commitments and extensions for Ran and Odin jack-up rigs.

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

Key Terms

jack-up rigs

1 terms

jack-up rigs technical

"the Company has four jack-up rigs deployed: one in Saudi Arabia; one in the UAE"

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.

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

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HAMILTON, Bermuda, March 9, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today provided an operational update following recent hostilities in the Arabian Gulf, where the Company has four jack-up rigs deployed: one in Saudi Arabia; one in the UAE; and two in Qatar.

In accordance with the customers' general precautionary measures, the three rigs deployed in Qatar and the UAE have been down manned as of last week.

On March 7, 2026, the Arabia III was impacted by an incident that occurred on a customer-operated platform. The rig was subsequently safely shut down, and all personnel were successfully evacuated.

All Borr Drilling's employees and crew in the region are accounted for and safe.

CEO, Bruno Morand, commented: "First and foremost, ensuring the safety and wellbeing of our personnel is our highest priority. All employees in the region are safe and accounted for, and operations across the region will remain on standby until conditions allow for a safe resumption of activity."

The Company continues to closely monitor developments and remains in active communication with its customers and relevant stakeholders in the region. These four rigs remain under contract and are insured.

The Company will provide additional updates in the event of any material developments in the situation.

About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.

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-provides-operational-update-on-arabian-gulf-operations,c4318429

 

View original content:https://www.prnewswire.com/news-releases/borr-drilling-provides-operational-update-on-arabian-gulf-operations-302707923.html

SOURCE Borr Drilling Limited

FAQ

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

What happened to Borr Drilling (BORR) rigs in the Arabian Gulf on March 7, 2026?

The Arabia III was impacted by an incident on a customer-operated platform and was safely shut down and evacuated. According to the company, all personnel were evacuated and accounted for, and operations across the region are on standby pending safe resumption.

Are Borr Drilling employees safe after the Arabian Gulf incident (BORR)?

Yes. All employees and crew in the region are reported safe and accounted for. According to the company, personnel were successfully evacuated and the firm emphasizes safety as its highest priority while monitoring the situation.

How many Borr Drilling (BORR) rigs are affected and where are they located?

Borr Drilling has four jack-up rigs in the Arabian Gulf: one in Saudi Arabia, one in the UAE, and two in Qatar. According to the company, three rigs in Qatar and the UAE have been down manned as a precautionary measure.

Will Borr Drilling (BORR) rigs remain contracted after the Arabian Gulf incident?

Yes. The company states all four rigs remain under contract and are insured. According to the company, contracts remain in place while operations are on standby until conditions allow safe resumption.

What does "down manned" mean for BORR operations and timing of resumption?

Down manned means reduced crew levels and limited operational activity to increase safety. According to the company, operations will remain on standby and will resume only when conditions allow a safe return to normal staffing and activity.