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Borr Drilling Q1 2026 revenue hits $247M

Borr Drilling Limited reports Q1 2026 results with total operating revenues of $247.0 million, down from $259.4 million in Q4 2025.

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Form Type
6-K

Rhea-AI Filing Summary

Borr Drilling Limited reports Q1 2026 results with total operating revenues of $247.0 million, down from $259.4 million in Q4 2025. Operating income declined to $46.0 million, and the company posted a net loss of $29.0 million versus a near break-even result previously.

Adjusted EBITDA was $88.5 million with a margin of 35.8%, compared with $105.2 million in Q4 2025, reflecting softer profitability. Cash and cash equivalents fell to $246.0 million, while total liquidity, including revolving credit facility capacity, stood at $480 million, supporting a deleveraging plan with annual debt amortization of $144 million.

The fleet remains one of the youngest in the jack-up market, with 24 active rigs out of 29 modern rigs and Q1 2026 contract coverage of 71% based on Dayrate Equivalent Backlog. Management highlights expectations for an improved market in the second half of 2026 and sees strong prospects into 2027–2028.

Positive

  • Strong contract coverage and modern fleet: Q1 2026 contract coverage stands at 71% based on Dayrate Equivalent Backlog, with 24 active rigs out of 29 modern rigs, supporting near-term revenue visibility in a young jack-up portfolio.
  • Meaningful liquidity despite cash decline: Total Q1 2026 liquidity of $480 million, combining $246 million in cash and $234 million in revolving credit capacity, underpins the company’s stated deleveraging pathway against $144 million of annual debt amortization.

Negative

  • Return to net losses and weaker profitability: Q1 2026 net loss widened to $29.0 million from a $1.0 million loss in Q4 2025, while Adjusted EBITDA fell 15.8% quarter over quarter to $88.5 million, signaling softer operating performance.
  • Significant cash reduction and leveraged balance sheet: Cash and cash equivalents dropped 35.2% quarter over quarter to $246.0 million, while total liabilities increased to $2,605.9 million, heightening sensitivity to the company’s deleveraging execution and refinancing plans.

Insights

Borr delivered a weaker Q1 2026 but retains solid liquidity and high fleet utilization.

Borr Drilling generated Q1 2026 operating revenues of $247.0M, down 4.8% from Q4 2025, as operating income fell to $46.0M. Net results swung to a loss of $29.0M, indicating pressure from higher operating and financial expenses.

Adjusted EBITDA declined to $88.5M from $105.2M, with a margin of 35.8%, while cash and cash equivalents dropped from $379.7M to $246.0M. Even so, total liquidity of $480M and annual debt amortization of $144M suggest room to manage the capital structure, assuming stable cash generation.

The company reports 71% 2026 contract coverage based on its Dayrate Equivalent Backlog and operates 24 active rigs out of 29 modern rigs, framing a relatively young, contracted fleet. Management commentary points to an expected rebound in the second half of 2026 and confidence in demand and dayrates into 2027–2028, but actual outcomes will depend on contracting activity, oil prices, and geopolitical factors outlined in the risk disclosures.

Total operating revenues $247.0 million Q1 2026 vs $259.4 million in Q4 2025
Operating income $46.0 million Q1 2026 compared with $67.4 million in Q4 2025
Net income / (loss) -$29.0 million Q1 2026 vs -$1.0 million in Q4 2025
Adjusted EBITDA $88.5 million Q1 2026; down from $105.2 million in Q4 2025
Adjusted EBITDA margin 35.8% Q1 2026 margin based on total operating revenues
Cash and cash equivalents $246.0 million Q1 2026 vs $379.7 million in Q4 2025
Total liquidity $480 million Q1 2026; includes $246M cash and $234M RCF capacity
Annual debt amortization $144 million per annum Debt amortization highlighted in Q1 2026 overview
2026 contract coverage 71% Based on Dayrate Equivalent Backlog, including priced options
Fleet size and activity 24 active rigs / 29 modern rigs Q1 2026 fleet overview
Adjusted EBITDA financial
"The Company uses certain financial information calculated on a basis other than in accordance with US GAAP including Adjusted EBITDA."
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.
Non-GAAP Financial Measures financial
"Non-GAAP Financial Measures The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Dayrate Equivalent Backlog financial
"Based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto."
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.
jack-up rig market
"statements about the state of the jack-up rig and oil industry, including our confidence in our prospects for 2027 and 2028."
Convertible Bonds financial
"our Convertible Bonds due 2028 and due 2033, our seller’s credit with Noble Corporation due 2032 and debt under our revolving credit facilities."
A convertible bond is a loan a company issues that pays regular interest and can be exchanged for a fixed number of the company’s shares under specified terms. It matters to investors because it combines the steady income and lower downside risk of a bond with the upside potential of owning stock—like holding a ticket that can be cashed for equity if the share price rises—affecting returns, risk, and shareholder dilution.
forward-looking statements regulatory
"These presentational materials and related discussions include forward-looking statements made under the "safe harbor" provisions."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Total operating revenues $247.0 million -4.8% vs Q4 2025
Operating income $46.0 million -31.8% vs Q4 2025
Net income / (loss) -$29.0 million wider loss vs -$1.0 million in Q4 2025
Adjusted EBITDA $88.5 million -15.8% vs Q4 2025
Guidance

Management references expectations for Adjusted EBITDA in Q2 and an expected rebound in the second half of 2026, with confidence in demand and dayrates into 2027 and 2028.

FAQ

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

How did Borr Drilling (BORR) perform financially in Q1 2026?
Borr Drilling reported Q1 2026 operating revenues of $247.0 million, down from $259.4 million in Q4 2025. Operating income was $46.0 million, and the company recorded a net loss of $29.0 million, reflecting higher costs and financial expenses.

What was Borr Drilling’s Adjusted EBITDA and margin in Q1 2026?
Borr Drilling’s Q1 2026 Adjusted EBITDA was $88.5 million with a margin of 35.8%. This compares with $105.2 million in Q4 2025, indicating a 15.8% sequential decline as revenue and profitability softened during the quarter.

What is Borr Drilling’s liquidity and debt amortization profile after Q1 2026?
At Q1 2026, Borr Drilling reported $246.0 million in cash and cash equivalents and total liquidity of $480 million, including revolving credit capacity. The company highlights an annual debt amortization obligation of $144 million as part of its deleveraging pathway.

How contracted is Borr Drilling’s fleet for 2026?
Borr Drilling reports 71% contract coverage for 2026 based on its Dayrate Equivalent Backlog, which includes firm commitments and related revenues. This coverage is calculated using contracted days versus total available days, including certain priced options.

What does Borr Drilling’s fleet look like in Q1 2026?
In Q1 2026, Borr Drilling operates 24 active rigs within a fleet of 29 modern jack-up rigs. Management emphasizes that this remains among the youngest fleets in the industry, supporting its positioning in key regions such as the Middle East, Southeast Asia, and the Americas.

What market outlook does Borr Drilling provide for 2026–2028?
The company notes expectations for an Adjusted EBITDA rebound in the second half of 2026 and expresses confidence in its prospects for 2027 and 2028. Management points to improving shallow-water fundamentals, higher dayrate expectations, and a tightening jack-up market.

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

Form 6-K: How Foreign Companies Report to the SEC →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 6-K
 

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
 
May 21, 2026
 
Commission File Number 001-39007
 

Borr Drilling Limited
 
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibits
 
99.1
Press Release
99.2
 		Presentation
 
 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BORR DRILLING LIMITED
     
Date: May 21, 2026
By:
/s/ Mi Hong Yoon
 
Name:
Mi Hong Yoon
 
Title:
Director


Exhibit 99.1

Borr Drilling Limited – Q1 2026 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s first quarter 2026 results to be held on the webcast/conference call at 09:00 New York time (15:00 CEST) on Thursday, May 21, 2026.

In order to listen to the 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 this 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.

Replay Stream:
After the live call, a replay of the webcast will be made available via the following link: https://edge.media-server.com/mmc/p/inc8qdus

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


Exhibit 99.2

 Q1 2026PRESENTATION  May 21, 2026 
 
 Disclaimer  Forward-Looking Statements  These presentational materials and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance", the negative of such terms, and similar expressions and include statements regarding industry trends and market outlook, expectations about Adjusted EBITDA in Q2, an expected rebound in the second half of 2026, expectations about the start date of the Odin contract, supply/demand expectations, statements about the state of the jack-up rig and oil industry, including our confidence in our prospects for 2027 and 2028, our expectations about increased activity and dayrates, including associated oil price developments and associated timing, and our expectations about the impact of the Middle East conflict, Dayrate Equivalent Backlog, contractual commitments, tender activity and expected contracting, customer activity and contracting opportunities, market conditions, statements about the global jack-up fleet, including the number of rigs contracted and available and expected trends in the global fleet, including expected new deliveries and the number of rigs under construction and expectations as to when such rigs will join the global fleet, statements about the Five-Rig Acquisition and the Fontis Acquisition (both as defined in our Q1 2026 earnings release dated May 20, 2026), including the expected timing of the completion of such acquisition, and statements made under “Market” and "Risk and uncertainties" in our Q1 2026 earnings release dated May 20, 2026, and other non-historical statements. These forward-looking statements are based upon current expectations and various assumptions, which are, by their nature, uncertain and are subject to significant known and unknown risks, contingencies and other important factors which are difficult or impossible to predict and are beyond our control. Such risks, uncertainties, contingencies and other factors could cause our actual financial results, level of activity, performance, financial position, liquidity or achievements to differ materially from those expressed or implied by these forward-looking statements, including risks relating to our industry and industry conditions, business, the risk that our actual results of operations in current or future periods differ materially from expected trends in results discussed herein, the timing of payments to us and the risk of delays in payments or receivables to our JVs and payments from our JVs to us, the risk that our customers do not comply with their contractual obligations, including the risk that we may not be able to recover amounts due from our customers or that customers may not be able to continue to comply with contracts with us, the risk of customers becoming subject to sanctions, risks relating to geopolitical events and inflation, risks relating to global economic uncertainty and energy commodity prices, risks relating to contracting, including our ability to convert commitments, LOIs and LOAs into contracts, the risk of contract suspension or termination, the risk that options will not be exercised, the risk that backlog will not materialize as expected, risks relating to the operations of our rigs, risks relating to dayrates and duration of contracts and the terms of contracts and the risk that we may not enter into contracts or that contracts are not performed as expected, risks relating to contracting our most recently delivered and acquired rigs and other available rigs including the five rigs acquired in the Five-Rig Acquisition and the five rigs to be acquired in respect of the Fontis Acquisition, and other risks related to such acquisitions, risks relating to market trends, including tender activity, risks relating to customer demand and contracting activity and suspension or termination of operations, including as a result of customers becoming subject to sanctions, risks relating to our liquidity and cash flows, risks relating to our indebtedness including risks relating to our ability to repay or refinance our debt at maturity, including our secured notes maturing in 2028 and 2030, our Convertible Bonds due 2028 and due 2033, our seller’s credit with Noble Corporation due 2032 and debt under our revolving credit facilities and risks relating to our other payment obligations on these debt instruments including interest, amortization and cash sweeps, risks relating to our ability to comply with covenants under our revolving credit facilities and other debt instruments and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to pay cash distributions and repurchase shares including the risk that we may not have available liquidity or distributable reserves or the ability under our debt instruments to pay such cash distributions or repurchase shares and the risk that we may not complete our share repurchase program in full, and risks relating to the amount and timing of any cash distributions we declare, risks relating to future financings including the risk that future financings may not be completed when required and risks relating to the terms of any refinancing, including risks related to dilution from any future offering of shares or convertible bonds, risks related to climate change, including climate-change or greenhouse gas related legislation or regulations and the impact on our business from physical climate-change related to changes in weather patterns, and the potential impact of new regulations relating to climate change and the potential impact on the demand for oil and gas, risks relating to military actions and their impact on our business and industry, and other risks factors set forth under “Risk Factors” in our most recent annual report on Form 20-F and other filings with and submissions to the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no (and expressly disclaim any) obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.  Non-GAAP Financial Measures  The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including Adjusted EBITDA. Adjusted EBITDA as presented above represents our periodic net income/(loss) adjusted for: depreciation of non-current assets, (loss)/income) from equity method investments, total financial expense net and income tax expense. Adjusted EBITDA is presented here because the Company believes that the measure provides useful information regarding the Company’s operational performance. For a reconciliation of Adjusted EBITDA to Net income/(loss), please see the last page of this report.  The Company provides guidance on expected Adjusted EBITDA, which is a non-GAAP financial measure. Management evaluates the Company's financial performance in part based on the basis of actual and expected Adjusted EBITDA, which management believes enhances investors' understanding of the Company's overall financial performance by providing them with an additional meaningful relevant comparison of current and anticipated future results across periods. Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The Company disclaims any current intention to update such guidance, except as required by law 
 
 1  Q1 2026 Company Overview and Highlights  1 Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Total Operating Revenues  2 Liquidity comprises $246.0M cash and cash equivalents and $234.0M RCF capacity  3 Based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto.  3  Global Footprint and Diversified Portfolio  Q1 2026 Adjusted EBITDA  Adj. EBITDA  $88.5M  Adj. EBITDA Margin1  35.8%  2026 Coverage3  Contract Coverage71%  Average Dayrate  $137k  Solid Liquidity, with Deleveraging Pathway  Q1 2026 Liquidity2  $480.0M  Debt Amortization  $144M   Per Annum  Expanded Fleet Remains the Youngest in Industry  Currently  24  Active Rigs  Fleet  29  Modern Rigs  Highlights  Contracted  24  Available  5  3  Americas  2  1  5  Southeast Asia  MENA  4   West Africa  5  1  3  Europe  1  7 
 
 In $ million   Q1 2026  Q4 2025  Change ($)  Change (%)  Total operating revenues  247.0  259.4  (12.4)  (4.8)%  Total operating expenses  (201.0)  (192.1)  (8.9)  4.6%  Operating income  46.0  67.4  (21.4)  (31.8)%  Net income / (Loss)  (29.0)  (1.0)  (28.0)  n.a.  Adjusted EBITDA  88.5  105.2  (16.6)  (15.8)%  Cash and cash equivalents  246.0  379.7  (133.7)  (35.2)%  Total assets  3,803.1  3,625.6  195.8  4.9%  Total liabilities  2,605.9  2,403.0  221.2  8.4%  Total equity  1,197.2  1,222.6  (25.4)  (2.1)%  Quarterly Revenue progression ($M)  Quarterly Adjusted EBITDA progression ($M)  Key Financials Q1 2026  Key   11.7  Q2 2024  12.1  Q3 2024  12.8  Q4 2024  7.6  6.8  Q1 2025  Q2 2025  9.4  Q3 2025  10.8  Q4 2025  10.9  Q1 2026  271.9  241.6  263.1  216.6  267.7  277.1  259.4  247.0  Related Party and BBC Revenue  Management contract revenue  Dayrate Revenues  Q2 2024  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q1 2026  88.5 
 
 1 Contracting statistics based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto; Contracting statistics exclude backed added in relation to Five-Rig Acquisition.  2 Average dayrate is derived from added backlog revenue divided by associated number of contracted days.  5  Fleet Overview  13  New Commitments  $274M  Added Backlog Revenue  $120k  Average Dayrate2  2,250+  Added Backlog Days  2026 YTD   Contracting  Statistics1 
 
 Contract Coverage and Market  Source: Company Data (LHS)   1 Based on the Company’s definition of “Dayrate Equivalent Backlog” appended hereto; coverage percentage includes priced options and is represented by the number of contracted days divided by the total days available on a full year basis.  6  Middle East tendering pipeline progressing, modest delays due to regional tensions  Asia showing initial signs of new demand driven by energy security concerns   Mexico’s production target requires more rigs; PEMEX with recent market inquiries  Contract Coverage1 (%)   Near term disruptions create potential for pent-up demand  Regional Markets 
 
 7  In Conclusion  Macro events continue to strengthen the fundamental outlook for shallow water market  1  Driving shareholder value via opportunistic asset acquisitions and continuing to enhance capital structure     3     1  Focused on near-term coverage; Fleet availability in 2027-2028 is a strategic asset     2 
 
 Appendix 
 
 9  (in US$ millions)  Q1 2026  Q4 2025  Net income / (loss)  (29.0)  (1.0)  Depreciation of non-current assets  42.5  37.8  Loss from equity method investments  1.2  0.4  Total financial expense, net  62.7  55.8  Income tax expense  11.1  12.2  Adjusted EBITDA  88.5  105.2  Non-GAAP Financial Measures  The Company uses certain financial information calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP) including Adjusted EBITDA. Adjusted EBITDA as presented above represents our periodic net income/(loss) adjusted for: depreciation and impairment of non-current assets, other non-operating income; (income)/loss from equity method investments, total financial (income) expense net and income tax expense. Adjusted EBITDA is presented here because the Company believes that the measure provides useful information regarding the Company’s operational performance.   The Company provides guidance on expected Adjusted EBITDA, which is a non-GAAP financial measure. Management evaluates the Company's financial performance in part based on the basis of actual and expected Adjusted EBITDA, which management believes enhances investors' understanding of the Company's overall financial performance by providing them with an additional meaningful relevant comparison of current and anticipated future results across periods. Due to the forward-looking nature of Adjusted EBITDA for FY 2025, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly, the Company is unable to present a quantitative reconciliation of such forward looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. The Company disclaims any current intention to update such guidance, except as required by law  Dayrate Equivalent Backlog  The Company defines "Dayrate Equivalent Backlog" as the maximum potential contract drilling dayrate revenue that can be earned from a drilling contract based on the contracted operating dayrate. Dayrate Equivalent Backlog includes (i) firm commitments for contract drilling services represented by definitive agreements, including binding letters of award and letters of intent, (ii) bareboat charter revenue adjusted to a dayrate-equivalent basis and (iii) revenue resulting from mobilization and demobilization fees, and includes such backlog from joint venture operations.  Adjusted EBITDA Reconciliation and Definitions 
 
 10 
 

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