Borr Drilling sets 2026 contract coverage at 70%

Borr Drilling Limited provided an operational update showing most of its jack-up fleet disruptions are easing and contract visibility for 2026 has improved.

Rhea-AI Filing Summary

Borr Drilling Limited provided an operational update showing most of its jack-up fleet disruptions are easing and contract visibility for 2026 has improved. Arabia III has resumed work offshore Saudi Arabia, while Groa in Qatar and Arabia II in the UAE are expected to restart during April 2026. The Forseti, operated under a bareboat charter, is also being prepared to resume work in Qatar.

In the Gulf of America, the Odin’s start with Cantium was delayed by extra maintenance but is now expected to begin operations in April 2026. In Southeast Asia, the Skald received a binding letter of award for a six‑month campaign starting in the second quarter of 2026. Reflecting these developments, Borr Drilling reports contract coverage for full‑year 2026 of 70% at an average dayrate of about $134,000, with coverage of 78% for the first half and 62% for the second half of 2026.

Insights

Offshore drilling industry analyst

Fleet restarts and new work lift Borr Drilling’s 2026 visibility.

Borr Drilling indicates operational normalization after Middle East disruptions, with Arabia III already back on hire and three additional rigs expected to restart in April 2026. The Odin delay in the Gulf of America appears operational, tied to extra maintenance before its Cantium contract.

The binding letter of award for the Skald in Southeast Asia adds a six‑month program beginning in Q2 2026, reinforcing near-term utilization. Management now cites 2026 contract coverage of 70% at about $134,000 per day, with higher coverage in the first half than the second, which underlines good short‑term visibility but leaves more open capacity later in the year.

Key Figures

2026 contract coverage: 70% Average 2026 dayrate: $134,000 per day H1 2026 coverage: 78% +3 more

6 metrics

2026 contract coverage 70% Full-year 2026 contracted days

Average 2026 dayrate $134,000 per day Blended rate on 2026 contract coverage

H1 2026 coverage 78% First half 2026 contract coverage

H2 2026 coverage 62% Second half 2026 contract coverage

Skald campaign duration six months Binding letter of award in Southeast Asia, starting Q2 2026

Skald start window Q2 2026 Expected campaign commencement in Southeast Asia

Key Terms

bareboat charter, binding letter of award, contract coverage, dayrate, +1 more

5 terms

bareboat charter financial

"the Forseti, which is operated by a third party under a bareboat charter, is also undergoing preparations"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

binding letter of award financial

"In Southeast Asia, the Skald has received a binding letter of award from an undisclosed operator."

A binding letter of award is a formal, signed document that confirms a company has been chosen to provide goods or services and creates a legal obligation to proceed under agreed terms. Think of it as a promissory handshake that becomes enforceable, similar to receiving a firm job offer that you and the employer must honor. For investors, it signals committed future revenue and potential costs or liabilities tied to the awarded work.

contract coverage financial

"our contract coverage for full-year 2026 is 70% at an average dayrate"

Contract coverage describes how much of a company’s future work or revenue is already secured by signed agreements, similar to knowing how many scheduled bookings a service provider has ahead of time. Investors care because higher contract coverage reduces uncertainty about incoming cash and helps judge growth reliability and risk, much like a pre-booked calendar makes a freelancer’s income more predictable.

dayrate financial

"full-year 2026 is 70% at an average dayrate of approximately $134,000"

Dayrate is the agreed fee charged for each day of use of an asset or for daily provision of a service—commonly applied to things like drilling rigs, ships, heavy equipment, or specialist contractors. For investors it matters because dayrates determine short‑term revenue and operating margins: rising dayrates boost cash earned per working day and signal strong demand, while falling dayrates reduce income and can indicate weaker market conditions, similar to how a hotel’s nightly rate affects its nightly revenue.

forward-looking statements regulatory

"This press release 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.

FAQ

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

What contract coverage did Borr Drilling (BORR) report for full-year 2026?

Borr Drilling reported contract coverage of 70% for full-year 2026 at an average dayrate of about $134,000. This means most of its jack-up fleet days are already committed under contracts at known pricing levels for that year.

How are Borr Drilling’s Middle East jack-up rigs affected in 2026?

Borr Drilling says Arabia III has resumed operations offshore Saudi Arabia, with Groa in Qatar and Arabia II in the UAE expected to restart during April 2026. The Forseti, on bareboat charter, is also being prepared to resume work in Qatar following earlier geopolitical disruptions.

What update did Borr Drilling give on the Odin rig in the Gulf of America?

The Odin’s contract start with Cantium was delayed due to additional maintenance required before commencing work. Borr Drilling now expects the Odin to begin operations in April 2026, shifting its planned contribution into later in the year without changing the contract’s counterpart.

What new work did the Skald rig secure for Borr Drilling (BORR)?

In Southeast Asia, Borr Drilling’s Skald rig received a binding letter of award from an undisclosed operator. The campaign is expected to start in the second quarter of 2026, with an estimated six‑month duration, adding further short‑term contracted activity to the company’s fleet schedule.

How is Borr Drilling’s 2026 contract coverage split between first and second half?

Borr Drilling reports contract coverage of 78% for the first half of 2026 and 62% for the second half. This indicates stronger visibility on rig utilization and dayrates earlier in the year, with more open capacity and potential contracting upside later in 2026.

What average dayrate did Borr Drilling disclose for its 2026 contracts?

The company stated that its 2026 contract coverage is at an average dayrate of approximately $134,000. This figure reflects the blended daily revenue rate across contracted rig days for that year, based on current agreements and recent contracting activity across its jack-up fleet.

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

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 04/13/2026 - 08:19 AM Learn about SEC filing dates

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

April 13, 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

 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: April 13, 2026	By:	/s/ Mi Hong Yoon
	Name:	Mi Hong Yoon
	Title:	Director

Exhibit 99.1

Borr Drilling Limited – Operational and Contracting Updates

Hamilton, Bermuda, April 13, 2026 – Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) (“Borr Drilling” or the “Company”) today provided operational updates on its fleet, including developments related to the ongoing situation in the Middle East, and announced a new contract commitment.

With reference to the Company’s update on March 9, 2026 about its four rigs deployed in the Middle East, the Arabia III resumed operations offshore Saudi Arabia in late March 2026. Additionally, the Company has received resumptions notices for the Groa in Qatar and the Arabia II in the UAE and expects these rigs to recommence operations during April 2026. The Company’s fourth rig in the region, the Forseti, which is operated by a third party under a bareboat charter, is also undergoing preparations to resume operations in Qatar.

In the Gulf of America, the Odin, which originally was to start operating earlier in the year, experienced delays due to additional maintenance work required in advance of commencing its contract with Cantium. The rig is now expected to commence operations in April 2026.

In Southeast Asia, the Skald has received a binding letter of award from an undisclosed operator. The campaign is expected to commence in the second quarter of 2026 and has an estimated duration of six months.

Reflecting these updates and other developments across the fleet since the Company’s preceding earnings report on February 18, 2026, our contract coverage for full-year 2026 is 70% at an average dayrate of approximately $134,000, while the coverage for the first and second half of 2026 stands at 78% and 62%, respectively.

Borr Drilling CEO Bruno Morand said, “I would like to thank our onshore and offshore teams for their efforts in safely and effectively managing the disruptions experienced due to the geopolitical events in the Middle East.”

“Meanwhile, we have continued to execute our contracting strategy, securing important near-term coverage for our fleet, which now stands at 70% for full-year 2026. The recent events continue to create an environment where elevated commodity prices and renewed focus on energy security are expected to accelerate rig activity. Recent discussions with our customers confirm the early signs of this trend as we observe an increased sense of urgency in awarding existing tenders and bringing forward certain drilling programs. Our young and expanded fleet positions us well to service our customers as this trend further develops.”

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.

Forward-Looking Statements

This press release 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” and similar expressions and include statements regarding the commencement or recommencement of operations of rigs and expected timing thereof, new contract commitments, including any associated contract commencement and duration, demand for drilling rig services and expected acceleration of rig activity, tendering activity, drilling programs, contract coverage, including associated average dayrates, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to expected recommencement of operations of rigs and new contract commitments described herein, including any associated contract or operational commencement and duration, contract coverage and dayrates, the performance of our rigs under contracts, risks related to the commencement or recommencement of operations described herein including  risks related to our ability to commence or recommence such operations consistent with the timeframes described herein, the risk that tender activity and demand for drilling rig services and programs do not materialize as expected, the risk that backlog does not materialize as expected, the risk that contracts do not materialize as expected, risks relating to market trends, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2025 and our other filings with and submissions to the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

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

Filing Exhibits & Attachments

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• EX-99.1 EXHIBIT 99.1 8.0 KB