Borr Drilling (NYSE: BORR) swings to $241M Q2 loss after major refinancing

Rhea-AI Filing Summary

Borr Drilling Limited reported Q2 2026 total operating revenues of $232.3M, down 6.0% from Q1 2026, with operating income nearly flat at $0.3M. Net loss widened sharply to $241.4M from $29.0M, while Adjusted EBITDA fell to $43.8M from $88.5M, a 50.5% decrease and a 22.4% margin.

Liquidity totaled $473M, including $223.6M in cash and $250M of SSRCF capacity. The company completed a major refinancing, issuing $2.035B of senior secured notes due 2032/2034 and $300M of 3.50% convertible notes due 2033, and fully redeeming 2028/2030 senior secured notes while largely repurchasing 2028 convertible bonds (about $44M remains outstanding).

Borr operates a modern fleet of 29 rigs, with 24 contracted and 2026 contract coverage of 73%. Year-to-date, it secured 21 new commitments, adding $541M of backlog at an average dayrate of $123k over more than 4,350 days. Management states that profitability is expected to recover as fleet transitions are completed.

Positive

• Major debt refinancing completed, replacing near-term 2028/2030 senior secured notes with longer-dated $2.035B notes due 2032/2034 and $300M convertible notes due 2033, which reduces refinancing pressure.
• Strong contracting momentum in 2026 with 21 new commitments adding $541M of backlog at an average dayrate of $123k over 4,350+ days, supporting future revenue visibility.
• Solid liquidity of $473M, combining $223.6M in cash and $250M in SSRCF capacity, providing financial flexibility amid fleet transitions and market volatility.

Negative

• Net loss surged to $241.4M in Q2 2026 from $29.0M in Q1 2026, a deterioration of 732.4%, significantly weakening quarterly profitability.
• Adjusted EBITDA declined 50.5% quarter-on-quarter to $43.8M, indicating materially lower operating performance despite relatively stable revenues.
• Total equity fell 19.7% in one quarter, from $1,197.2M to $961.6M, reflecting the large net loss and balance sheet pressure.

Filing Explained

The August 13 Form 6-K furnishes Borr Drilling’s Q2 presentation; it defines Dayrate Equivalent Backlog as maximum potential contract revenue, including firm commitments represented by definitive agreements, binding letters of award or intent, mobilization fees, bareboat revenue and joint-venture operations—not cash received.

Key Figures

Total operating revenues: $232.3M Net income / (loss): $(241.4)M Adjusted EBITDA: $43.8M +5 more

8 metrics

Total operating revenues $232.3M Q2 2026; down 6.0% from $247.0M in Q1 2026

Net income / (loss) $(241.4)M Q2 2026; compared with $(29.0)M in Q1 2026, a 732.4% change

Adjusted EBITDA $43.8M Q2 2026; down from $88.5M in Q1 2026, a 50.5% decrease

Liquidity $473M Q2 2026; $223.6M cash and $250M SSRCF capacity

Total equity $961.6M Q2 2026; down from $1,197.2M in Q1 2026, a 19.7% decline

New debt issuances $2.3B New senior secured notes due 2032-34 plus $300M convertible notes due 2033

2026 contract coverage 73% Based on Dayrate Equivalent Backlog including priced options

Added backlog revenue $541M 2026 year-to-date from 21 new commitments at $123k average dayrate

Key Terms

Adjusted EBITDA, Dayrate Equivalent Backlog, senior secured notes, convertible notes, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA 43.8 88.5 (44.7) (50.5)%"

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.

Dayrate Equivalent Backlog financial

"Based on the Company’s definition of “Dayrate Equivalent Backlog” included in the appendix"

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.

senior secured notes financial

"Issued new 8.75% SSN due 2032 and 9.00% SSN due 2034, funding retirement of 2028/30 SSN"

Senior secured notes are loans a company sells to investors that are backed by specific assets and given first priority for repayment if the company defaults. Because they have a claim on collateral and are paid before other debts, they usually offer lower risk and correspondingly lower interest than unsecured debt; investors use them to judge how safe repayment and recovery of principal might be, like holding a mortgage instead of an unsecured credit card balance.

convertible notes financial

"Issued new 3.50% convertible notes due 2033, funding partial repurchase of 2028 CB"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

liquidity financial

"Q2 2026 Liquidity2 $473 Incl. upsized SSRCF"

Liquidity is how easily and quickly an asset or investment can be converted into cash without losing value. It matters to investors because higher liquidity means they can access their money quickly if needed, while lower liquidity can make it harder to sell assets promptly or at a fair price, potentially creating financial challenges. Think of it like trying to sell a common item versus a rare collectible—it's much easier to sell the common item fast.

Earnings Snapshot

Total operating revenues: $232.3M · Guidance included

Q2 2026

Total operating revenues $232.3M (6.0)% vs Q1 2026

Net income / (loss) $(241.4)M (732.4)% vs Q1 2026

Adjusted EBITDA $43.8M (50.5)% vs Q1 2026

Operating income $0.3M (99.0)% vs Q1 2026

Guidance

Management states that profitability is expected to recover as fleet transitions are largely completed.

FAQ

How did Borr Drilling (BORR) perform financially in Q2 2026?

Borr Drilling reported $232.3M in total operating revenues and a net loss of $241.4M in Q2 2026. Adjusted EBITDA was $43.8M, down 50.5% from Q1 2026, with an Adjusted EBITDA margin of 22.4%.

What happened to Borr Drilling (BORR) Adjusted EBITDA in Q2 2026?

Adjusted EBITDA fell to $43.8M in Q2 2026 from $88.5M in Q1 2026, a 50.5% decline. This drop occurred despite a 6.0% revenue decrease, indicating materially weaker operating profitability for the quarter.

What is Borr Drilling (BORR) liquidity position after Q2 2026?

As of Q2 2026, Borr Drilling reported $473M in liquidity, consisting of $223.6M in cash and cash equivalents and $250M of available SSRCF capacity. This liquidity supports operations and debt service following the company’s refinancing.

What major refinancing steps did Borr Drilling (BORR) take in 2026?

Borr Drilling issued $2.035B of senior secured notes due 2032/2034 and $300M of 3.50% convertible notes due 2033. Proceeds funded full redemption of 2028/2030 senior secured notes and partial repurchase of 2028 convertible bonds, leaving about $44M outstanding.

How strong is Borr Drilling (BORR) contract coverage and backlog in 2026?

For 2026, Borr Drilling reports contract coverage of 73%. Year-to-date, it has secured 21 new commitments adding $541M of Dayrate Equivalent Backlog at an average dayrate of $123k over more than 4,350 days, supporting future revenue.

What is the current size and utilization focus of Borr Drilling (BORR) fleet?

Borr Drilling has a modern fleet of 29 jack-up rigs, with 24 currently contracted. The company notes that global modern jack-up utilization is around 90%, and it expects to leverage its expanded premium fleet to drive earnings.

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

Available on EDGAR 08/13/2026 - 09:26 AM Accepted by SEC EDGAR 08/13/2026 - 09:25 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

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

Exhibit 99.1

Borr Drilling Limited – Q2 2026 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s financial results for the three and six months ended June 30, 2026 to be held on the webcast/conference call at 09:00 New York time (15:00 CEST) on Wednesday, August 12, 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/69yr7kfu

b) Conference Call

Please use this link to register for the conference call: https://register-conf.media-server.com/register/BI9a8feba2bec24305a13e1ae81e2cf8eb

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/69yr7kfu

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208, ir@borrdrilling.com

Exhibit 99.2

 Q2 2026PRESENTATION  August 12, 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", “priority”, "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance", “outlook”, the negative of such terms, and similar expressions and include statements regarding industry trends and market outlook, the expected impact of new accounting pronouncements, expectations about Adjusted EBITDA in Q3, expectations about rig mobilizations, contracting and the start date of rig contracts, the duration of rig contracts and options, supply/demand expectations, statements about the state of the jack-up rig and oil industry, 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, contract coverage, expected number of rigs in operation, tender activity and expected contracting, customer activity and contracting opportunities, market conditions, our expectation that the market will strengthen as stability returns, 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 our five-rig acquisition from Fontis (the “Fontis Acquisition”), and statements made under “Market” and "Risk and uncertainties" above, and other non-historical statements. These forward-looking statements are based upon current estimates, expectations, beliefs and various assumptions, many of which are based, by their nature, uncertain information 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 business and industry, including relating to industry conditions, 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 joint ventures and payments from our joint ventures to us, the risk that our customers do not make required payments to us or otherwise 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 acquired rigs and other available rigs including the five rigs acquired from Noble Corporation and the five rigs acquired through a joint venture 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 2032 and 2034, 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, 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 debt 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  Q2 2026 Company Overview and Highlights  3  Global Footprint and Diversified Portfolio  Q2 2026 Adjusted EBITDA  Adj. EBITDA  $43.8M  Adj. EBITDA Margin1  22.4%  2026 Coverage3  Contract Coverage73%  Average Dayrate  $134k  Refi. Completed Q2 2026  Q2 2026 Liquidity2  $473.6M  Incl. upsized SSRCF  Modern Fleet Remains the Youngest in Industry  Currently  24  Active Rigs  Wholly Owned Fleet  29  Modern Rigs  Highlights  Contracted  24  Available  5  2  Americas  2  1  6  Southeast Asia  MENA  4   West Africa  5  Europe  1  2  JV Rigs4  5  5  1  7  New Debt Issuances2  $2.3B   due 2032-34  1 Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Total Operating Revenues.  2 New debt issuances: $300M convertible notes due 2033 and $2,035M sr. sec. notes due 2032/2034. Liquidity: $223.6M cash and cash equivalents and $250.0M SSRCF capacity.  3 Based on the Company’s definition of “Dayrate Equivalent Backlog” included in the appendix.  4 BC Ventures Limited’s rigs in Mexico acquired from Fontis Finance Ltd. in July 2026. 

 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  11.7  Q2 2026  241.6  263.1  216.6  267.7  277.1  259.4  247.0  232.3  In $ million   Q2 2026  Q1 2026  Change ($)  Change (%)  Total operating revenues  232.3  247.0  (14.7)  (6.0)%  Total operating expenses  (232.1)  (201.0)  (31.1)  (15.0)%  Operating income  0.3  46.0  (45.7)  (99.0)%  Net income / (Loss)  (241.4)  (29.0)  (212.4)  (732.4)%  Adjusted EBITDA  43.8  88.5  (44.7)  (50.5)%  Cash and cash equivalents  223.6  246.0  (22.4)  (9.1)%  Total assets  3,696.6  3,803.1  (106.5)  (2.8)%  Total liabilities  2,734.8  2,605.9  128.9  4.9%  Total equity  961.6  1,197.2  (235.6)  (19.7)%  Quarterly Revenue progression ($M)  Quarterly Adjusted EBITDA progression ($M)  Key Financials Q2 2026  Key   Related Party and BBC Revenue  Management contract revenue  Dayrate Revenues  Q3 2024  Q4 2024  Q1 2025  Q2 2025  Q3 2025  Q4 2025  Q2 2026  Q2 2026  88.5 

 Refinancing of Substantially All Existing Debt  1 Debt maturity profile as of December 31, 2025 adjusted for $150M seller’s credit utilized in January 2026.  2 Includes amortization paid in May 2026 with respect to 2028/2030 senior secured notes (fully repurchased/redeemed as of June 29, 2026).  5  YE25 Maturity Profile1 ($M)   Current Maturity Profile2 ($M)   A  10.00% SSN due 2028 and 10.375% SSN due 2030 redeemed/repurchased in full  B  5.00% convertible bonds due 2028 partially repurchased; ~$44M residual outstanding  C  Issued new 8.75% SSN due 2032 and 9.00% SSN due 2034, funding retirement of 2028/30 SSN  D  Issued new 3.50% convertible notes due 2033, funding partial repurchase of 2028 CB  Executed Q2 2026 Transactions  2028/2030 Senior Secured Notes  2028 Convertible Bonds  2032 Senior Secured Notes  2034 Senior Secured Notes  2033 Convertible Notes  Noble Corp. Seller’s Credit 

 1 Contracting statistics based on the Company’s definition of “Dayrate Equivalent Backlog” included in the appendix; Contracting statistics exclude backlog added in relation to five rigs recently acquired from Noble Corp. and five rigs from Fontis via a joint venture.  2 Average dayrate is derived from added backlog revenue divided by associated number of contracted days.  6  Fleet Overview  21  New Commitments  $541M  Added Backlog Revenue  $123k  Average Dayrate2  4,350+  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” included in the appendix; 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.  7  Contract Coverage1 (%)   Regional Markets  Global modern utilization resilient at ~ 90%  Middle East conflict impacting near-term utilization  Suspended rigs returning to work  Sizable tenders outstanding – delayed, but progressing  Asia with incremental demand materializing  Contracting activity back to late 2023 levels   Regional pricing historically responds quickly to tightening markets  Americas demand driven by PEMEX  PEMEX calling previously suspended rigs back to work; however, production remains below targets  Multiple IOC tenders progressing in the region 

 8  In Conclusion  Profitability expected to recover as fleet transitions are largely completed  1  Well positioned to leverage expanded premium jack-up fleet to drive earnings     3     1  Middle East reduces visibility – but cycle fundamentals remain intact     2 

 Appendix 

 10  (in US$ millions)  Q2 2026  Q1 2026  Net income / (loss)  (241.4)  (29.0)  Depreciation of non-current assets  43.5  42.5  Loss from equity method investments  0.3  1.2  Total financial expense, net  236.5  62.7  Income tax expense  10.9  11.1  Other non-operating income  (6.0)  0.0  Adjusted EBITDA  43.8  88.5  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 

 11 

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 2.7 KB
• EX-99.2 EXHIBIT 99.2 29.3 KB