Fleet and backlog expand as Borr Drilling (NYSE: BORR) buys five rigs
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Borr Drilling Limited reported a weak but cash-generative fourth quarter of 2025 while expanding its jack-up fleet and contract coverage. Q4 operating revenues were $259.4 million, down 6% from Q3, and the company moved from $27.8 million net income to a $1.0 million net loss as operating expenses rose.
Adjusted EBITDA was $105.2 million for the quarter and $470.1 million for 2025, at the top end of guidance, supported by high technical and economic utilization of 98.8% and 97.8%. Year-end cash and cash equivalents reached $379.7 million, with total liquidity of $613.7 million including undrawn credit lines.
Borr completed a $360 million acquisition of five premium jack-up rigs from Noble, funded with new senior secured notes, a $150 million seller’s credit and $84.0 million in equity, increasing principal debt to $2,210.0 million. The fleet now totals 29 modern rigs, with 25 contracted or committed and Dayrate Equivalent Backlog rising to $1.20 billion, although management highlights industry cyclicality, high leverage and customer credit risk, including exposure to Lime Petroleum Holding’s ongoing financial review.
Positive
- Accretive fleet expansion and stronger backlog: Completed a $360 million acquisition of five premium jack-up rigs, increasing the fleet to 29 units, with Dayrate Equivalent Backlog rising to $1.20 billion and 25 rigs contracted or committed, supporting future revenue visibility.
- Improved liquidity despite heavy capex: Year-end 2025 cash and cash equivalents grew to $379.7 million with total liquidity of $613.7 million, aided by $84.0 million in equity proceeds and additional senior secured notes, while full-year Adjusted EBITDA reached $470.1 million at the top end of guidance.
Negative
- Profitability pressure and leverage risk: Q4 2025 revenues fell 6% sequentially to $259.4 million, net income deteriorated to a $1.0 million loss, Adjusted EBITDA declined 22% quarter-on-quarter, and principal debt increased to $2,210.0 million, heightening sensitivity to dayrate and utilization downturns.
- Customer and market uncertainty: Lime Petroleum Holding, a customer for the rig Gerd, has begun a strategic and financial review that may involve restructuring, while management highlights ongoing market, geopolitical, supply chain and demand risks that could affect collections and future jack-up utilization.
Insights
Solid utilization and liquidity, but higher leverage and Q4 profit pressure
Borr Drilling delivered Q4 2025 operating revenues of
Liquidity strengthened, with cash at
The
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
February 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)
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
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99.1
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Press Release
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| 99.2 |
Borr Drilling Limited Q4 2025 Earnings Release
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| 99.3 |
Borr Drilling Limited Q4 2025 Fleet Status Report
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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.
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BORR DRILLING LIMITED
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Date: February 18, 2026
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By:
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/s/ Mi Hong Yoon
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Name:
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Mi Hong Yoon
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Title:
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Director
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Exhibit 99.1
Borr Drilling Limited Announces Fourth Quarter 2025 Results
Hamilton, Bermuda, February 18, 2026: Borr Drilling Limited (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three
months and year ended December 31, 2025.
Highlights
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•
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Fourth Quarter total operating revenues of $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025
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•
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Fourth Quarter net loss of $1.0 million, a decrease of $28.8 million compared to the third quarter of 2025
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•
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Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025
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•
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2025 annual net income of $45.0 million, a decrease of $37.1 million or 45% compared to 2024
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•
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2025 annual Adjusted EBITDA of $470.1 million, a decrease of $35.3 million or 7% compared to 2024
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•
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Entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, which was subsequently
completed in January 2026
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•
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Completed offering of additional $165 million principal amount of 10.375% senior secured notes due 2030
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•
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Completed equity offering of 21 million shares at a price of $4.00 per share for total gross proceeds of $84 million
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•
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For the full year 2025, the Company was awarded 24 new contract commitments, representing more than 5,000 days and $649 million of Dayrate Equivalent Backlog
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Chief Executive Officer Bruno Morand commented:
“Our operational performance in the fourth quarter of 2025 was solid, with a technical utilization rate
of 98.8% and an economic utilization rate of 97.8%. Fourth-quarter operational revenue totalled $259.4 million, declining sequentially due to the impact of sanctions-related contract terminations and rigs transitioning to new contracts at lower average day rates. However, Adjusted
EBITDA of $105.2 million came in line with our expectations, bringing full-year 2025 Adjusted EBITDA to $470.1 million,
at the top end of our guidance range. This performance underscores the resilience of our organization, which navigated several headwinds in 2025 while delivering strong operational and financial execution.
Our fleet contract visibility continues to improve as we reduce remaining open days. Recent awards and extensions increased 2026 coverage to 80% in the first half and
48% in the second half, such numbers adjusted for the recently acquired rigs. Since our last quarterly report, we secured new commitments for seven rigs and expect further coverage gains in the coming months as we progress negotiations on multiple
active leads.
We believe the jack-up market bottom is now behind us. We see fundamentals recovering gradually as demand increases, most notably in the Middle East where multiple
tenders are progressing for long-term contracts for an estimated 13 rigs. Recent industry data shows the global jack-up rig tendering pipeline is at multi-year highs, reflecting stronger customer activity and longer-dated contracting opportunities.
In Mexico, payment visibility and the operating outlook are improving, supported by financial measures implemented by the Mexican Government, Pemex announced 34% year-over-year increase in upstream capex and continued mandate to increase
production. Contracted marketed premium rig utilization remains steady at approximately 90.3%. As tenders are awarded and available supply is absorbed, we expect market conditions to
firm, supporting improved pricing and earnings visibility.
Against this backdrop, we are pleased to have expanded our premium jackup fleet through the accretive acquisition of five premium rigs from Noble, funded by a mix of
debt and equity offerings supported by strong investor demand. These rigs are highly complementary to our existing portfolio and add well-suited capacity to pursue near-term opportunities.
Integration is progressing well and ahead of expectations.
Looking ahead, we expect market conditions to continue improving into the second half of 2026, and we anticipate that the ongoing dynamics set the stage for improved
fundamentals and earnings visibility into 2027. Our Borr Drilling platform remains differentiated through operational excellence, a customer centric approach, and a premium fleet. We expect the expanded fleet to deepen customer relationships and
support long-term shareholder value.”
1
Conference Call
A conference call and webcast are scheduled for 09:00 New York time (15:00 CET) on Thursday, February 19, 2026.
In order to listen to the live 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 the below 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.
Participants are encouraged to dial in 10 minutes before the start of the call.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
2
Exhibit 99.2
Borr Drilling Limited Announces Fourth Quarter 2025 Results
Hamilton, Bermuda, February 18, 2026: Borr Drilling Limited (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three months and year ended December 31, 2025.
Highlights
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Fourth Quarter total operating revenues of $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025
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Fourth Quarter net loss of $1.0 million, a decrease of $28.8 million compared to the third quarter of 2025
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Fourth Quarter Adjusted EBITDA1 of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025
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2025 annual net income of $45.0 million, a decrease of $37.1 million or 45% compared to 2024
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| • |
2025 annual Adjusted EBITDA of $470.1 million, a decrease of $35.3 million or 7% compared to 2024
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| • |
Entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, which was subsequently completed in January 2026
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| • |
Completed offering of additional $165 million principal amount of 10.375% senior secured notes due 2030
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| • |
Completed equity offering of 21 million shares at a price of $4.00 per share for total gross proceeds of $84 million
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| • |
For the full year 2025, the Company was awarded 24 new contract commitments, representing more than 5,000 days and $649 million of Dayrate Equivalent Backlog2
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Chief Executive Officer Bruno Morand commented:
“Our operational performance in the fourth quarter of 2025 was solid, with a technical utilization rate of 98.8% and an economic utilization rate of 97.8%. Fourth-quarter operational revenue totalled $259.4 million,
declining sequentially due to the impact of sanctions-related contract terminations and rigs transitioning to new contracts at lower average day rates. However, Adjusted EBITDA of $105.2 million came in line with our expectations, bringing
full-year 2025 Adjusted EBITDA to $470.1 million, at the top end of our guidance range. This performance underscores the resilience of our organization, which navigated several headwinds in 2025 while delivering strong operational and financial
execution.
Our fleet contract visibility continues to improve as we reduce remaining open days. Recent awards and extensions increased 2026 coverage to 80% in the first half and 48% in the second half, such numbers adjusted for
the recently acquired rigs. Since our last quarterly report, we secured new commitments for seven rigs and expect further coverage gains in the coming months as we progress negotiations on multiple active leads.
We believe the jack-up market bottom is now behind us. We see fundamentals recovering gradually as demand increases, most notably in the Middle East where multiple tenders are progressing for long-term contracts for
an estimated 13 rigs. Recent industry data shows the global jack-up rig tendering pipeline is at multi-year highs, reflecting stronger customer activity and longer-dated contracting opportunities. In Mexico, payment visibility and the operating
outlook are improving, supported by financial measures implemented by the Mexican Government, Pemex announced 34% year-over-year increase in upstream capex and continued mandate to increase production. Contracted marketed premium rig utilization
remains steady at approximately 90.3%. As tenders are awarded and available supply is absorbed, we expect market conditions to firm, supporting improved pricing and earnings visibility.
1 The Company presents Adjusted EBITDA, which is a financial measure calculated on a basis other than in accordance with accounting principles generally accepted in the United
States (U.S. GAAP). We believe that Adjusted EBITDA improves the comparability of period-to-period results and is representative of our underlying performance, although Adjusted EBITDA has significant limitations, including not reflecting our
cash requirements for capital or deferred costs, rig reactivation costs, newbuild rig activation costs, contractual commitments, taxes, working capital or debt service. Non-GAAP financial measures may not be comparable to similarly titled
measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under U.S. GAAP. For a reconciliation of Adjusted EBITDA to Net
(loss) / income, please see the last page of this report.
2 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.
1
Against this backdrop, we are pleased to have expanded our premium jackup fleet through the accretive acquisition of five premium rigs from Noble, funded by a mix of debt and equity offerings supported by strong
investor demand. These rigs are highly complementary to our existing portfolio and add well-suited capacity to pursue near-term opportunities. Integration is progressing well and ahead of expectations.
Looking ahead, we expect market conditions to continue improving into the second half of 2026, and we anticipate that the ongoing dynamics set the stage for improved fundamentals and earnings visibility into 2027.
Our Borr Drilling platform remains differentiated through operational excellence, a customer centric approach, and a premium fleet. We expect the expanded fleet to deepen customer relationships and support long-term shareholder value.”
Management Discussion and Analysis
The discussion below compares the unaudited results for the fourth quarter of 2025 to the unaudited results of the third quarter of 2025.
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In $ million
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Q4 2025
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Q3 2025
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Change ($)
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Change (%)
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|||||||||||||
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Total operating revenues
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259.4
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277.1
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(17.7
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)
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(6
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)%
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|||||||||||
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Total operating expenses
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(192.1
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)
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(178.9
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)
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(13.2
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)
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(7
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)%
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|||||||||
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Operating income
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67.4
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98.0
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(30.6
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)
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(31
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)%
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|||||||||||
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Total financial expenses, net
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(55.8
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)
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(58.6
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)
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2.8
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5
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%
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||||||||||
|
Income tax expense
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(12.2
|
)
|
(11.3
|
)
|
(0.9
|
)
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(8
|
)%
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|||||||||
|
Net (loss) / income
|
(1.0
|
)
|
27.8
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(28.8
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)
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(104
|
)%
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||||||||||
|
Adjusted EBITDA
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105.2
|
135.6
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(30.4
|
)
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(22
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)%
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|||||||||||
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Cash and cash equivalents
|
379.7
|
227.8
|
151.9
|
67
|
%
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||||||||||||
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Total equity
|
1,222.6
|
1,140.1
|
82.5
|
7
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%
|
||||||||||||
Three months ended December 31, 2025 compared to three months ended September 30, 2025
Total operating revenues were $259.4 million for the fourth quarter of 2025, a decrease of $17.7 million or 6% compared to the third quarter of 2025. Total operating revenues consisted of $225.0 million in dayrate
revenue, $23.6 million in bareboat charter revenue and $10.8 million in management contract revenue.
The overall decrease in total operating revenue is primarily a result of the $16.0 million decrease in dayrate revenue and the $3.1 million decrease in bareboat charter revenue, in comparison to the prior quarter.
The decrease in dayrate revenue is primarily due to a decrease in dayrates for the Gunnlod and Skald and a decrease in the number of operating days for the rigs Hild and Natt, partially offset by an increase in operating days for the rig Prospector
1 and an increase in reimbursable revenue. The decrease in bareboat charter revenue is primarily due to a decrease in number of operating days for the rig Grid, offset by higher economic utilization for the rig Arabia I.
Total operating expenses for the fourth quarter of 2025 were $192.1 million, an increase of $13.2 million compared to the third quarter of 2025, primarily due to a $11.6 million increase in rig operating and
maintenance expenses due to increase in personnel costs, accelerated amortization of deferred costs for the rig Hild and reimbursable expenses.
Included in total operating revenues for the fourth quarter of 2025 is $27.3 million in reimbursable revenues, an increase of $6.1 million across multiple rigs in comparison to the prior quarter. Included in total
operating expenses is $19.2 million in reimbursable expenses, an increase of $4.0 million compared to the third quarter of 2025.
2
Net loss for the fourth quarter of 2025 was $1.0 million, a decrease of $28.8 million compared to $27.8 million of net income for the third quarter of 2025.
Adjusted EBITDA for the fourth quarter of 2025 was $105.2 million, a decrease of $30.4 million, or 22%, compared to the third quarter of 2025.
Liquidity and Cash Flows
The Company’s cash and cash equivalents as of December 31, 2025 were $379.7 million, compared to $227.8 million as of September 30, 2025. In addition, the Company had $234.0 million of undrawn revolving credit
facilities, resulting in total liquidity of $613.7 million at the end of the quarter. After year-end, the Company completed the Five-Rig Acquisition (see Financing and Corporate Developments herein) and
paid $174 million in cash consideration (net of the $36 million deposit paid in December 2025). The remaining consideration was settled by way of a $150 million seller’s credit.
Net cash provided by operating activities for the fourth quarter of 2025 was $34.8 million. This includes $94.7 million of semi-annual cash interest payments and $8.8 million of income taxes paid.
Net cash used in investing activities in the fourth quarter was $52.1 million, which includes a $36.0 million deposit paid for the Five-Rig Acquisition (see Financing and Corporate
Developments herein) and $15.9 million for jack-up additions. Jack-up additions are primarily due to long-term maintenance costs, capital additions for drilling equipment and special periodic surveys costs.
Net cash provided by financing activities for the fourth quarter was $169.2 million, which primarily consists of $159.3 million in net proceeds from the placement of additional senior secured notes due 2030 and $80.3
million in net proceeds from the equity offering, both in December 2025, partly offset by scheduled debt repayments of $70.8 million.
Financing and Corporate Developments
Five-Rig Acquisition
In December 2025, the Company entered into an agreement to acquire five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million (the “Five-Rig Acquisition”). In connection with the
transaction, the Company completed a placement of $165 million principal amount of senior secured notes due 2030, established a $150 million seller’s credit, and completed an equity offering for gross proceeds of $84 million, as further detailed
below. The Company completed the Five-Rig Acquisition in January 2026.
Debt
As of December 31, 2025, the Company had principal debt outstanding of $2,210.0 million, consisting of $1,178.6 million aggregate principal amount of senior secured notes due 2028, $792.0 million aggregate principal
amount of senior secured notes due 2030, and $239.4 million aggregate principal amount of unsecured Convertible Bonds due 2028.
In December 2025, the Company completed an offering of an additional $165 million principal amount of 10.375% senior secured notes due 2030 (the “Additional Notes”) to partly finance the Five-Rig Acquisition and for
general corporate purposes. The Additional Notes have the same terms and conditions as the existing senior secured notes due 2030.
As of December 31, 2025, the Company had undrawn and available borrowings totalling $234 million, comprising $200 million under its super senior revolving credit facility and $34 million under its senior revolving
credit facility.
The Company also has a $45.0 million senior secured guarantee facility, under which $38.0 million was utilized as of December 31, 2025.
3
In January 2026, in connection with the completion of the Five-Rig Acquisition, the Company utilized the $150 million seller’s credit with Noble Corporation due 2032, which is secured by the acquired rigs Sif,
Freyja, and Joro. The seller’s credit is on a non-recourse basis and the obligors are outside the senior secured notes restricted group.
Equity
In the fourth quarter of 2025, the Company issued 21,000,000 new common shares at an offer price of $4.00 per share for total gross proceeds of $84.0 million to partly finance the Five-Rig Acquisition and for general
corporate purposes.
The Company’s issued share capital as of December 31, 2025 was $31.5 million divided into 315,400,000 shares with a par value of $0.10 per share. The Company’s authorized number of shares is 365,000,000 and the
authorized share capital is $36,500,000.
On December 19, 2025, the Company listed its shares on the Euronext Growth Oslo, as a first step towards a re-listing on the Oslo Stock Exchange (“OSE”). The Company expects to complete the full up-listing to OSE in
the first half of 2026.
Fleet, Operations and Contracts
As of the date of this report, the Company’s fleet consists of 29 modern jack-up rigs, all built after 2008. Since the publication of our third quarter 2025 report, the Company has secured new contract commitments
and extensions for the rigs Odin, Ran, Saga, Idun, Natt, Gunnlod and Njord.
In January 2026, the Company completed the Five-Rig Acquisition, expanding its fleet with three Friede & Goldman JU-3000N design rigs (Forseti, Freyja and Sif) and two Gusto MSC CJ50 design rigs (Bestla and
Joro). Bareboat charter contracts for the Forseti and Bestla have been executed with affiliates of Noble Corporation until December 2026, while a bareboat charter contract for the Joro has also been executed with the seller until completion of its
current short-term contract offshore Germany.
As of the date of this report, 25 of our 29 rigs are either contracted or committed: six in Southeast Asia, five in the Middle East & North Africa, five in West Africa, three in Europe and six in the Americas.
Year to date 2026, the Company has been awarded five new contract commitments, representing more than 1,150 days and $145 million of potential Dayrate Equivalent Backlog. Additionally, in association with the
Five-Rig Acquisition, the Company has recognized contract commitments of an additional 772 days.
The Company’s total Dayrate Equivalent Backlog was $1.13 billion as of December 31, 2025 and is $1.20 billion as of the date of this report.
For more details on our rig contracting, please refer to our Fleet Status report issued in connection with this report.
The technical utilization for our working rigs was 98.8% in the fourth quarter of 2025, and the economic utilization was 97.8%.
Market
According to Petrodata by S&P Global, the marketed utilization for jack-up rigs globally stood at 88.03% at December 31, 2025, a decrease of 2.4 percentage points from September 30, 2025. The marketed utilization
for the modern jack-up fleet (rigs built after year 2000) was 90.3% at December 31, 2025, and currently stands at 89.2%.
Currently, there are 289 modern jack-ups contracted, representing a decrease of approximately 22 units as compared to the peak in early 2024.
4
As of the date of this report, 11 newbuild rigs remain under construction and they account for 2.5% of the global marketed jack-up fleet. However, we expect that few of these rigs will join the marketed fleet in the
near future due to many being in the early stages of construction and the ongoing supply chain challenges.
Risks and uncertainties 3
Borr Drilling is exposed to a number of risks related to the Company’s financial position, operations and the industry in which it operates.
Uncertainty persists in the market and oil benchmark prices are expected to remain volatile in light of, among other factors, the implementation of tariffs and potential further tariffs, oversupply and the current
global economic uncertainty and geopolitical events affecting supply and demand. Geopolitical unrest and any expansion or increase of trade tensions, may result in oil supply disruptions and cause further volatility in commodity prices. We remain
subject to risks relating to the volatility of our industry and the risk that demand and dayrates could decline further.
Our business may experience supply chain constraints and inflationary pressure, which may impact the cost base in our industry, including personnel costs, and the prices of goods and services required to operate
rigs. Demand for jack-up rigs may not remain at current levels, and it may decline. In 2025, we received notices of temporary suspensions for certain rigs, and while most of the suspended rigs have since recommenced operations, any future
suspensions or decline in demand for services of jack-up rigs could have a negative effect on the Company. The acquisition of the five rigs from Noble in January 2026 have increased the size of the fleet and the risks we face including the risk of
a decline in demand.
We are subject to risks relating to our indebtedness, including risks relating to our ability to meet the financial covenants in our revolving credit facilities, risks relating to covenant limitations and the
interest and other payments due on our senior secured and convertible notes, including amortization and cash sweep requirements under our secured notes and other risks relating to our significant levels of indebtedness, including the risk that we
may not be able to refinance our debt as it matures.
In February 2026, Lime Petroleum Holding AS (“LPH”), our customer for drilling services offshore Benin with the Gerd, announced that it had engaged advisors to undertake a comprehensive strategic and financial review
in order to, inter alia, strengthen its balance sheet and secure a sustainable capital structure, which may involve a broader financial restructuring. The Company is evaluating the effect that these actions may have on the collectability of amounts
owed to us by LPH and its affiliate.
Conference call
A conference call and webcast is scheduled for 09:00 New York Time (15:00 CET) on Thursday, February 19, 2026 and participants are encouraged to dial in 10 minutes before the start of the call. Further details can be
found in the Investor Relations section on the Company’s website, www.borrdrilling.com.
3 This Risks and uncertainties section is not a complete discussion of the risks the Company faces. See “Risk Factors” in the Company’s most recent Annual Report Form 20-F; this discussion does not
and does not purport to update that section of the annual report.
5
Forward looking statements
This announcement 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, supply/demand expectations, statements about expected activity and state of the market, expected activity levels in the jack-up rig and oil industry, the expectation of improving
market conditions, improved fundamentals and earnings visibility, Dayrate Equivalent Backlog, expected contract coverage gains, new contract commitments and potential Dayrate Equivalent Backlog from such commitments, tender activity and expected
contracting, rig tendering pipeline, customer activity and contracting opportunities, expected payment visibility, operating outlook in Mexico, including Pemex announcements, expectations on market conditions, pricing and earnings visibility,
contract coverage, dayrates, market conditions, the expectation that the market bottom is behind us, statements about the global jack-up fleet, including the number of rigs contracted and available and expected to be 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, expectations about the benefits of the Five Rig Acquisition including integration,
the Company’s expectation to complete a full up-listing to OSE in the first half of 2026, and statements made under “Market” and “Risk and uncertainties” above, 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 results or guidance discussed herein, the actual 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 all amounts due from our customers, including LPH, 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 rigs and other
available rigs and the five rigs acquired in the Five Rig Acquisition and other risks related to such acquisition, 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, 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.
6
About Borr Drilling Limited
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.
February 18, 2026
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Patrick Schorn (Executive Chairman)
Tor Olav Trøim (Director)
Daniel W. Rabun (Director)
Alexandra Kate Blankenship (Director)
Jeffrey Currie (Director)
Neil Glass (Director)
Thiago Mordehachvili (Director)
Mi Hong Yoon (Director)
Questions should be directed to:
Magnus Vaaler: CFO, +44 1224 289208
7
UNAUDITED NON GAAP MEASURES AND RECONCILIATION
Set forth below is a reconciliation of the Company’s Unaudited Net (Loss) / Income to Adjusted EBITDA.
|
(in US$ millions)
|
Q4 2025
|
Q3 2025
|
FY 2025
|
FY 2024
|
|||||||||||||
|
Net (loss) / income
|
(1.0
|
)
|
27.8
|
45.0
|
82.1
|
||||||||||||
|
Depreciation of non-current assets
|
37.8
|
37.6
|
148.0
|
131.2
|
|||||||||||||
|
Loss from equity method investments
|
0.4
|
0.3
|
2.7
|
1.2
|
|||||||||||||
|
Total financial expense, net
|
55.8
|
58.6
|
233.5
|
232.7
|
|||||||||||||
|
Income tax expense
|
12.2
|
11.3
|
40.9
|
58.2
|
|||||||||||||
|
Adjusted EBITDA
|
105.2
|
135.6
|
470.1
|
505.4
|
|||||||||||||
8
Unaudited Condensed Consolidated Statements of Operations
(In $ millions except share and per share data)
|
Three months
ended December
31, 2025
|
Three months
ended December
31, 2024
|
Twelve months
ended December
31, 2025
|
Twelve months
ended December
31, 2024
|
||||||||||||||
|
Operating revenues
|
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|||||||||||||
|
Dayrate revenue
|
225.0
|
224.8
|
906.7
|
848.2
|
|||||||||||||
|
Bareboat charter revenue
|
23.6
|
25.5
|
78.2
|
90.8
|
|||||||||||||
|
Management contract revenue
|
10.8
|
12.8
|
35.9
|
36.6
|
|||||||||||||
|
Related party revenue
|
—
|
—
|
—
|
35.0
|
|||||||||||||
|
Total operating revenues
|
259.4
|
263.1
|
1,020.8
|
1,010.6
|
|||||||||||||
|
Gain / (loss) on disposals
|
0.1
|
(0.2
|
)
|
0.3
|
0.4
|
||||||||||||
|
Operating expenses
|
|||||||||||||||||
|
Rig operating and maintenance expenses
|
(140.1
|
)
|
(114.0
|
)
|
(500.6
|
)
|
(456.4
|
)
|
|||||||||
|
Depreciation of non-current assets
|
(37.8
|
)
|
(35.7
|
)
|
(148.0
|
)
|
(131.2
|
)
|
|||||||||
|
General and administrative expenses
|
(14.2
|
)
|
(12.2
|
)
|
(50.4
|
)
|
(49.2
|
)
|
|||||||||
|
Total operating expenses
|
(192.1
|
)
|
(161.9
|
)
|
(699.0
|
)
|
(636.8
|
)
|
|||||||||
|
Operating income
|
67.4
|
101.0
|
322.1
|
374.2
|
|||||||||||||
|
Loss from equity method investments
|
(0.4
|
)
|
(2.5
|
)
|
(2.7
|
)
|
(1.2
|
)
|
|||||||||
|
Financial income (expenses), net
|
|||||||||||||||||
|
Interest income
|
1.5
|
1.0
|
3.7
|
6.4
|
|||||||||||||
|
Interest expense
|
(56.7
|
)
|
(57.2
|
)
|
(228.4
|
)
|
(211.7
|
)
|
|||||||||
|
Other financial expenses, net
|
(0.6
|
)
|
(6.4
|
)
|
(8.8
|
)
|
(27.4
|
)
|
|||||||||
|
Total financial expenses, net
|
(55.8
|
)
|
(62.6
|
)
|
(233.5
|
)
|
(232.7
|
)
|
|||||||||
|
Income before income taxes
|
11.2
|
35.9
|
85.9
|
140.3
|
|||||||||||||
|
Income tax expense
|
(12.2
|
)
|
(9.6
|
)
|
(40.9
|
)
|
(58.2
|
)
|
|||||||||
|
Net (loss) / income attributable to shareholders of Borr Drilling Limited
|
(1.0
|
)
|
26.3
|
45.0
|
82.1
|
||||||||||||
|
Total comprehensive (loss) / income attributable to shareholders of Borr Drilling Limited
|
(1.0
|
)
|
26.3
|
45.0
|
82.1
|
||||||||||||
|
Basic (loss) / income per share
|
0.00
|
0.11
|
0.17
|
0.33
|
|||||||||||||
|
Diluted (loss) / income per share
|
0.00
|
0.10
|
0.17
|
0.32
|
|||||||||||||
|
Weighted-average shares outstanding - basic
|
290,923,140
|
248,704,901
|
262,335,850
|
250,891,106
|
|||||||||||||
|
Weighted-average shares outstanding - diluted
|
290,923,140
|
285,325,451
|
264,547,154
|
254,464,295
|
|||||||||||||
Borr Drilling Limited
Unaudited Condensed Consolidated Balance Sheets
(In $ millions except share data)
|
|
December 31, 2025
|
December 31, 2024
|
|||||||
|
ASSETS
|
Unaudited
|
Audited
|
|||||||
|
Current assets
|
|||||||||
|
Cash and cash equivalents
|
379.7
|
61.6
|
|||||||
|
Restricted cash
|
1.0
|
0.9
|
|||||||
|
Trade receivables, net
|
191.8
|
184.3
|
|||||||
|
Prepaid expenses
|
8.3
|
8.4
|
|||||||
|
Deferred mobilization and contract preparation costs
|
29.3
|
40.6
|
|||||||
|
Accrued revenue
|
132.9
|
107.7
|
|||||||
|
Due from related parties
|
2.3
|
85.1
|
|||||||
|
Other current assets
|
23.1
|
28.0
|
|||||||
|
Total current assets
|
768.4
|
516.6
|
|||||||
|
Non-current assets
|
|||||||||
|
Property, plant and equipment
|
2.0
|
2.8
|
|||||||
|
Jack-up drilling rigs, net
|
2,742.7
|
2,823.2
|
|||||||
|
Equity method investments
|
11.8
|
14.5
|
|||||||
|
Other non-current assets
|
100.7
|
62.5
|
|||||||
|
Total non-current assets
|
2,857.2
|
2,903.0
|
|||||||
|
Total assets
|
3,625.6
|
3,419.6
|
|||||||
|
LIABILITIES AND EQUITY
|
|||||||||
|
Current liabilities
|
|||||||||
|
Trade accounts payables
|
33.8
|
81.6
|
|||||||
|
Accrued expenses
|
76.0
|
68.0
|
|||||||
|
Short-term accrued interest and other items
|
31.2
|
30.6
|
|||||||
|
Short-term debt
|
129.3
|
118.1
|
|||||||
|
Short-term deferred mobilization, demobilization and other revenue
|
24.2
|
27.1
|
|||||||
|
Other current liabilities
|
56.2
|
84.2
|
|||||||
|
Total current liabilities
|
350.7
|
409.6
|
|||||||
|
Non-current liabilities
|
|||||||||
|
Long-term debt
|
2,021.0
|
1,992.5
|
|||||||
|
Long-term deferred mobilization, demobilization and other revenue
|
29.5
|
21.0
|
|||||||
|
Other non-current liabilities
|
1.8
|
3.2
|
|||||||
|
Total non-current liabilities
|
2,052.3
|
2,016.7
|
|||||||
|
Total liabilities
|
2,403.0
|
2,426.3
|
|||||||
|
Shareholders’ Equity
|
|||||||||
|
Common shares of par value $0.10 per share: authorized 365,000,000 (2024: 315,000,000) shares, issued 315,400,000 (2024: 264,080,391) shares and outstanding 307,215,419 (2024: 244,926,821) shares
|
31.6
|
26.5
|
|||||||
|
Treasury shares
|
(18.1
|
) |
(20.9
|
) |
|||||
|
Additional paid in capital
|
521.9
|
340.8
|
|||||||
|
Contributed surplus
|
1,919.0
|
1,923.7
|
|||||||
|
Accumulated deficit
|
(1,231.8
|
) |
(1,276.8
|
) |
|||||
|
Total equity
|
1,222.6
|
993.3
|
|||||||
|
Total liabilities and equity
|
3,625.6
|
3,419.6
|
|||||||
Borr Drilling Limited
Unaudited Condensed Consolidated Statements of Cash Flows
(In $ millions)
|
Three months
ended December
31, 2025
|
Three months
ended December
31, 2024 |
Twelve months
ended December
31, 2025
|
Twelve months
ended December
31, 2024
|
||||||||||||||
|
Cash flows from operating activities
|
Unaudited
|
Unaudited
|
Unaudited
|
Audited
|
|||||||||||||
|
Net (loss) / income
|
(1.0
|
)
|
26.3
|
45.0
|
82.1
|
||||||||||||
|
Adjustments to reconcile net (loss) / income to net cash provided by operating activities:
|
|||||||||||||||||
|
Non-cash compensation expense related to share based employee and directors’ compensation
|
2.8
|
3.0
|
11.3
|
9.1
|
|||||||||||||
|
Depreciation of non-current assets
|
37.8
|
35.7
|
148.0
|
131.2
|
|||||||||||||
|
Amortization of deferred mobilization and contract preparation costs
|
13.9
|
10.6
|
49.0
|
55.7
|
|||||||||||||
|
Amortization of deferred mobilization, demobilization and other revenue
|
(14.5
|
)
|
(17.8
|
)
|
(49.7
|
)
|
(96.9
|
)
|
|||||||||
|
Amortization of debt discount
|
1.7
|
1.7
|
6.8
|
6.8
|
|||||||||||||
|
Amortization of debt premium
|
(0.6
|
)
|
(0.6
|
)
|
(2.7
|
)
|
(1.3
|
)
|
|||||||||
|
Amortization of deferred finance charges
|
3.7
|
2.9
|
13.4
|
11.5
|
|||||||||||||
|
Bank commitment, guarantee and other fees
|
—
|
—
|
4.4
|
—
|
|||||||||||||
|
Loss from equity method investments
|
0.4
|
2.5
|
2.7
|
1.2
|
|||||||||||||
|
Deferred income tax
|
1.9
|
8.1
|
(3.2
|
)
|
0.7
|
||||||||||||
|
Change in assets and liabilities:
|
|||||||||||||||||
|
Amounts due from related parties
|
7.9
|
(6.8
|
)
|
79.4
|
4.0
|
||||||||||||
|
Trade payables and accrued expenses
|
(6.0
|
)
|
23.6
|
(22.4
|
)
|
37.2
|
|||||||||||
|
Accrued interest
|
(42.8
|
)
|
(42.9
|
)
|
5.8
|
(5.4
|
)
|
||||||||||
|
Other current and non-current assets
|
23.7
|
(96.6
|
)
|
(61.5
|
)
|
(218.2
|
)
|
||||||||||
|
Other current and non-current liabilities
|
5.9
|
39.3
|
25.6
|
59.6
|
|||||||||||||
|
Net cash provided by / (used in) operating activities
|
34.8
|
(11.0
|
)
|
251.9
|
77.3
|
||||||||||||
|
Cash flows from investing activities
|
|||||||||||||||||
|
Deposit for acquisition of jack-up drilling rigs
|
(36.0
|
)
|
—
|
(36.0
|
)
|
—
|
|||||||||||
|
Additions to jack-up drilling rigs
|
(15.9
|
)
|
(18.7
|
)
|
(88.2
|
)
|
(54.8
|
)
|
|||||||||
|
Purchase of property, plant and equipment
|
(0.2
|
)
|
(0.1
|
)
|
(0.3
|
)
|
(0.5
|
)
|
|||||||||
|
Additions to newbuildings
|
—
|
(171.1
|
)
|
—
|
(354.1
|
)
|
|||||||||||
|
Net cash used in investing activities
|
(52.1
|
)
|
(189.9
|
)
|
(124.5
|
)
|
(409.4
|
)
|
|||||||||
|
Cash flows from financing activities
|
|||||||||||||||||
|
Proceeds from share issuance, net of issuance costs
|
80.3
|
—
|
177.2
|
—
|
|||||||||||||
|
Repayment of debt (1)
|
(70.8
|
)
|
(123.3
|
)
|
(141.5
|
)
|
(286.1
|
)
|
|||||||||
|
Cash distributions paid
|
—
|
(4.7
|
)
|
(4.7
|
)
|
(76.3
|
)
|
||||||||||
|
Debt proceeds, gross of premium / (net of discount) and issuance costs
|
159.3
|
224.3
|
159.3
|
672.0
|
|||||||||||||
|
Purchase of treasury shares
|
—
|
(19.9
|
)
|
(0.2
|
)
|
(19.9
|
)
|
||||||||||
|
Proceeds from exercise of share options
|
0.4
|
0.4
|
0.7
|
2.3
|
|||||||||||||
|
Net cash provided by financing activities
|
169.2
|
76.8
|
190.8
|
292.0
|
|||||||||||||
|
Net increase / (decrease) in cash, cash equivalents and restricted cash
|
151.9
|
(124.1
|
)
|
318.2
|
(40.1
|
)
|
|||||||||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
228.8
|
186.6
|
62.5
|
102.6
|
|||||||||||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
380.7
|
62.5
|
380.7
|
62.5
|
|||||||||||||
Borr Drilling Limited
Unaudited Condensed Consolidated Statements of Cash Flows
(In $ millions)
|
Three months
ended December
31, 2025
|
Three months
ended December
31, 2024
|
Twelve months
ended December
31, 2025
|
Twelve months
ended December
31, 2024
|
||||||||||||||
|
Supplementary disclosure of cash flow information
|
|||||||||||||||||
|
Interest paid
|
(94.7
|
)
|
(89.6
|
)
|
(205.1
|
)
|
(186.9
|
)
|
|||||||||
|
Income taxes paid
|
(8.8
|
)
|
(15.5
|
)
|
(59.7
|
)
|
(55.2
|
)
|
|||||||||
|
Non-cash offset of other current and non-current assets and jack-up rigs
|
(0.5
|
)
|
(9.3
|
)
|
(10.0
|
)
|
(9.3
|
)
|
|||||||||
(1) Included in repayment of debt is the redemption premium on our Senior Secured Notes due in 2028 and 2030
|
(In $ millions)
|
December 31, 2025
|
December 31, 2024
|
|||||||
|
Cash and cash equivalents
|
379.7
|
61.6
|
|||||||
|
Restricted cash
|
1.0
|
0.9
|
|||||||
|
Total cash and cash equivalents and restricted cash
|
380.7
|
62.5
|
|||||||
Borr Drilling Limited
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity
(In $ millions except share data)
|
Number of
outstanding
shares |
Common
shares
|
Treasury
shares
|
Additional
paid in
capital
|
Contributed
Surplus
|
Accumulated
deficit
|
Total equity
|
||||||||||||||||||||
|
Balance as at December 31, 2023
|
252,582,036
|
26.5
|
(8.9
|
)
|
337.2
|
1,988.1
|
(1,358.9
|
)
|
984.0
|
|||||||||||||||||
|
Movement in treasury shares
|
3,067
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
Share-based compensation
|
411,336
|
—
|
0.1
|
3.0
|
—
|
—
|
3.1
|
|||||||||||||||||||
|
Distribution to shareholders
|
—
|
—
|
—
|
—
|
(11.9
|
)
|
—
|
(11.9
|
)
|
|||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
14.4
|
14.4
|
|||||||||||||||||||
|
Balance as at March 31, 2024
|
252,996,439
|
26.5
|
(8.8
|
)
|
340.2
|
1,976.2
|
(1,344.5
|
)
|
989.6
|
|||||||||||||||||
|
Movement in treasury shares
|
(2,364,437
|
)
|
—
|
(0.3
|
)
|
0.3
|
—
|
—
|
—
|
|||||||||||||||||
|
Share-based compensation
|
—
|
—
|
—
|
1.8
|
—
|
—
|
1.8
|
|||||||||||||||||||
|
Distribution to shareholders
|
—
|
—
|
—
|
—
|
(23.9
|
)
|
—
|
(23.9
|
)
|
|||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
31.7
|
31.7
|
|||||||||||||||||||
|
Balance as at June 30, 2024
|
250,632,002
|
26.5
|
(9.1
|
)
|
342.3
|
1,952.3
|
(1,312.8
|
)
|
999.2
|
|||||||||||||||||
|
Movement in treasury shares
|
250,000
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||
|
Share-based compensation
|
293,369
|
—
|
0.1
|
3.1
|
—
|
—
|
3.2
|
|||||||||||||||||||
|
Distribution to shareholders
|
—
|
—
|
—
|
—
|
(23.9
|
)
|
—
|
(23.9
|
)
|
|||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
9.7
|
9.7
|
|||||||||||||||||||
|
Balance as at September 30, 2024
|
251,175,371
|
26.5
|
(9.0
|
)
|
345.4
|
1,928.4
|
(1,303.1
|
)
|
988.2
|
|||||||||||||||||
|
Movement in treasury shares
|
(1,471,211
|
)
|
—
|
(0.1
|
)
|
0.1
|
—
|
—
|
—
|
|||||||||||||||||
|
Repurchase of treasury shares
|
(5,086,786
|
)
|
—
|
(19.9
|
)
|
—
|
—
|
—
|
(19.9
|
)
|
||||||||||||||||
|
Share-based compensation
|
309,447
|
—
|
8.1
|
(4.7
|
)
|
—
|
—
|
3.4
|
||||||||||||||||||
|
Distributions to shareholders
|
—
|
—
|
—
|
—
|
(4.7
|
)
|
—
|
(4.7
|
)
|
|||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
26.3
|
26.3
|
|||||||||||||||||||
|
Balance as at December 31, 2024
|
244,926,821
|
26.5
|
(20.9
|
)
|
340.8
|
1,923.7
|
(1,276.8
|
)
|
993.3
|
|||||||||||||||||
|
Number of
outstanding
shares
|
Common
shares
|
Treasury
shares
|
Additional
paid in
capital |
Contributed
Surplus |
Accumulated
deficit
|
Total equity
|
||||||||||||||||||||
|
Balance as at December 31, 2024
|
244,926,821
|
26.5
|
(20.9
|
)
|
340.8
|
1,923.7
|
(1,276.8
|
)
|
993.3
|
|||||||||||||||||
|
Cancellation of treasury shares
|
—
|
(2.0
|
)
|
2.0
|
—
|
—
|
—
|
—
|
||||||||||||||||||
|
Repurchase of treasury shares
|
(50,000
|
)
|
—
|
(0.2
|
)
|
—
|
—
|
—
|
(0.2
|
)
|
||||||||||||||||
|
Movement in treasury shares
|
(5,568,265
|
)
|
—
|
(0.6
|
)
|
0.6
|
—
|
—
|
—
|
|||||||||||||||||
|
Share based compensation
|
—
|
—
|
—
|
3.4
|
—
|
—
|
3.4
|
|||||||||||||||||||
|
Distribution to shareholders
|
—
|
—
|
—
|
—
|
(4.7
|
)
|
—
|
(4.7
|
)
|
|||||||||||||||||
|
Total comprehensive loss
|
—
|
—
|
—
|
—
|
—
|
(16.9
|
)
|
(16.9
|
)
|
|||||||||||||||||
|
Balance as at March 31, 2025
|
239,308,556
|
24.5
|
(19.7
|
)
|
344.8
|
1,919.0
|
(1,293.7
|
)
|
974.9
|
|||||||||||||||||
|
Movement in treasury shares
|
(3,083,690
|
)
|
—
|
(0.3
|
)
|
0.3
|
—
|
—
|
—
|
|||||||||||||||||
|
Share based compensation
|
—
|
—
|
—
|
2.6
|
—
|
—
|
2.6
|
|||||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
35.1
|
35.1
|
|||||||||||||||||||
|
Balance as at June 30, 2025
|
236,224,866
|
24.5
|
(20.0
|
)
|
347.7
|
1,919.0
|
(1,258.6
|
)
|
1,012.6
|
|||||||||||||||||
|
Issue of common shares
|
50,000,000
|
5.0
|
—
|
91.9
|
—
|
—
|
96.9
|
|||||||||||||||||||
|
Movement in treasury shares
|
(508,734
|
)
|
—
|
(0.1
|
)
|
0.1
|
—
|
—
|
—
|
|||||||||||||||||
|
Share based compensation
|
156,666
|
—
|
0.6
|
2.2
|
—
|
—
|
2.8
|
|||||||||||||||||||
|
Total comprehensive income
|
—
|
—
|
—
|
—
|
—
|
27.8
|
27.8
|
|||||||||||||||||||
|
Balance as at September 30, 2025
|
285,872,798
|
29.5
|
(19.5
|
)
|
441.9
|
1,919.0
|
(1,230.8
|
)
|
1,140.1
|
|||||||||||||||||
|
Issue of common shares
|
21,000,000
|
2.1
|
—
|
78.2
|
—
|
—
|
80.3
|
|||||||||||||||||||
|
Share based compensation
|
342,621
|
—
|
1.4
|
1.8
|
—
|
—
|
3.2
|
|||||||||||||||||||
|
Total comprehensive loss
|
—
|
—
|
—
|
—
|
—
|
(1.0
|
)
|
(1.0
|
)
|
|||||||||||||||||
|
Balance as at December 31, 2025
|
307,215,419
|
31.6
|
(18.1
|
)
|
521.9
|
1,919.0
|
(1,231.8
|
)
|
1,222.6
|
|||||||||||||||||
Exhibit 99.3
 |
Borr Drilling
Fleet Status Report - 18 February 2026
|
|
New Contracts / Extensions / Amendments
|
||||
|
Natt
|
||||
|
• Contract extension: January 2026 to February 2026, Eni (Congo)
|
||||
|
Idun
|
||||
|
• Contract extension: February 2026 to April 2026, PTTEP (Thailand)
|
||||
|
Gunnlod
|
||||
|
• Contract: May 2026 to July 2026, TLJOC (Vietnam)
|
||||
|
Letters of Award / Letters of Intent / Negotiations
|
||||
|
Njord
|
||||
|
• LOA: May 2026 to April 2028, PEMEX (Mexico)
|
||||
|
Other Developments
|
||||
|
Odin
|
||||
|
• Commenced operations with Cantium in the USA in mid-February 2026
|
||||
|
Borr Drilling
Fleet Status Report - 18 February 2026
|
|
Rig Name
|
Rig Design
|
Rig Water
Depth (ft) |
Year Built
|
Customer / Status
|
Contract Start
|
Contract End
|
Location
|
Comments
|
||||||||
|
Contracted Rigs
|
||||||||||||||||
|
Arabia I
|
KFELS B Class
|
400 ft
|
2020
|
Petrobras 3
|
April - 2025
|
April - 2029
|
Brazil
|
Operating with option to extend
|
||||||||
|
Arabia II
|
KFELS B Class
|
400 ft
|
2019
|
Bunduq
|
September - 2025
|
January - 2027
|
United Arab Emirates
|
Operating with option to extend
|
||||||||
|
Arabia III 1
|
KFELS Super A Class
|
400 ft
|
2013
|
Saudi Aramco
|
September - 2023
|
September - 2028
|
Saudi Arabia
|
Operating with option to extend
|
||||||||
|
Bestla 1,4
|
Gusto MSC CJ50
|
350 ft
|
2008
|
Eni
|
December - 2025
|
December - 2026
|
Netherlands
|
Operating with option to extend
|
||||||||
|
Forseti 1,4
|
F&G JU-3000N
|
400 ft
|
2013
|
Qatar Energy LNG
|
December - 2025
|
December - 2026
|
Qatar
|
Operating with option to extend
|
||||||||
|
Galar
|
PPL Pacific Class 400
|
400 ft
|
2017
|
PEMEX 2
|
April - 2024
|
May - 2028
|
Mexico
|
Operating with option to extend
|
||||||||
|
Gerd
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Lime Petroleum
|
July - 2025
|
February - 2026
|
Benin
|
Operating
|
||||||||
|
Foxtrot International
|
February - 2026
|
January - 2027
|
Ivory Coast
|
Committed with option to extend
|
||||||||||||
|
Gersemi
|
PPL Pacific Class 400
|
400 ft
|
2018
|
PEMEX 2
|
January - 2024
|
May - 2028
|
Mexico
|
Operating with option to extend
|
||||||||
|
Grid
|
PPL Pacific Class 400
|
400 ft
|
2018
|
New Age
|
January - 2026
|
March - 2026
|
Congo
|
Operating
|
||||||||
|
Halliburton
|
March - 2026
|
September - 2026
|
Angola
|
Committed with option to extend
|
||||||||||||
|
Groa
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Qatar Energy
|
April - 2022
|
April - 2026
|
Qatar
|
Operating
|
||||||||
|
Gunnlod
|
PPL Pacific Class 400
|
400ft
|
2018
|
HLHV JOC
|
October - 2025
|
February - 2026
|
Vietnam
|
Operating with option to extend
|
||||||||
|
TLJOC
|
May - 2026
|
July - 2026
|
Vietnam
|
Committed
|
||||||||||||
|
Idun
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
PTTEP
|
February - 2024
|
April - 2026
|
Thailand
|
Operating
|
||||||||
|
Joro 1,4
|
Gusto MSC CJ50
|
350 ft
|
2008
|
Siemens
|
January - 2026
|
March - 2026
|
Germany
|
Operating with option to extend
|
||||||||
|
Mist
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Valeura Energy
|
December - 2023
|
August - 2026
|
Thailand
|
Operating with option to extend
|
||||||||
|
Natt
|
PPL Pacific Class 400
|
400 ft
|
2018
|
Eni
|
August - 2024
|
February - 2026
|
Congo
|
Operating
|
||||||||
|
SNEPCO
|
April - 2026
|
February - 2027
|
Nigeria
|
Committed with option to extend
|
||||||||||||
|
Njord
|
PPL Pacific Class 400
|
400 ft
|
2019
|
PEMEX 2
|
April - 2024
|
April - 2026
|
Mexico
|
Operating
|
||||||||
|
May - 2026
|
April - 2028
|
Mexico
|
LOA
|
|||||||||||||
|
Norve
|
PPL Pacific Class 400
|
400 ft
|
2011
|
Vaalco Energy
|
November - 2025
|
September - 2026
|
Gabon
|
Operating with option to extend
|
||||||||
|
Odin
|
KFELS Super B Bigfoot Class
|
350 ft
|
2013
|
Cantium
|
February - 2026
|
July - 2026
|
USA
|
Operating with option to extend
|
||||||||
|
Undisclosed
|
July - 2026
|
November - 2026
|
USA
|
Committed with option to extend
|
||||||||||||
|
Prospector 1 1
|
F&G, JU2000E
|
400 ft
|
2013
|
ONE-Dyas
|
December - 2025
|
June - 2026
|
Netherlands
|
Operating with option to extend
|
||||||||
|
Prospector 5 1
|
F&G, JU2000E
|
400 ft
|
2014
|
Eni
|
April - 2024
|
May - 2026
|
Congo
|
Operating
|
||||||||
|
Ran 1
|
KFELS Super A Class
|
400 ft
|
2013
|
Eni
|
May - 2025
|
March - 2026
|
Mexico
|
Operating with option to extend
|
||||||||
|
Saga
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
Brunei Shell Petroleum
|
November - 2022
|
April - 2027
|
Brunei
|
Operating with option to extend
|
||||||||
|
Skald
|
KFELS Super B Bigfoot Class
|
400 ft
|
2018
|
Medco Energi
|
October - 2025
|
April - 2026
|
Thailand
|
Operating
|
||||||||
|
Thor
|
KFELS Super B Bigfoot Class
|
400 ft
|
2019
|
HLHV JOC
|
November - 2025
|
June - 2026
|
Vietnam
|
Operating with option to extend
|
||||||||
|
Vali
|
KFELS Super B Bigfoot Class
|
400 ft
|
2024
|
Mellitah Oil and Gas
|
March - 2025
|
July - 2026
|
Libya
|
Operating with option to extend
|
||||||||
|
Available Rigs
|
||||||||||||||||
|
Freyja 1
|
F&G, JU-3000N
|
400 ft
|
2014
|
Singapore
|
Warm Stacked
|
|||||||||||
|
Hild
|
KFELS Super B Class
|
400 ft
|
2020
|
Mexico
|
Warm Stacked
|
|||||||||||
|
Sif 1
|
F&G, JU-3000N
|
400 ft
|
2013
|
Trinidad & Tobago
|
Warm Stacked
|
|||||||||||
|
Var
|
KFELS Super B Bigfoot Class
|
400 ft
|
2024
|
Singapore
|
Warm Stacked
|
|||||||||||
1 - HD/HE Capability
2 - Rigs provided by Borr Drilling through a bareboat charter arrangement and services provided by our Mexican Joint Venture or by Borr Drilling, with ultimate customer being PEMEX
3 - Rig provided by Borr Drilling through a charter arrangement, with ultimate customer being Petrobras
4 - Rigs bareboat chartered to Noble Corporation affiliates
|
Operating / Committed
|
Available
|
Cold Stacked
|
||||||||||||
|
Total Fleet
|
29
|
25
|
4
|
0
|
||||||||||
|
Borr Drilling
Fleet Status Report - 18 February 2026
|
|
Additional information regarding this Fleet Status Report
|
|||||
| This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract. | |||||
| Forward Looking Statements: The statements described in this status report that are not historical facts are “Forward Looking Statements”. Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally. No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. |
|||||
FAQ
How did Borr Drilling (BORR) perform financially in Q4 2025?
Borr Drilling reported Q4 2025 operating revenues of $259.4 million, down 6% from Q3, and moved to a small $1.0 million net loss. Adjusted EBITDA was $105.2 million, contributing to full-year Adjusted EBITDA of $470.1 million at the top end of guidance.
What is Borr Drilling’s liquidity and debt position as of December 31, 2025?
As of December 31, 2025, Borr Drilling held $379.7 million in cash and cash equivalents and had $234.0 million of undrawn revolving credit facilities, giving total liquidity of $613.7 million. Principal debt stood at $2,210.0 million, mainly senior secured notes and convertible bonds.
What details did Borr Drilling (BORR) provide on the Noble five-rig acquisition?
Borr Drilling agreed to acquire five premium jack-up rigs from Noble for $360 million. The deal was funded through $165 million of additional senior secured notes due 2030, a $150 million seller’s credit, and an equity offering raising $84.0 million in gross proceeds.
How strong is Borr Drilling’s fleet utilization and backlog after Q4 2025?
In Q4 2025, Borr Drilling achieved technical utilization of 98.8% and economic utilization of 97.8% on its working rigs. As of the report date, 25 of 29 rigs were contracted or committed and Dayrate Equivalent Backlog increased from $1.13 billion to $1.20 billion.
What contract coverage and market outlook did Borr Drilling highlight for 2026?
Borr Drilling stated that recent awards and extensions lifted 2026 coverage to 80% in the first half and 48% in the second half, adjusted for acquired rigs. Management believes the jack-up market bottom has passed and expects gradually improving fundamentals into the second half of 2026.
What key risks and uncertainties does Borr Drilling (BORR) currently face?
Borr Drilling cites exposure to industry cyclicality, potential declines in jack-up demand, inflationary cost pressures and significant indebtedness. It also highlights customer credit risk, including Lime Petroleum Holding’s financial review, plus geopolitical and macroeconomic volatility affecting oil prices and contract activity.
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