Borr Drilling Limited filings document a foreign private issuer that reports current events on Form 6-K and annual information on Form 20-F. The disclosures cover its shallow-water offshore drilling business, jack-up rig contracts, fleet operating updates, earnings materials, and audited consolidated financial statements.
The filing record also includes shareholder meeting materials, proxy and voting matters, and capital-structure disclosures related to convertible senior notes and existing convertible bonds. These documents describe governance actions, security terms, financing uses, and material operational updates for the company’s worldwide drilling contractor business.
Borr Drilling Ltd executive Magnus Vaaler, Chief Financial Officer, reported his equity holdings, primarily employee stock options over common shares and direct common share ownership. The options cover multiple tranches of underlying common shares at exercise prices between $1.66 and $6.54, with expiration dates from 2026 through 2029 and vesting schedules tied to continued employment. He also reported direct ownership of 266,711 common shares, which includes restricted stock units that vest in full on September 1, 2026, 2027 and 2028. The filing does not show any new purchases, sales or option exercises, only existing positions and amended terms on certain options.
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.
Borr Drilling Limited reported second-quarter 2026 revenue of $232.3 million, down 6% from Q1 as average operating rigs declined to 21.2. Technical utilization was 98.4% and economic utilization 96.4%, reflecting strong operational performance despite transitions.
Adjusted EBITDA was $43.8 million, a 51% sequential decline, driven by higher preparation and regulatory costs for the Odin rig, six rigs transitioning between contracts, a $7.3 million increase in fuel and insurance costs partly linked to the Middle East conflict, and $10.8 million of credit losses from a former West Africa customer. A $176.3 million debt extinguishment loss pushed net loss to $241.4 million.
Borr refinanced substantially all debt through $300 million of 3.50% convertible notes due 2033 and $2,035 million of senior secured notes due 2032/2034, and upsized its super senior RCF to $250 million, ending the quarter with liquidity of $473.6 million. The company secured eight new contract commitments adding over 2,100 firm days and about $267 million in Dayrate Equivalent Backlog, lifting 2026 coverage to 73% at an average dayrate of about $134,000. Total Dayrate Equivalent Backlog was $1.04 billion at June 30, 2026 and $1.13 billion as of the report date, and Borr expects Q3 Adjusted EBITDA to improve significantly with around 23 active rigs.
Borr Drilling Limited reported largely flat operating revenues of $479.3 million for the six months ended June 30, 2026, versus $484.3 million a year earlier, as lower dayrate revenue was mostly offset by higher bareboat charter and management contract revenue. Operating income fell sharply to $46.3 million from $156.7 million, driven by higher rig operating costs, including a $19.9 million provision for credit losses, increased maintenance on newly acquired rigs, and higher depreciation.
Total financial expenses, net, rose to $299.2 million, largely due to a $176.3 million loss on debt extinguishment tied to the payoff of 2028 and 2030 senior notes and 2028 convertible bonds. This resulted in a net loss attributable to shareholders of $270.4 million, versus income of $18.2 million in 2025, and a 42% decline in Adjusted EBITDA to $132.3 million.
Liquidity comprised $224.6 million of cash and restricted cash and a new undrawn $250.0 million super senior revolving credit facility. Total borrowings increased to $2,529.2 million, but no debt matures within 12 months after issuing $2,035.0 million of new senior secured notes due 2032/2034 and $300.0 million of convertible notes due 2033 and retiring shorter‑dated instruments. The jack‑up fleet expanded with a five‑rig acquisition in January 2026 and a 50/50 joint venture purchase of five Mexican rigs in July 2026, while contracted operating revenue backlog totaled $885.5 million through 2029.
Drew Holdings Ltd. reports its ownership stake in Borr Drilling Limited common shares. Drew Holdings beneficially owns 27,185,941 Borr Drilling common shares, representing 8.8% of the class as of June 30, 2026. These shares are reported with sole voting and sole dispositive power, with no shared voting or dispositive authority.
The 27,185,941 common shares held by Drew Holdings may be deemed to be beneficially owned by Mr. Tor Olav Troim. Drew Holdings is a Bermuda entity, and Borr Drilling’s principal executive offices are located in Hamilton, Bermuda.
Borr Drilling Limited, through its 50/50 joint venture BC Ventures Limited, completed the previously announced acquisition of five premium jack-up rigs from Fontis Finance Ltd. for a total purchase price of $287 million.
The rigs—two Friede & Goldman JU-2000E units (Oberon and Titania FE) and three LeTourneau Super 116-C units (Courageous, Defender, Intrepid)—are located in Mexico. BC Ventures financed the transaction with a $237 million non-recourse seller’s credit maturing in January 2029, secured by a first priority lien on the rigs, plus $25 million cash contributions from each joint-venture partner.
The acquisition increases Borr Drilling’s owned and jointly-owned fleet to 34 rigs and expands its presence in the Mexican shallow-water market, supporting its focus on modern jack-up rigs for offshore oil and gas customers worldwide.
Borr Drilling Limited plans to release its Q2 2026 financial results, covering April 1 to June 30, after the close of NYSE trading on Tuesday, August 11, 2026. A conference call and webcast are scheduled for 09:00 New York time (15:00 CEST) on Wednesday, August 12, 2026.
The results release, live webcast, and accompanying presentation will be available through the Investor Relations section of the company’s website. Participants can access the webcast and register for the conference call via the provided online links, and a replay of the webcast will be available using the same webcast URL.
Borr Drilling Limited completed a major refinancing of its senior secured debt structure. Its wholly owned subsidiary Borr IHC Limited ran a cash tender offer and consent solicitation for any and all 10.000% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes due 2030.
The tender achieved participation of 95.95% of the 2028 Notes and 91.21% of the 2030 Notes, or 94.11% of the total Notes outstanding. After this, the issuer redeemed all remaining 2028 and 2030 Notes on June 29, 2026, funded with $1.1 billion of 8.750% Notes due 2032 and $935 million of 9.000% Notes due 2034.
Borr Drilling director Patrick Schorn significantly increased his equity stake through a large open‑market purchase and option exercises. On June 17, 2026, he bought 1,200,000 common shares at $1.66 per share in an open‑market transaction, bringing his direct holdings to 3,535,000 common shares.
He also exercised stock options covering 1,200,000 common shares at an exercise price of $1.66 per share. Footnotes state his position includes 500,000 restricted stock units that vested on December 31, 2025 and 250,000 RSUs scheduled to vest on December 31, 2026, plus remaining option grants with higher strike prices expiring in 2027.
Borr Drilling Ltd Chief Executive Officer Bruno Morand De Oliveira reported substantial personal share accumulation and option activity. He made an open-market purchase of 275,000 common shares at $1.66 per share, bringing his directly held common shares to 969,828.
He also exercised three tranches of employee stock options to acquire a total of 275,000 common shares at an exercise price of $1.66 per share. In addition to these holdings, he retains multiple option grants over common shares with exercise prices between $3.66 and $6.54 per share, expiring between 2027 and 2029, as well as restricted stock units scheduled to vest between 2026 and 2028.