Borr Drilling Q1 Net Loss $29M; Revenue $247M; Fleet Expanded

Borr Drilling Limited announced its unaudited first quarter 2026 results, reporting total operating revenues of $247.0 million, a 5% decrease from Q4 2025, and a net loss of $29.0 million, significantly wider than the $1.0 million net loss in the prior quarter. Adjusted EBITDA also decreased by 16% to $88.5 million. Despite the financial decline, the company completed the acquisition of five jack-up rigs for $360 million and entered an agreement to acquire five more via a joint venture for $287 million. Additionally, Borr Drilling secured 13 new contract commitments year-to-date 2026, representing over 2,250 days and $274 million in Dayrate Equivalent Backlog, and strengthened its capital structure with a $300 million convertible note offering.