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Borr Drilling
Borr Drilling (BORR) investor relations material
Borr Drilling Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved strong operational performance in Q4 2025, with technical utilization at 98.8% and economic utilization at 97.8%.
FY 2025 Adjusted EBITDA reached $470.1 million, at the top end of guidance despite industry headwinds.
Completed acquisition of five premium rigs from Noble, immediately accretive to Adjusted EBITDA and strengthening the platform.
Maintained a global fleet of 29 modern rigs, with 25 active and contract coverage of 85% for 2025.
Secured several safety milestones and industry recognition for safety excellence.
Financial highlights
Q4 2025 operating revenues were $259.4 million, down 6.4% from Q3, with Adjusted EBITDA of $105.2 million, a 22% decrease sequentially.
Q4 net loss was $1 million; full year 2025 net income was $45 million.
Cash and cash equivalents at year-end were $379.7 million, with total liquidity of $613.7 million including undrawn credit.
Total equity increased to $1,222.6 million at December 31, 2025.
Full-year 2025 operating revenues were $1,020.8 million, up slightly from 2024.
Outlook and guidance
2026 contract coverage stands at 64%, rising to 80% for the first half with new rigs included.
Constructive market outlook expected to support utilization and dayrates into 2027, with tendering pipeline at multiyear highs.
Management expects market conditions to improve in the second half of 2026, with fundamentals and earnings visibility strengthening into 2027.
No formal EBITDA guidance for 2026 yet, but consensus of $440 million seen as achievable if market trends continue.
The jack-up rig market is showing signs of recovery, with increased tendering activity and longer-term contracts, especially in the Middle East.
Middle East tenders: What is Borr's competitive edge?
LPH financial review: Impact on Borr's collectability?
Beyond Noble charters, how will new rigs secure work?
Day rate trajectory post-Middle East tenders?
Timeline for Sif and Freyja rig contracts?
Pemex outstanding balance and payment plan?
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Next Borr Drilling earnings date
Q1 202621 May, 2026
Borr Drilling
Next Borr Drilling earnings date
Q1 202621 May, 2026
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Frequently asked questions
Borr Drilling is a global operation providing drilling and well service support to the petroleum industry based in Norway and listed on Oslo Børs.
They have diverse drilling fleets working in domestic and international markets, supported by modern flexible marine operations and internationally recognised consultancy services
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