Borr Drilling Reports Q4 Net Loss of $1.0M
Reports Q4 net loss of $1.0M, a decrease of $28.8M vs. Q3. Reports Q4 Adjusted EBITDA $105.2M, a decrease of $30.4M or 22% compared to Q3. "Our operational performance in Q4 of 2025 was solid, with a technical utilization rate of 98.8% and an economic utilization rate of 97.8%. Q4 operational revenue totalled $259.4M, 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 $105.2M came in line with our expectations, bringing full-year 2025 Adjusted EBITDA to $470.1M, at the top end of our guidance range...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...Against this backdrop, we are pleased to have expanded our premium jackup fleet...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."
