Borr Drilling Reports Q1 2026 Results with Strong Utilization Metrics
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 42 minutes ago
0mins
Should l Buy BORR?
Source: PRnewswire
- Operational Efficiency: In Q1 2026, Borr Drilling achieved a technical utilization rate of 99.4% and an economic utilization rate of 97.0%, demonstrating the company's commitment to operational excellence despite challenges from delayed contract start-ups.
- Revenue and EBITDA Performance: The company reported revenue of $247 million and an adjusted EBITDA of $88.5 million for the quarter, impacted by the delayed start of the Odin project and an $8.4 million credit loss provision, reflecting resilience amid market fluctuations.
- Increased Contract Coverage: Full-year contract coverage rose to 71% with an average dayrate of approximately $137,000, showcasing the company's success in securing long-term contracts, particularly with second-half coverage increasing from 48% to 65%.
- Capital Structure Optimization: Borr Drilling strengthened its capital structure through a $300 million convertible note offering, effectively lowering financing costs and extending maturity, thereby providing financial support for future expansion and market demand.
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Analyst Views on BORR
Wall Street analysts forecast BORR stock price to fall
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 6.160
Low
3.60
Averages
4.10
High
4.60
Current: 6.160
Low
3.60
Averages
4.10
High
4.60
About BORR
Borr Drilling Limited is an international drilling contractor providing offshore drilling services to the oil and gas industry. The Company's primary business is the ownership, contracting and operation of jack-up rigs for operations in shallow-water areas (in water depths up to approximately 400 feet), including the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production customers. The Company owns approximately 29 rigs. Its rigs include Skald, Groa, Idun, Thor, Norve, Gerd, Natt, Ran, Odin, Gersemi, Grid, Galar, Njord, Prospector 1, Saga, Prospector 5, Mist, Gunnlod, Arabia III, Arabia I, Vali, Arabia II, and others. It operates oil-producing geographies throughout the world, including the Middle East, the North Sea, Latin America, West Africa and South East Asia. The Company contracts its jack-up rigs primarily on a daily rate basis to drill wells for its customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Borr Drilling Reports Q1 2026 Financial Results with Key Operational Insights
- Revenue Decline: Borr Drilling reported total operating revenues of $247 million for Q1 2026, a decrease of $12.4 million or 5% from Q4 2025, indicating weakened market demand and delays in contract start-ups.
- Widening Net Loss: The company experienced a net loss of $29 million in Q1, significantly up from a $1 million loss in Q4 2025, primarily due to an $8.4 million credit loss provision, highlighting increased financial pressure.
- Adjusted EBITDA Drop: Adjusted EBITDA for the first quarter was $88.5 million, down $16.7 million or 16% from the previous quarter, reflecting challenges in operational efficiency and cost management.
- Increased Contract Commitments: Year-to-date 2026, Borr Drilling secured 13 contract commitments representing over 2,250 days and $274 million in Dayrate Equivalent Backlog, showcasing the company's competitive position and potential for future growth.
See More
Borr Drilling Shares Transition to Euronext Oslo Børs
- Listing Transition: Borr Drilling's shares will transition from Euronext Growth Oslo to Euronext Oslo Børs on May 21, 2026, continuing to trade under the ticker 'BORR', which is expected to enhance the company's visibility and liquidity in the primary market.
- Regulatory Approval: The Norwegian Financial Supervisory Authority approved Borr Drilling's prospectus for listing on Euronext Oslo Børs on May 20, 2026, ensuring compliance and transparency in the new market, thereby boosting investor confidence.
- Continued Listing: While listed on Euronext Oslo Børs, Borr Drilling maintains its primary listing on the New York Stock Exchange, a dual-listing strategy that aims to attract a broader investor base globally.
- Business Background: Established in 2016, Borr Drilling focuses on providing modern jack-up rigs for the offshore oil and gas industry worldwide, and the transition to a major exchange is expected to further support its market expansion in the shallow-water segment.
See More
Borr Drilling Reports Q1 2026 Results with Strong Utilization Metrics
- Operational Efficiency: In Q1 2026, Borr Drilling achieved a technical utilization rate of 99.4% and an economic utilization rate of 97.0%, demonstrating the company's commitment to operational excellence despite challenges from delayed contract start-ups.
- Revenue and EBITDA Performance: The company reported revenue of $247 million and an adjusted EBITDA of $88.5 million for the quarter, impacted by the delayed start of the Odin project and an $8.4 million credit loss provision, reflecting resilience amid market fluctuations.
- Increased Contract Coverage: Full-year contract coverage rose to 71% with an average dayrate of approximately $137,000, showcasing the company's success in securing long-term contracts, particularly with second-half coverage increasing from 48% to 65%.
- Capital Structure Optimization: Borr Drilling strengthened its capital structure through a $300 million convertible note offering, effectively lowering financing costs and extending maturity, thereby providing financial support for future expansion and market demand.
See More
Borr Drilling Shares Transition to Euronext Oslo Børs
- Listing Transition: Borr Drilling's shares will transition from Euronext Growth Oslo to Euronext Oslo Børs on May 21, 2026, continuing to trade under the ticker 'BORR', marking a significant step in the company's presence in the main market.
- Regulatory Approval: The Norwegian Financial Supervisory Authority approved Borr Drilling's prospectus for listing on Euronext Oslo Børs on May 20, 2026, ensuring compliance and providing transparency for investors.
- Ongoing Trading: Despite the listing on Euronext Oslo Børs, Borr Drilling maintains its primary listing on the NYSE, reflecting its strategic positioning in global markets and diversified funding avenues.
- Modern Drilling Services: Borr Drilling focuses on providing modern jack-up rig services to the offshore oil and gas industry worldwide, enhancing its competitive edge in the shallow-water segment.
See More
Borr Drilling to Announce Q1 Earnings on May 20
- Earnings Announcement: Borr Drilling is set to release its Q1 2023 earnings report on May 20 after market close, with consensus EPS estimate at -$0.04 and revenue estimate at $252.36 million, indicating market caution regarding the company's financial performance.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and three downward revisions, while revenue estimates experienced two upward and two downward revisions, reflecting analysts' divergent views and uncertainties about the company's future profitability.
- Financing Plan: Borr Drilling plans to raise $250 million through a convertible notes offering due in 2033, aimed at enhancing financial flexibility to support future operations and expansion efforts.
- Middle East Operations Resumption: The company will resume operations for up to four Middle East rigs, indicating a potential recovery in market demand and laying the groundwork for future revenue growth.
See More
Dominion Energy Stock Hits New High on NextEra Acquisition News
- Acquisition Boost: Dominion Energy (D) shares surged to a 52-week high of $68.97 after NextEra Energy announced a nearly $67 billion all-stock acquisition, reflecting strong market confidence in energy sector consolidation.
- Wall Street Optimism: RBC Capital analyst raised Dominion's price target from $66 to $72, acknowledging the company's growth potential, particularly in the context of energy-intensive data centers driven by AI demand.
- Transocean Stock Surge: Transocean (RIG) shares jumped to a 52-week high of $7.64 after Elliott Management disclosed its sizable position, indicating strong market sentiment for offshore drilling demand, with a remarkable 192% increase in stock price over the past year.
- Borr Drilling's Strong Growth: Borr Drilling (BORR) shares climbed to $6.66 due to plans to acquire five new jack-up rigs and strong growth indicators, with analysts expecting a 16.5% revenue increase to $252.36 million in Q1, showcasing robust performance amid rising oil prices.
See More
Borr Drilling Reports Q1 2026 Financial Results with Key Operational Insights
- Revenue Decline: Borr Drilling reported total operating revenues of $247 million for Q1 2026, a decrease of $12.4 million or 5% from Q4 2025, indicating weakened market demand and delays in contract start-ups.
- Widening Net Loss: The company experienced a net loss of $29 million in Q1, significantly up from a $1 million loss in Q4 2025, primarily due to an $8.4 million credit loss provision, highlighting increased financial pressure.
- Adjusted EBITDA Drop: Adjusted EBITDA for the first quarter was $88.5 million, down $16.7 million or 16% from the previous quarter, reflecting challenges in operational efficiency and cost management.
- Increased Contract Commitments: Year-to-date 2026, Borr Drilling secured 13 contract commitments representing over 2,250 days and $274 million in Dayrate Equivalent Backlog, showcasing the company's competitive position and potential for future growth.
See More
Borr Drilling Shares Transition to Euronext Oslo Børs
- Listing Transition: Borr Drilling's shares will transition from Euronext Growth Oslo to Euronext Oslo Børs on May 21, 2026, continuing to trade under the ticker 'BORR', which is expected to enhance the company's visibility and liquidity in the primary market.
- Regulatory Approval: The Norwegian Financial Supervisory Authority approved Borr Drilling's prospectus for listing on Euronext Oslo Børs on May 20, 2026, ensuring compliance and transparency in the new market, thereby boosting investor confidence.
- Continued Listing: While listed on Euronext Oslo Børs, Borr Drilling maintains its primary listing on the New York Stock Exchange, a dual-listing strategy that aims to attract a broader investor base globally.
- Business Background: Established in 2016, Borr Drilling focuses on providing modern jack-up rigs for the offshore oil and gas industry worldwide, and the transition to a major exchange is expected to further support its market expansion in the shallow-water segment.
See More
Borr Drilling Reports Q1 2026 Results with Strong Utilization Metrics
- Operational Efficiency: In Q1 2026, Borr Drilling achieved a technical utilization rate of 99.4% and an economic utilization rate of 97.0%, demonstrating the company's commitment to operational excellence despite challenges from delayed contract start-ups.
- Revenue and EBITDA Performance: The company reported revenue of $247 million and an adjusted EBITDA of $88.5 million for the quarter, impacted by the delayed start of the Odin project and an $8.4 million credit loss provision, reflecting resilience amid market fluctuations.
- Increased Contract Coverage: Full-year contract coverage rose to 71% with an average dayrate of approximately $137,000, showcasing the company's success in securing long-term contracts, particularly with second-half coverage increasing from 48% to 65%.
- Capital Structure Optimization: Borr Drilling strengthened its capital structure through a $300 million convertible note offering, effectively lowering financing costs and extending maturity, thereby providing financial support for future expansion and market demand.
See More
Borr Drilling Shares Transition to Euronext Oslo Børs
- Listing Transition: Borr Drilling's shares will transition from Euronext Growth Oslo to Euronext Oslo Børs on May 21, 2026, continuing to trade under the ticker 'BORR', marking a significant step in the company's presence in the main market.
- Regulatory Approval: The Norwegian Financial Supervisory Authority approved Borr Drilling's prospectus for listing on Euronext Oslo Børs on May 20, 2026, ensuring compliance and providing transparency for investors.
- Ongoing Trading: Despite the listing on Euronext Oslo Børs, Borr Drilling maintains its primary listing on the NYSE, reflecting its strategic positioning in global markets and diversified funding avenues.
- Modern Drilling Services: Borr Drilling focuses on providing modern jack-up rig services to the offshore oil and gas industry worldwide, enhancing its competitive edge in the shallow-water segment.
See More
Borr Drilling to Announce Q1 Earnings on May 20
- Earnings Announcement: Borr Drilling is set to release its Q1 2023 earnings report on May 20 after market close, with consensus EPS estimate at -$0.04 and revenue estimate at $252.36 million, indicating market caution regarding the company's financial performance.
- Earnings Estimate Changes: Over the past three months, EPS estimates have seen no upward revisions and three downward revisions, while revenue estimates experienced two upward and two downward revisions, reflecting analysts' divergent views and uncertainties about the company's future profitability.
- Financing Plan: Borr Drilling plans to raise $250 million through a convertible notes offering due in 2033, aimed at enhancing financial flexibility to support future operations and expansion efforts.
- Middle East Operations Resumption: The company will resume operations for up to four Middle East rigs, indicating a potential recovery in market demand and laying the groundwork for future revenue growth.
See More
Dominion Energy Stock Hits New High on NextEra Acquisition News
- Acquisition Boost: Dominion Energy (D) shares surged to a 52-week high of $68.97 after NextEra Energy announced a nearly $67 billion all-stock acquisition, reflecting strong market confidence in energy sector consolidation.
- Wall Street Optimism: RBC Capital analyst raised Dominion's price target from $66 to $72, acknowledging the company's growth potential, particularly in the context of energy-intensive data centers driven by AI demand.
- Transocean Stock Surge: Transocean (RIG) shares jumped to a 52-week high of $7.64 after Elliott Management disclosed its sizable position, indicating strong market sentiment for offshore drilling demand, with a remarkable 192% increase in stock price over the past year.
- Borr Drilling's Strong Growth: Borr Drilling (BORR) shares climbed to $6.66 due to plans to acquire five new jack-up rigs and strong growth indicators, with analysts expecting a 16.5% revenue increase to $252.36 million in Q1, showcasing robust performance amid rising oil prices.
See More
