BORR News & Analysis
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Borr Drilling (BORR) Reports Q1 2026 Revenue of $247 Million
Borr Drilling (BORR) reported revenue of $247 million for Q1 2026, with adjusted EBITDA of $88.5 million. The company achieved a technical utilization rate of 99.4% and an economic utilization rate of 97%. Delays in the start-up of the Odin rig, with a credit loss provision of $8.4 million, impacted results. Looking ahead, BORR's coverage for full year 2026 has increased to 71% at an average day rate of approximately $137,000. The company also acquired 5 premium jack-up rigs for $287 million, increasing its fleet from 29 to 34 rigs.
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Borr Drilling (BORR) Completes $300M Convertible Notes Offering
Borr Drilling (BORR) successfully completed a $300 million offering of convertible notes. This financing is aimed at enhancing the company's balance sheet and providing capital for future growth opportunities. The offering indicates confidence in Borr Drilling's operational strategy, as it will allow for potential investments in new drilling rigs or technology. The successful issuance shows a favorable market response, which could impact future financing endeavors for the company.
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