Borr Drilling Limited announced unaudited financial results for the nine months ended 30 September 2025, highlighting higher quarterly revenue and new contract awards across several offshore markets.
The company reported total operating revenues of $277.1 million, an increase of $9.4 million (4%) compared with the second quarter of 2025. Net income was $27.8 million, a decrease of $7.3 million (21%), while Adjusted EBITDA rose 2% to $135.6 million, giving a 48.9% margin.
During the first nine months of 2025, Borr Drilling secured 22 new contract commitments, covering more than 4,820 days and about $625 million in potential contract revenue.
Chief Executive Officer Bruno Morand said that operational performance remained solid, with 23 of 24 rigs active during the quarter. The company achieved technical utilization of 97.9% and economic utilization of 97.4%, maintaining high efficiency across the active fleet.
After the quarter’s end, Borr announced three contract extensions in Mexico. The Galar and Gersemi rigs each received two-year firm extensions under improved terms, and the Njord rig was also extended. The company noted that collections resumed in September, with about $19 million received in September and October.
Borr also announced new commitments for the Odin and Grid rigs, expanding operations into the Gulf of America and Angola. These new contracts increase geographical diversification and strengthen fleet utilization. Following these awards, the company’s 2026 coverage reached 62%, with an average dayrate of $140,000, including priced options.
The company expects fewer operating days in the fourth quarter of 2025 due to several rigs transitioning between contracts and the recent impact of sanctions-related contract terminations in Mexico. Despite this, Borr anticipates full-year 2025 Adjusted EBITDA between $455 million and $470 million.
Borr observed increasing jack-up rig demand in international markets during recent quarters, particularly in Saudi Arabia and Mexico. These developments indicate an improving market environment that may support higher utilization and dayrates in the near to medium term.
