Borr Drilling has strengthened its 2026 order book with 13 contracts secured year-to-date, adding more than 2,250 days of firm work and $274 million in jack-up rig revenue backlog.
The Bermuda-based offshore drilling company expanded its fleet base in January 2026 by completing the $360 million acquisition of five premium jack-up rigs from Noble Corporation. It also signed agreements to acquire five additional premium jack-up units through a new 50/50 joint venture for $287 million.
First-quarter revenue stood at $247 million, down 5% from the fourth quarter of 2025. Adjusted EBITDA reached $88.5 million, a 16% decrease. CEO Bruno Morand said the result was mainly affected by the delayed start-up of Odin in the U.S. Gulf, along with an $8.4 million credit loss provision.
Fleet activity remained active across several regions. Gerd completed work in Benin and moved directly to Ivory Coast. Grid ended operations in Congo and started a new assignment in Angola. Natt moved from Congo to Nigeria, while Gunnlod began fresh work in Vietnam after completing its previous job in the same country.
Other rigs ended assignments during the period. Skald completed work in Thailand, Idun finished its job with PTTEP, and Groa concluded operations in Qatar. Odin is now expected to begin its delayed contract in June 2026, while Forseti remains under bareboat charter with Noble until December 2026.
New commitments include exercised options for Joro in Germany, an extension for Ran in Mexico, and new work for Skald in Malaysia. Thor secured two Vietnam contracts running from July 2026 to March 2027. Sif received a letter of intent for Suriname, and Prospector 5 received a letter of intent for Gabon.
Morand said Borr Drilling continues to focus on covering open rig days in the near term while balancing day rates and contract duration. Full-year 2026 contract coverage has increased to 71%, with an average day rate of about $137,000. Coverage for the second half of 2026 has also improved to 65%.
The company also raised $300 million through senior unsecured convertible notes due 2033 after quarter-end. Proceeds were mainly used to repurchase existing convertible bonds due 2028, extending the company’s maturity profile and reducing financing costs.
Morand said the Middle East conflict has added short-term uncertainty, although key regional tenders are still moving forward with limited delays. He added that higher oil prices and renewed attention on energy security could support shallow-water drilling demand over the longer term, with activity and day rates expected to respond after a 6 to 12-month lag.
