BORRBorr Drilling Ltd
Earnings Recap
• Reported GAAP EPS of $0.00 • Reported revenue of $259.4M down -1.41% YoY • Borr Drilling expects market conditions to firm, supporting improved pricing and earnings visibility into 2027. The company anticipates further coverage gains and plans to complete its full up-listing to OSE in the first half of 2026.
Bullish
Borr Drilling expanded its premium jack-up fleet through a strategic acquisition and improved contract visibility, increasing 2026 coverage. The company sees the jack-up market bottom behind it, with strong operational performance and a multi-year high tendering pipeline.
Bearish
Borr Drilling experienced sequential declines in Q4 2025 operating revenues and net income, alongside increased operating expenses. The company faces market volatility, supply chain constraints, inflationary pressures, and risks related to its indebtedness and customer financial health.