HAMILTON, Bermuda, Nov. 5, 2025 /PRNewswire/ — Borr Drilling Restricted (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) pronounces unaudited effects for the 9 months ended September 30, 2025.
Highlights
- Overall working revenues of $277.1 million, an building up of $9.4 million or 4% in comparison to the second one quarter of 2025
- Internet source of revenue of $27.8 million, a snip of $7.3 million or 21% in comparison to the second one quarter of 2025
- Adjusted EBITDA of $135.6 million, an building up of $2.4 million or 2% in comparison to the second one quarter of 2025
- YTD 2025, the corporate used to be awarded 22 pristine guarantee loyalty, representing greater than 4,820 days and $625 million of possible guarantee earnings
CEO, Bruno Morand commented:
“Our 3rd quarter effects have been sturdy, extending the rebound delivered within the second-quarter. With 23 of our 24 rigs energetic all over the quarter, we demonstrated disciplined execution and business energy in contracting rigs regardless of a dynamic marketplace. Earnings higher by means of $9.4 million this quarter over the second one quarter and Adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the attribute of our income. Operational execution remained tough, with technical usage of 97.9% and financial usage of 97.4% around the energetic fleet, reflecting the ongoing energy and potency of our operations.
Following quarter finish, we introduced 3 guarantee extensions in Mexico. The Galar and Gersemi every gained a two-year company extension at progressed business and cost phrases. A 3rd rig, the Njord, additionally gained an extension. Mexico rest an noteceable marketplace for us. Collections restarted in September, with roughly $19 million gained in September and October. Those inflows, along with fresh executive movements to toughen Pemex funds, are the foundation for our self assurance within the persisted normalization of bills.
Lately we additionally introduced pristine loyalty for our rigs Odin and Grid, increasing Borr Drilling’s footprint into the Gulf of The usa and Angola. Those awards mirror our centered business technique, deep buyer relationships, and disciplined fleet control. They additional diversify our buyer and marketplace portfolio, underscore our talent to navigate evolving statuses, and decrease inactive year around the fleet. Following those awards, our 2026 protection stands at 62% with a mean dayrate of $140,000, together with priced choices.
We predict fourth quarter 2025 effects to mirror fewer working days, because of a number of rigs transitioning between assurances and the hot have an effect on of sanctions-induced guarantee terminations in Mexico. In spite of this, we watch for complete 12 months 2025 Adjusted EBITDA within the field of $455 million to $470 million.
In fresh quarters, now we have skilled incremental jack-up call for throughout a number of global markets, soaking up to be had capability and offering sluggish vacation to the headwinds from 2024. Time near-term volatility might persist, unclouded indicators of call for inflection in Saudi Arabia and Mexico – two of the arena’s greatest jack-up markets – along with incremental process in alternative subjects, serve us with self assurance that the marketplace is now generation the trough. We foresee a tightening marketplace within the close to to medium promise that we predict will have to assistance upper usage and dayrates.
In latter, the Borr Drilling platform – constructed on operational excellence, buyer centricity, and our top class jack-up fleet – rest our defining aggressive merit striking us uniquely to have the benefit of bettering marketplace statuses.”
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