Q1 2026 Borr Drilling Ltd Earnings Call Transcript
Key Points
- Borr Drilling Ltd (BORR) achieved significant safety milestones with several rigs, reflecting a strong safety culture.
- The company reported high technical utilization of 99.4% and economic utilization of 97% in the first quarter.
- Borr Drilling Ltd (BORR) secured 8 contract commitments, representing over 1,100 days of firm work, increasing 2026 coverage to 71%.
- The acquisition of five premium jackup rigs from Paratus expands the fleet and strengthens the company's position in the Mexican market.
- Successfully completed a $300 million convertible senior notes offering, extending the maturity profile and strengthening the capital structure.
- Revenue decreased by $12.4 million compared to the previous quarter, primarily due to lower day rate revenue.
- The company faced a net loss of $29 million for the quarter, with adjusted EBITDA down $16.7 million quarter-on-quarter.
- The delayed start-up of the Odin rig impacted financial results, with additional contract preparation expenses expected.
- Rising tensions in the Middle East created disruptions, although with little financial impact.
- Cash and restricted cash decreased by $133.7 million in the quarter, primarily due to investing activities and CapEx.
Good day, and thank you for standing by. Welcome to the Borr Drilling Limited Q1 2026 results presentation webcast and conference call. (Operator Instructions)
I would now like to hand the conference over to your first speaker today, Mr. Bruno Morand, CEO. Please go ahead.
Good morning, and thank you for joining Borr Drilling's first-quarter earnings call. I'm Bruno Morand, and with me here today in Bermuda is Magnus Vaaler, our Chief Financial Officer. I would like to remind all participants that certain statements made on this call are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. For further details, please refer to our latest public filings. On today's call, I'll start with a review of the first quarter and key developments since quarter end. Magnus will then cover financial results, after which I'll return to discuss contract activity and our market outlook. Before I begin, I would
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
