Borr Drilling Ltd (STU:B2W)

Q2 2026 Borr Drilling Ltd Earnings Call Transcript

Aug 12, 2026 / 01:00 PM GMT

Release Date Price: €3.53 (-4.33%)

Transcript

Key Points

Positve

Borr Drilling Ltd (BORR) reported strong operational performance with technical utilization of 98.4% and economic utilization of 96.4% in Q2 2026.
The company secured eight new contract commitments representing over 2,100 days of additional work, including extensions in Mexico that keep rigs contracted into 2030.
Borr Drilling Ltd (BORR) successfully refinanced substantially all of its debt, extending maturities, reducing financing costs, and strengthening liquidity to $473.6 million.
The company expects a significant improvement in Q3 adjusted EBITDA, driven by an average of 23 active rigs as contract transitions are completed.
Borr Drilling Ltd (BORR) completed the acquisition of five premium jackup rigs in Mexico through a joint venture at an attractive valuation with limited equity commitment, with three rigs already contracted.
The company has a positive book-to-bill ratio in 2026, with 21 contract commitments adding approximately 4,350 days and $541 million in backlog.

Negative

Borr Drilling Ltd (BORR)'s Q2 adjusted EBITDA declined by $44.7 million to $43.8 million, impacted by delays and higher costs related to the Odin rig's start-up in the U.S. Gulf.
The company recognized a $10.8 million credit loss related to a former customer in West Africa, fully providing for the receivable.
The ongoing Middle East conflict led to higher insurance and fuel costs, contributing a $7.3 million quarter-on-quarter increase in rig operating expenses.
Borr Drilling Ltd (BORR) reported a net loss of $241.4 million for Q2, largely due to a $176.3 million loss on debt extinguishment from refinancing activities.
The Middle East conflict has delayed tendering and contracting activity, with backlog additions in the region reaching the lowest levels in more than 25 years, creating near-term uncertainty.
The company anticipates additional incremental operating expenses of $6 million to $9 million in Q3 related to Odin preparations, and expects elevated insurance costs to linger until the conflict is resolved.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BORR.N - Borr Drilling Limited
Q2 2026 Borr Drilling Ltd Earnings Call
Aug 12, 2026 / 01:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by.

Welcome to the Board Trailing Limited Q2 2026 results presentation webcast and conference call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then. An automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Bruno Moran, CEO. Please go ahead.

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