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Borr Drilling (BORR) investor relations material
Borr Drilling Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with 23 of 24 rigs active, high operational execution, and robust global presence, supporting a diversified portfolio.
Secured 22 new commitments year-to-date, adding $625 million to backlog, and expanded into the Gulf of America and Angola, diversifying the customer base.
Adjusted EBITDA guidance for 2025 is $450–$470 million, reflecting recent contract terminations and market transitions.
Modern jack-up demand remains resilient, with utilization near 90% despite industry headwinds and volatility.
Net income for Q3 2025 was $27.8 million, down 21% from Q2 2025 due to higher expenses.
Financial highlights
Q3 2025 revenue increased by 4% sequentially to $277.1 million, driven by higher dayrate and charter revenues.
Adjusted EBITDA rose 2% to $135.6 million, with a margin of 48.9%.
Operating income reached $98 million, up 2% from the prior quarter.
Free cash at quarter-end was $227.8 million, with total available liquidity of $461.8 million.
Total equity increased to $1,140.1 million as of Q3 2025.
Outlook and guidance
Q4 2025 results expected to reflect fewer operating days due to rig transitions and sanction-induced contract terminations.
Full-year 2025 adjusted EBITDA expected in the range of $450–$470 million.
2025 fleet coverage at 85% at an average day rate of $145,000; 2026 coverage at 62%, with 79% in the first half.
Utilization levels for H1 2026 expected to increase, with a constructive outlook for H2 2026.
Management anticipates a tightening market in the near to medium term, supporting higher utilization and dayrates.
Mexico: Net impact of extensions vs. terminations?
Given debt maturities, how is new capital deployed?
Market outlook: Strategy for uncontracted rigs?
Mexico new payment terms: working capital impact?
Saudi rig call-backs: regional supply impact?
M&A strategy: fleet quality vs. deleveraging?
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Next Borr Drilling earnings date
Q4 202519 Feb, 2026
Borr Drilling
Next Borr Drilling earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Borr Drilling is a global operation providing drilling and well service support to the petroleum industry based in Norway and listed on Oslo Børs.
They have diverse drilling fleets working in domestic and international markets, supported by modern flexible marine operations and internationally recognised consultancy services
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