Key Points – Borr Drilling posted weaker Q1 results, with revenue of $247 million, a net loss of $29 million and adjusted EBITDA of $88.5 million.
Results were pressured by the delayed start-up of the Odin rig and an $8.4 million credit loss provision. – Liquidity remained solid at $480 million, including $246 million in cash and $234 million in undrawn credit facilities
The company also refinanced debt after quarter-end with $300 million of convertible notes due 2033, using proceeds to retire higher-cost 2028 notes. – Contracting momentum improved materially, with eight new commitments since the last report and 2026 coverage rising to 71% at an average dayrate of about $137,000. Management said demand is strengthening across regions such as the Middle East, West Africa, Mexico and Asia, supporting a more positive outlook. Borr Drilling (NYSE:BORR) reported lower first-quarter revenue and a net loss as delayed rig start-up activity, contract transitions and a credit loss provision weighed on results, while management said contracting momentum has improved the company’s coverage for the remainder of 2026.
Chief Executive Officer Bruno Morand said on the company’s first-quarter 2026 earnings call that Borr delivered technical utilization of 99.4% and economic utilization of 97% during the period. He also highlighted safety milestones across several rigs, including the Gerd, Natt and Mist reaching seven years without lost-time incidents. Revenue for the quarter was $247 million.