Borr Drilling reports a wider-than-expected Q2 loss and revenue decline amid a 51% drop in adjusted EBITDA sequentially.
Borr Drilling posted a Q2 GAAP loss of $0.79 per share, missing estimates by $0.67, as revenue fell 13.2% year-over-year to $232.3 million. The top line also missed expectations by $15.29 million.
Adjusted EBITDA for the quarter totaled $43.8 million, down $44.7 million or 51% from the prior quarter. The decline reflects weaker market conditions and reduced drilling activity.
The company did not disclose immediate market reactions to the earnings release.