HAMILTON, Bermuda, Nov. 5, 2025 /PRNewswire/ — Borr Drilling Restricted (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) publicizes unaudited effects for the 9 months ended September 30, 2025.
Highlights
- Overall running revenues of $277.1 million, an building up of $9.4 million or 4% in comparison to the second one quarter of 2025
- Internet source of revenue of $27.8 million, a trim of $7.3 million or 21% in comparison to the second one quarter of 2025
- Adjusted EBITDA of $135.6 million, an building up of $2.4 million or 2% in comparison to the second one quarter of 2025
- YTD 2025, the corporate used to be awarded 22 unutilized pledge constancy, representing greater than 4,820 days and $625 million of attainable pledge earnings
CEO, Bruno Morand commented:
“Our 3rd quarter effects had been robust, extending the rebound delivered within the second-quarter. With 23 of our 24 rigs lively right through the quarter, we demonstrated disciplined execution and industrial power in contracting rigs in spite of a dynamic marketplace. Earnings higher by means of $9.4 million this quarter over the second one quarter and Adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the constituent of our profits. Operational execution remained powerful, with technical usage of 97.9% and financial usage of 97.4% around the lively fleet, reflecting the ongoing power and potency of our operations.
Following quarter finish, we introduced 3 pledge extensions in Mexico. The Galar and Gersemi every gained a two-year company extension at advanced industrial and fee phrases. A 3rd rig, the Njord, additionally gained an extension. Mexico extra an notable marketplace for us. Collections restarted in September, with roughly $19 million gained in September and October. Those inflows, along side fresh govt movements to improve Pemex budget, are the root for our self assurance within the endured normalization of bills.
Lately we additionally introduced unutilized constancy for our rigs Odin and Grid, increasing Borr Drilling’s footprint into the Gulf of The usa and Angola. Those awards mirror our targeted industrial technique, deep buyer relationships, and disciplined fleet control. They additional diversify our buyer and marketplace portfolio, underscore our skill to navigate evolving statuses, and reduce inactive hour around the fleet. Following those awards, our 2026 protection stands at 62% with a median dayrate of $140,000, together with priced choices.
We think fourth quarter 2025 effects to mirror fewer running days, because of a number of rigs transitioning between commitments and the new have an effect on of sanctions-induced pledge terminations in Mexico. Regardless of this, we watch for complete yr 2025 Adjusted EBITDA within the field of $455 million to $470 million.
In fresh quarters, we’ve skilled incremental jack-up call for throughout a number of world markets, soaking up to be had capability and offering sluggish vacay to the headwinds from 2024. Moment near-term volatility might persist, sunny indicators of call for inflection in Saudi Arabia and Mexico – two of the sector’s greatest jack-up markets – along side incremental job in alternative fields, grant us with self assurance that the marketplace is now presen the trough. We foresee a tightening marketplace within the close to to medium word that we think will have to help upper usage and dayrates.
In utmost, the Borr Drilling platform – constructed on operational excellence, buyer centricity, and our top class jack-up fleet – extra our defining aggressive benefit striking us uniquely to get pleasure from making improvements to marketplace statuses.”
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