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BORR

Borr Drilling Limited

BORR

Borr Drilling Limited • NYSE
$3.31 ▲ 1.22% (+0.04)
Market Cap $833.19 M
52w High $4.22
52w Low $1.55
Dividend Yield 0.02%
P/E 11.82
Volume 2.26M
Outstanding Shares 251.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $277.1M ▲ $12.8M ▼ $30.8M ▼ 11.115% ▼ $0.11 ▼ $134.4M ▲
Q2-2025 $267.7M ▲ $134.5M ▲ $35.1M ▲ 13.112% ▲ $0.15 ▲ $131.3M ▲
Q1-2025 $216.6M ▼ $120.5M ▼ $-16.9M ▼ -7.802% ▼ $-0.069 ▼ $87.2M ▼
Q4-2024 $263.1M ▲ $126.4M ▲ $26.3M ▲ 9.996% ▲ $0.11 ▲ $126.5M ▲
Q3-2024 $241.6M $126.1M $9.7M 4.015% $0.039 $107.8M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $228.8M ▲ $3.522B ▲ $2.382B ▲ $1.14B ▲
Q2-2025 $92.4M ▼ $3.352B ▼ $2.339B ▼ $1.013B ▲
Q1-2025 $170M ▲ $3.402B ▼ $2.427B ▲ $974.9M ▼
Q4-2024 $61.6M ▼ $3.42B ▲ $2.426B ▲ $993.3M ▲
Q3-2024 $185.7M $3.343B $2.355B $988.2M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.8M ▼ $74.997M ▲ $-35.232M ▼ $100.833M ▲ $135.4M ▲ $39.765M ▲
Q2-2025 $35.1M ▲ $6.3M ▼ $-13.4M ▲ $-70.7M ▼ $-77.8M ▼ $-7.1M ▼
Q1-2025 $-16.9M ▼ $138.7M ▲ $-25.1M ▲ $-4.9M ▼ $108.7M ▲ $113.6M ▲
Q4-2024 $26.3M ▲ $-14.8M ▼ $-189.9M ▼ $80.6M ▼ $-124.1M ▼ $-204.7M ▼
Q3-2024 $9.7M $48.4M $-187.4M $131.1M $-7.9M $-139M

Revenue by Products

Product Q2-2021Q4-2021
Dayrate Segment
Dayrate Segment
 $10.00M ▲$320.00M ▲
Integrated Well Services Segment
Integrated Well Services Segment
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly over the last several years, moving from a small base to a much larger business as more rigs have gone to work at better day rates. Profitability has improved sharply: the company has shifted from sizable losses to modest but positive earnings, with operating profit and EBITDA now clearly in the black. This suggests that scale, higher pricing and better utilization of the fleet are finally overcoming the heavy fixed costs typical of offshore drilling. However, the net profit level is still relatively thin compared with the size and capital intensity of the business, which means results remain sensitive to day rate changes, downtime, or unexpected costs. Overall, the income statement shows a successful turnaround from loss-making operations toward sustainable profitability, but still in an early, delicate phase.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑heavy, leveraged offshore driller. Total assets have stayed fairly steady over time, dominated by the rig fleet, while equity has only inched up, indicating limited retained earnings so far. Debt is substantial compared with equity, though it has come down somewhat from peak levels, suggesting gradual de‑risking but not yet a low‑leverage profile. Cash on hand appears relatively modest for such a cyclical, asset‑intensive business, which could leave the company exposed during industry downturns or if day rates soften. In short, the balance sheet has improved but still leans heavily on debt, making disciplined capital allocation and steady contract coverage very important.

Cash Flow

Cash Flow Cash generation has been improving but remains a key watch point. Operating cash flow has only recently turned consistently positive and is still not strong relative to the scale of the asset base, reflecting both the late stage of the turnaround and the volatility of offshore activity. Free cash flow has stayed negative because of ongoing investment in the fleet and related equipment; capital spending has recently stepped up again, reinforcing Borr’s modern‑fleet strategy but also absorbing most of the cash that operations generate. This pattern indicates that the company continues to rely on external funding or balance sheet flexibility to support growth and renewal of its rigs. The business is moving in the right direction, but it is not yet in a comfortably self‑funding position.

Competitive Edge

Competitive Edge Borr’s main edge is its young, standardized fleet of modern jack‑up rigs focused on shallow‑water drilling. Compared with many rivals that still run older rigs, this newer fleet tends to be more efficient, safer, and more attractive to major oil companies that want high reliability and lower environmental impact. That allows Borr to win work at relatively strong day rates and maintain high utilization, supported by a solid backlog of contracted days. The company is also a “pure play” in this niche, which helps concentrate expertise, operations, and marketing. On the other hand, the business is heavily exposed to the broader oil and gas cycle, faces intense competition when markets soften, and remains dependent on a relatively small group of large customers. Overall, though, the fleet profile and operational track record give Borr a meaningful competitive position within its chosen segment.

Innovation and R&D

Innovation and R&D Borr does not rely on classic lab‑style R&D; its innovation comes through fleet design, technology adoption, and operating practices. The company has deliberately built a modern fleet using a limited set of proven rig designs, which simplifies maintenance, training, and spare parts while supporting high uptime. These rigs incorporate newer control systems, higher automation, and better data capabilities, helping improve safety and efficiency. Borr is also leaning into digital tools and strong safety and environmental standards as differentiators, and is positioning parts of its offering toward emerging areas like carbon capture and storage wells. Future innovation is likely to focus on further reducing emissions, optimizing fuel use, and deepening digital monitoring rather than on radical new rig concepts. This is an incremental, operations‑centric innovation model, but in such a mature and capital‑intensive industry, even small efficiency and reliability gains can be valuable.

Summary

Borr Drilling has transitioned from a loss‑making offshore driller to a business that is now profitable at the income statement level, supported by a young, high‑spec jack‑up fleet that is in demand. Revenue growth and margin improvement point to better utilization and stronger day rates, validating the company’s strategy of investing in modern rigs. At the same time, the balance sheet still carries significant debt and relatively limited cash, and free cash flow remains negative due to continued capital spending. This combination means the company’s financial health still depends heavily on a supportive market, disciplined execution, and sustained contract coverage. Competitively, Borr’s modern, standardized fleet and focus on shallow water give it a clear position versus older, more fragmented peers, and its operational track record and backlog reinforce that edge. The main opportunities lie in continuing to lock in premium contracts, further strengthening cash generation, and carefully managing leverage, while key risks revolve around sector cyclicality, day rate volatility, and the ongoing need to fund an asset‑intensive business model.

NEWS

November 5, 2025 · 4:40 PM UTC

Borr Drilling Limited Announces Third Quarter 2025 Results

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October 24, 2025 · 5:07 PM UTC

Borr Drilling Limited - Contract Terminations

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October 15, 2025 · 9:11 AM UTC

Borr Drilling Limited - Invitation to Webcast and Conference Call for Q3 2025 Results

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September 10, 2025 · 4:48 AM UTC

Borr Drilling Limited - Presentation at Pareto Securities' 32nd annual Energy Conference

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