Borr Drilling has announced unaudited results for the nine months ended September 30, reporting total operating revenues of $277.1 million, an increase of $9.4 million…
Borr Drilling has announced unaudited results for the nine months ended September 30, reporting total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second quarter of 2025.
Net income of $27.8 million was a decrease of $7.3 million or 21% compared to the second quarter of 2025, and adjusted EBITDA of $135.6 million was an increase of $2.4 million or 2% compared to the second quarter of 2025.
YTD, the company was awarded 22 new contracts representing more than 4,820 days and $625 million of potential contract revenue.
CEO Bruno Morand commented: "Our third quarter results were strong, extending the rebound delivered in the second-quarter. With 23 of our 24 rigs active during the quarter, we demonstrated disciplined execution and commercial strength in contracting rigs despite a dynamic market.”
Operational execution remained robust with technical utilization of 97.9% and economic utilization of 97.4% across the active fleet.
“Following quarter end, we announced three contract extensions in Mexico,” said Morand. “The Galar and Gersemi each received a two-year firm extension at improved commercial and payment terms. A third rig, the Njord, also received an extension. Mexico remains an important market for us. Collections restarted in
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