Borr Drilling Limited has announced its unaudited results for the three and six months ended June 30, highlighting a second quarter total operating revenues of $232…
Borr Drilling Limited has announced its unaudited results for the three and six months ended June 30, highlighting a second quarter total operating revenues of $232.3 million, a decrease of $14.7 million or 6% compared to the first quarter of 2026.
The company suffered a second quarter net loss of $241.4 million compared to net loss of $29.0 million in the first quarter of 2026, primarily driven by a $176.3 million debt extinguishment charge related to the refinancing of its senior secured notes due 2028 and 2030 and convertible bonds due 2028.
Second quarter adjusted EBITDA was $43.8 million, a decrease of $44.7 million or 51% compared to the first quarter of 2026.
Subsequent to quarter end, it completed the acquisition of five premium jack-up rigs via new 50/50 joint venture for a total purchase price of $287 million.
Year-to-date 2026, the company has been awarded 21 contract commitments, representing approximately 4,350 days and $541 million of dayrate equivalent backlog.
Chief Executive Officer Bruno Morand commented: "Our operational performance in the second quarter of 2026 resulted in technical utilization of 98.4% and economic utilization of 96.4%. Revenue for the period was $232.3 million, as the average number of rigs operating declined
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