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Borr Drilling
(NYSE:BORR)
Borr Drilling (BORR) vs. SPDR S&P 500 ETF (SPY)
Borr Drilling Business Overview & Revenue Model
Borr Drilling Earnings Call Summary
Borr Drilling Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 989.00M | 1.01B | 771.60M | 443.80M | 245.30M | 307.50M |
| Gross Profit | 734.90M | 423.00M | 654.20M | 327.30M | 125.70M | 189.60M |
| EBITDA | 452.80M | 505.00M | 361.24M | -2.00M | 29.20M | -96.10M |
| Net Income | 54.20M | 82.10M | 22.10M | -292.80M | -193.00M | -317.60M |
Balance Sheet | ||||||
| Total Assets | 3.35B | 3.42B | 3.08B | 3.00B | 3.08B | 3.18B |
| Cash, Cash Equivalents and Short-Term Investments | 92.40M | 61.60M | 102.50M | 108.00M | 34.90M | 19.20M |
| Total Debt | 2.05B | 2.11B | 1.70B | 1.64B | 1.92B | 1.91B |
| Total Liabilities | 2.34B | 2.43B | 2.10B | 2.10B | 2.19B | 2.13B |
| Stockholders Equity | 1.01B | 993.30M | 984.00M | 897.80M | 889.90M | 1.05B |
Cash Flow | ||||||
| Free Cash Flow | -237.20M | -332.10M | -164.70M | -20.80M | -77.80M | -97.10M |
| Operating Cash Flow | 178.60M | 77.30M | -50.70M | 62.50M | -58.90M | -54.70M |
| Investing Cash Flow | -415.80M | -409.40M | -104.20M | -82.60M | 40.90M | -119.80M |
| Financing Cash Flow | 136.10M | 292.00M | 139.00M | 92.60M | 44.80M | 65.20M |
Borr Drilling Technical Analysis
Borr Drilling Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.02B | 21.52 | 3.19% | ― | -8.19% | ― | |
67 Neutral | $780.04M | 13.20 | 5.39% | 8.19% | 7.73% | -25.36% | |
67 Neutral | $1.95B | 26.91 | 15.28% | ― | -13.36% | -82.21% | |
58 Neutral | $3.01B | -1.73 | -16.08% | ― | 23.26% | -284.22% | |
56 Neutral | $655.76M | -2.96 | -16.78% | ― | 3.49% | 18.16% | |
54 Neutral | $2.15B | -2.02 | -32.21% | 5.73% | -7.98% | -1011.04% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
Borr Drilling Corporate Events
On August 27, 2025, Borr Drilling Limited announced new contract commitments for its jack-up rigs, Prospector 1 and Natt, in the North Sea and West Africa, respectively. These contracts, with Dana Petroleum, ONE-Dyas, and New Age, cover a combined duration of 300 days and are expected to generate over $43 million in revenue backlog. Additionally, a previously announced contract for the rig Odin in Mexico has commenced operations, highlighting Borr Drilling’s expanding operational footprint and strengthening its position in the offshore drilling market.
Borr Drilling Limited reported strong financial results for the second quarter of 2025, with a 24% increase in operating revenues to $267.7 million and a net income of $35.1 million, reversing a loss from the previous quarter. The company secured 14 new contract commitments, enhancing its contract coverage and financial liquidity through a $102.5 million equity offering and improved credit facilities, positioning itself for future growth and potential industry consolidation.
Borr Drilling Limited announced its second quarter 2025 financial results, which were presented during a webcast and conference call on August 14, 2025. The presentation provided insights into the company’s financial performance and operational updates, potentially impacting its market positioning and stakeholder interests.
On July 3, 2025, Borr Drilling conducted a public offering of 50,000,000 shares at $2.05 per share, raising $102.5 million in gross proceeds. The offering was completed in two settlements, with the first settlement of 30,000,000 shares on July 7, 2025, and the final settlement of 20,000,000 shares on August 7, 2025. This capital raise is expected to impact the company’s liquidity positively and support its operations in the competitive offshore drilling industry.
On August 7, 2025, Borr Drilling Limited announced the completion of its public offering of 50 million common shares, raising $102.5 million. The offering, which was executed in two tranches, increased the company’s share capital and was managed by major financial institutions, potentially strengthening Borr Drilling’s market position and financial flexibility.
On August 6, 2025, Borr Drilling Limited held a Special General Meeting where shareholders approved several key resolutions. These included setting the maximum number of directors to eight, electing Mr. Thiago Mordehachvili as a director, and increasing the company’s authorized share capital by 50 million shares. These decisions are expected to enhance the company’s governance structure and provide additional capital for future growth, potentially impacting its market positioning and shareholder value.
Borr Drilling Limited has announced that it will release its financial results for the second quarter of 2025 on August 13, 2025, after the New York Stock Exchange closes. A conference call and webcast to discuss these results are scheduled for August 14, 2025, at 9:00 AM New York Time. This announcement is significant as it provides stakeholders with an opportunity to gain insights into the company’s financial performance and strategic direction, potentially impacting investor sentiment and market positioning.
Borr Drilling Limited has announced a Special General Meeting of Shareholders scheduled for August 6, 2025, in Hamilton, Bermuda. The meeting will address shareholder entitlements and voting rights, with the record date set for July 14, 2025. This meeting is significant as it provides shareholders an opportunity to influence company decisions and potentially impact its strategic direction.
On July 7, 2025, Borr Drilling Limited announced the first settlement of its public offering of 50 million common shares, raising gross proceeds of $102.5 million. The initial settlement involved 30 million shares, with the remaining shares expected to settle on August 7, 2025, contingent upon shareholder approval of an increase in authorized share capital. The proceeds will be used for general corporate purposes, including debt service and capital expenditures. This move is expected to enhance the company’s financial flexibility and strengthen its market position.
On July 3, 2025, Borr Drilling Limited announced the pricing of its public offering of 50 million common shares at $2.05 per share, aiming to raise $102.5 million. The proceeds are intended for general corporate purposes, including debt service and capital expenditures. The offering involves two settlements, with the first on July 7, 2025, and the second contingent on a special general meeting on August 6, 2025. This move is expected to bolster Borr Drilling’s financial position and support its operational strategies.
On July 2, 2025, Borr Drilling Limited announced a public offering of approximately 50 million common shares, aiming to raise $100 million in gross proceeds. The funds are intended for general corporate purposes, including debt service and capital expenditures. The offering is structured in two settlements, with the first expected around July 7, 2025, and the second contingent on a special general meeting’s approval on August 6, 2025. Key company officers have expressed interest in participating in the offering, potentially impacting the company’s financial flexibility and market positioning.
On July 2, 2025, Borr Drilling Limited announced a significant financial restructuring and leadership transition. The company secured commitments to increase its liquidity by over $200 million through a financing package, which includes an increase in its super senior revolving credit facility and a proposed $100 million equity raise. This financial strengthening aims to support Borr’s long-term strategy and growth opportunities. Additionally, Borr revealed a CEO succession plan, with Bruno Morand set to take over as CEO on September 1, 2025, while current CEO Patrick Schorn will transition to Executive Chairman. These changes are expected to ensure continuity and expand leadership capacity, positioning Borr for future growth and industry consolidation.
On July 2, 2025, Borr Drilling Limited announced new contract commitments for four of its jack-up rigs, increasing its contracted fleet to 23 out of 24 rigs. These contracts, totaling approximately 1,300 days and over $129 million in revenue, enhance the company’s revenue visibility and contract coverage. Notably, in the Middle East, the ‘Arabia II’ secured a 500-day contract starting in September 2025, while in Southeast Asia, the ‘Thor’ and ‘Gunnlod’ received awards for programs commencing later in the year. In Mexico, the ‘Odin’ faced a temporary suspension but secured a new 60-day accommodation program. Year-to-date, Borr Drilling has secured 13 new commitments, totaling 3,010 potential contract days and $366 million in potential revenue.