EarningsQ2 2026 Earnings Report
DE:B2W Q2 2026 EPS Results
Actual EPS-€0.70
Consensus EPS-€0.19
Beat/MissMissed by -€0.52
One Year Ago EPS€0.12
DE:B2W Q2 2026 Revenue Results
Actual Revenue€207.05M
Expected Revenue€219.22M
Beat/MissMissed by -€12.17M
YoY Revenue Growth-13.22%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeAfter Close
Conference CallTuesday, August 11, 2026
DE:B2W Upcoming Earnings
Borr Drilling's next earnings date is estimated for November 18, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:B2W Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
Balanced: the quarter showed strong operational metrics (very high technical/economic utilization, extensive safety milestones), meaningful backlog growth and a strengthened liquidity and maturity profile through refinancing and the Fontis acquisition. However, near-term financials were negatively impacted by Odin start-up delays and related preparation costs, higher operating expenses (fuel, insurance), a $10.8M credit loss, and large one-time financing losses that produced a substantial net loss and a ~50% decline in adjusted EBITDA. Management expects Q3 operational improvement (average ~23 rigs) and the refinancing to reduce future financing costs, but uncertainty persists from the Middle East conflict and short-term mobilization timing.Company Guidance
Strong Safety and Operational Utilization
Multiple rigs achieved multiyear LTI- and recordable-free milestones (Groa and Gersemi 7 years LTI-free; Ran 6 years; Skald 5 years; plus Hild, Galar, Natt, Arabia III and Grid). Technical utilization was 98.4% and economic utilization 96.4% in Q2.
Backlog Growth and Contract Coverage
Since the prior report Borr secured 8 contract commitments representing over 2,100 days; year-to-date 21 commitments adding ~4,350 days and $541 million of dayrate equipment backlog. 2026 contract coverage is 73% at an average dayrate of approximately $134,000/day (H2 coverage ~70%).
High Proportion of Fleet Contracted
24 of 29 rigs are either contracted or committed, and management expects Q3 to average approximately 23 active rigs as several rigs that transitioned in Q2 are now fully operational.
Strategic Fontis Acquisition (Mexico JV)
50/50 JV completed purchase of 5 premium jack-ups for $287 million (financed via $237M non‑recourse seller credit + $25M equity each partner). Three rigs are contracted/operating (2 operating, 1 to commence soon); management expects the JV to be largely self-funded with an expected ~$15M working-capital funding in Q3.
Refinancing Strengthened Liquidity and Extended Maturities
Completed significant refinancing: issued $2.035B senior secured notes (two series) and $300M 3.5% convertible notes due 2033; amended RCF increased to $250M, margin reduced to 3% and maturity extended to 2031. These steps extend maturities, reduce ongoing financing cost and resulted in total liquidity of $473.6M (cash $223.6M + $250M undrawn RCF).
Dayrate Mix and Revenue Components
Total operating revenue for Q2 was $232.3M composed of $187.7M dayrate, $32.9M bareboat charter and $11.7M management contract revenue. Bareboat charter revenue increased by $6.3M quarter-on-quarter.
Market Positioning and Regional Demand
Management cites resilient global demand for modern jack-ups (~90% market utilization) and improving regional activity: Southeast Asia and West Africa showing accelerated contracting, Americas activity resuming (including Mexico) and selective North Sea wins despite permitting headwinds.
Near-Term Operational Outlook
Management expects Q3 adjusted EBITDA to improve significantly as rig transition activity from Q2 is now largely behind the company, Odin readied for mobilization, and average active rigs increases to ~23.
DE:B2W Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed