Borr Drilling ( (BORR) ) has released its Q1 earnings. Here is a breakdown of the information Borr Drilling presented to its investors.
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Borr Drilling Limited is a Bermuda-based international drilling contractor specializing in the operation of modern jack-up rigs for the offshore oil and gas industry worldwide.
In the first quarter of 2025, Borr Drilling reported total operating revenues of $216.6 million, marking a decrease from the previous quarter. The company experienced a net loss of $16.9 million, attributed to temporary rig suspensions and preparations for upcoming contracts.
Key financial metrics included an adjusted EBITDA of $96.1 million, also down from the prior quarter. Despite the setbacks, Borr Drilling secured nine new contract commitments, representing significant potential revenue. The company maintained high technical and economic utilization rates for its active rigs, underscoring operational efficiency.
Looking ahead, Borr Drilling anticipates increased activity in the second quarter, with several rigs resuming operations and new contracts commencing. The company’s liquidity position has improved, and management is optimistic about stronger financial performance in future quarters.
Overall, Borr Drilling is focused on enhancing its operational capabilities and contract coverage, with a strategic emphasis on opportunities in 2026, while navigating the challenges of market volatility and industry dynamics.