Borr Drilling (BORR)
NYSE:BORR
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Earnings Data
Report Date
Aug 12, 2026TBA (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.09Last Year’s EPS
0.14Same Quarter Last Year
Moderate Buy
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a cautiously optimistic strategic outlook: operational performance and safety remain strong (very high utilization and safety milestones), the company materially expanded fleet and improved 2026 coverage, and management strengthened the capital structure (new convertible notes and liquidity). These strategic and contracting gains offset near-term financial headwinds including a Q1 revenue decline, a $29 million net loss, an $8.4 million credit loss provision, and Odin's delayed startup with additional expected prep costs. Management emphasized that sector fundamentals and demand visibility (particularly into 2027–2028) are improving but with timing uncertainty driven by geopolitical events.Company Guidance
Strong Operational Utilization and Safety Track Record
Technical utilization of 99.4% and economic utilization of 97% in Q1 2026; multiple rigs reached long LTI-free milestones (Gerd, Natt, Mist: 7 years; Saga: 6 years; Arabia III: 3 years) and Norve attained 2 years recordable-incident free, signaling strong operational performance and safety culture.
Revenue and Adjusted EBITDA
Total operating revenue of $247 million and adjusted EBITDA of $88.5 million for Q1 2026, demonstrating ongoing cash-generative operations despite near-term headwinds.
Fleet Expansion and Strategic Acquisitions
Fleet increased from 29 to 34 rigs via the 5-rig acquisition from Noble and purchase of 5 premium jack-ups on Paratus (through a 50-50 JV) totaling ~$287 million; total Noble-related purchase price $360 million (partly financed by $150 million seller credit), giving scale and redeployment optionality in key markets.
Improved Contract Coverage and Backlog Growth
Full-year 2026 coverage increased to 71% at an average dayrate of approximately $137,000; second-half 2026 coverage improved to 65% (from 48% in the prior report) — a +17 percentage-point improvement. Year-to-date 2026 the company secured 13 commitments adding ~ $274 million to backlog and previously noted 8 new commitments representing >1,100 firm days.
Capital Structure Strengthening
Completed an upsized $300 million convertible senior notes offering due 2033 (coupon 3.5% vs prior 5% on 2028 notes) post-quarter; used proceeds to repurchase and cancel $195.2 million of 2028 convertible notes, extending maturity profile by ~5 years and reducing coupon expense, improving liquidity and refinancing profile.
Liquidity Position
Cash balance of $246 million at quarter end and total liquidity of $480 million including $234 million undrawn revolving credit facilities, providing near-term flexibility despite cash deployment for acquisitions.
Contracting Wins Across Regions
Recent contract awards include Ran extension in Mexico through Sep 2026; Sif secured a ~100-day well offshore Suriname (target July start); Prospector 5 committed into Q2 2027 in Gabon with options into 2028; Thor committed through Q1 2027 in Vietnam; Scout awarded 180 days in Malaysia — demonstrating geographic diversification and repeat customer relationships.
BORR 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
BORR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 21, 2026 | $6.18 | $5.64 | -8.74% |
Feb 18, 2026 | $5.78 | $5.99 | +3.63% |
Nov 05, 2025 | $3.03 | $3.21 | +5.94% |
Aug 13, 2025 | $2.61 | $2.43 | -6.90% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Borr Drilling (BORR) report earnings?
Borr Drilling (BORR) is schdueled to report earning on Aug 12, 2026, TBA (Confirmed).
What is Borr Drilling (BORR) earnings time?
Borr Drilling (BORR) earnings time is at Aug 12, 2026, TBA (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BORR EPS forecast?
BORR EPS forecast for the fiscal quarter 2026 (Q2) is -0.09.