Borr Drilling Limited (NYSE, OSE: BORR) delivered strong financial performance in the fourth quarter of 2024, reporting a net income of $26.3 million, up 171% from the previous quarter, and total operating revenues of $263.1 million, marking a 9% increase.
For the full year, Borr Drilling’s net income surged 271% to $82.1 million, while adjusted EBITDA rose 37% to $505.4 million. The company secured 19 new contract commitments in 2024, totaling approximately 4,500 days and $795 million in potential revenue. Additionally, Borr reached an agreement with a major Mexican client for a $125 million payment on outstanding receivables due in February 2025.
Despite market headwinds, including softer demand and rig suspensions in Saudi Arabia and Mexico, CEO Patrick Schorn highlighted optimism for the latter half of 2025, citing rising contracting activity. The company also completed its newbuild program and expects improved cash flow in 2025 with lower capital expenditures.