Borr Drilling has announced unaudited results for the nine months ended September 30, reporting total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second quarter of 2025.
Net income of $27.8 million was a decrease of $7.3 million or 21% compared to the second quarter of 2025, and adjusted EBITDA of $135.6 million was an increase of $2.4 million or 2% compared to the second quarter of 2025.
YTD, the company was awarded 22 new contracts representing more than 4,820 days and $625 million of potential contract revenue.
CEO Bruno Morand commented: "Our third quarter results were strong, extending the rebound delivered in the second-quarter. With 23 of our 24 rigs active during the quarter, we demonstrated disciplined execution and commercial strength in contracting rigs despite a dynamic market.”
Operational execution remained robust with technical utilization of 97.9% and economic utilization of 97.4% across the active fleet.
“Following quarter end, we announced three contract extensions in Mexico,” said Morand. “The Galar and Gersemi each received a two-year firm extension at improved commercial and payment terms. A third rig, the Njord, also received an extension. Mexico remains an important market for us. Collections restarted in September, with approximately $19 million received in September and October. These inflows, together with recent government actions to strengthen Pemex finances, are the basis for our confidence in the continued normalization of payments.
“Today we also announced new commitments for our rigs Odin and Grid, expanding Borr Drilling’s footprint into the Gulf of America and Angola. These awards reflect our focused commercial strategy, deep customer relationships, and disciplined fleet management. They further diversify our customer and market portfolio, underscore our ability to navigate evolving conditions, and minimize idle time across the fleet. Following these awards, our 2026 coverage stands at 62% with an average dayrate of $140,000, including priced options.
“We expect fourth quarter 2025 results to reflect fewer operating days, due to several rigs transitioning between contracts and the recent impact of sanctions-induced contract terminations in Mexico. Despite this, we anticipate full year 2025 Adjusted EBITDA in the range of $455 million to $470 million.”
In recent quarters, the company has experienced incremental jack-up demand across several international markets, absorbing available capacity and providing gradual relief to the headwinds from 2024. “While near-term volatility may persist, clear signs of demand inflection in Saudi Arabia and Mexico - two of the world’s largest jack-up markets - together with incremental activity in other areas, provide us with confidence that the market is now past the trough. We foresee a tightening market in the near to medium term that we expect should support higher utilization and dayrates.”