Earnings ·
Borr Drilling Limited reported Q2 2026 financial results showing a net loss of $241.4 million compared to a loss of…
BORRBorr Drilling Ltd
Borr Drilling Limited reported Q2 2026 financial results showing a net loss of $241.4 million compared to a loss of $29.0 million in Q1 2026, driven by a $236.5 million total financial expense and a decline in operating income from $46.0 million to $0.3 million. Adjusted EBITDA fell 50.5% year-over-year to $43.8 million on revenues of $232.3 million, while liquidity stood at $473.6 million including an upsized senior secured revolving credit facility. The company completed a significant debt refinancing in Q2 2026, issuing $2.3 billion in new notes due 2032-2034 and convertible bonds due 2033 to retire existing 2028/2030 senior secured notes. Contracting activity added $541 million in backlog revenue with an average dayrate of $123,000 across 4,350 days. Borr Drilling Limited operates in the offshore oil and gas drilling industry.