Financing ·
Borr Drilling reported a net loss of $270.4 million for the six months ended June 30, 2026, compared to net income of…
BORRBorr Drilling Ltd
Borr Drilling reported a net loss of $270.4 million for the six months ended June 30, 2026, compared to net income of $18.2 million in the prior year period. Operating revenues decreased by 1% to $479.3 million, driven by a 10% drop in dayrate revenue partially offset by increased bareboat charter and management contract revenues. Adjusted EBITDA fell 42% to $132.3 million due to higher rig operating expenses and a $176.3 million loss on debt extinguishment from redeeming the 2028 and 2030 Senior Secured Notes and Convertible Bonds due 2028. The company issued $2,035.0 million in new senior secured notes (2032 and 2034 maturities) and $300.0 million in convertible notes due 2033. Additionally, a joint venture acquired five jack-up rigs in Mexico for $287.0 million on July 29, 2026. Borr Drilling Limited is an offshore shallow-water drilling contractor providing worldwide drilling services to the oil and gas industry.