Earnings ·
Borr Drilling reported a Q2 2026 net loss of $241.4 million and Adjusted EBITDA of $43.8 million, down 51% sequentially
BORRBorr Drilling Ltd
Borr Drilling reported a Q2 2026 net loss of $241.4 million and Adjusted EBITDA of $43.8 million, down 51% sequentially. The results were heavily impacted by a $176.3 million debt extinguishment charge from refinancing senior secured notes due 2028/2030 and convertible bonds due 2028. Revenue fell 6% to $232.3 million as average operating rigs declined from 22.4 to 21.2, while expenses rose due to Odin preparation costs ($22.5 million), rig transitions, Middle East conflict-driven fuel/insurance hikes, and a $10.8 million credit loss provision. The company refinanced substantially all existing debt by issuing $300 million in convertible notes due 2033 and $2,035 million in senior secured notes due 2032/2034, while upsizing its super senior RCF to $250 million. Subsequent to quarter-end, it acquired five premium jack-up rigs for $287 million via a joint venture. Borr Drilling is an international drilling contractor that owns and operates modern jack-up rigs for the offshore oil and gas industry.