Borr Drilling Limited announced operational updates and new contract commitments for its jack-up rigs. The Odin rig commenced drilling operations in the Americas on September 11, 2026, following acceptance testing offshore Texas. In Southeast Asia, the Idun was awarded a contract with an undisclosed operator in Vietnam for a three-well campaign estimated to last 130 days starting in Q4 2026. Additionally, ENI exercised a nine-month option on the Bestla rig in Europe, extending the contract through September 2027, with an additional fixed-price extension option available. Borr Drilling Limited is an international drilling contractor that owns and operates jack-up rigs to provide shallow-water offshore oil and gas services worldwide.

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.

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.

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.

Borr Drilling Limited announced the completion of a joint venture acquisition of five premium jack-up rigs from Fontis Finance Ltd. for $287 million. The buyer is BC Ventures Limited, a 50/50 joint venture between Borr Drilling and its Mexican well construction partner. The fleet includes two Friede & Goldman JU-2000E design rigs (Oberon and Titania FE) and three LeTourneau Super 116-C design rigs (Courageous, Defender, and Intrepid), all located in Mexico. Financing consists of a $237 million non-recourse seller’s credit maturing in January 2029 and $50 million in cash contributions from the partners. This transaction expands Borr Drilling's owned and jointly-owned fleet to 34 rigs and strengthens its presence in the shallow-water offshore oil and gas market.