Borr Drilling Ltd (BORR) Form 6-K — Aug 13, 2026
Borr Drilling reported Q2 2026 revenues of $232.3 million, down 6% sequentially, with a net loss of $241.4 million versus a $29.0 million loss in Q1. Adjusted EBITDA fell 51% to $43.8 million, pressured by Odin rig startup costs, six rigs transitioning between contracts, higher Middle East insurance and fuel costs, and $10.8 million of credit losses on a former West Africa customer.
Key figures
- Eps
- -$0.79 basic and diluted (Q2 2026)
- Revenue
- $232.3 million (Q2 2026, down 6% from $247.0 million in Q1 2026)
- Guidance
- Approximately 23 average active rigs in Q3 2026; Adjusted EBITDA expected to improve significantly from Q2
- Net Income
- -$241.4 million (Q2 2026) vs -$29.0 million (Q1 2026)
- Total Debt
- $2,529.2 million principal outstanding as of June 30, 2026
- Debt Amount
- $2,335 million issued in refinancing ($2,035.0 million senior secured notes + $300.0 million 3.50% convertible notes due 2033); total debt outstanding $2,529.2 million principal
- Total Assets
- $3,696.3 million
- Cash Position
- $223.6 million (plus $250 million undrawn RCF for $473.6 million total liquidity)
- Interest Rate
- 8.750% (2032 notes), 9.000% (2034 notes), 3.50% (2033 convertible notes)
- Maturity Date
- 2032 and 2034 (senior secured notes); 2033 (convertible notes); SSRCF maturity extended to June 11, 2031
- Active Rigs
- 21.2 average in Q2 vs 22.4 in Q1; ~23 expected in Q3
- Total Equity
- $961.6 million (down from $1,197.2 million in Q1)
- Adjusted Ebitda
- $43.8 million (down $44.7 million or 51% from $88.5 million in Q1 2026)
- Six Month Net Loss
- -$270.4 million (vs +$18.2 million income in 1H 2025)
- Ssrcf Commitments
- $250.0 million (upsized, margin reduced to 3.00%)
- Interest Expense Q2
- $236.4 million
- Shares Outstanding
- 308512741
- Ytd Contract Awards
- 21 commitments, ~4,350 days, $541 million Dayrate Equivalent Backlog
- Credit Loss Provision
- $10.8 million (former West Africa customer, receivable fully provided for)
- Economic Utilization
- 96.4%
- New Contracts Since Q1
- 8 commitments, >2,100 days, ~$267 million backlog
- Operating Cash Flow Q2
- -$21.8 million (including $115.8 million cash interest paid)
- Contract Coverage2026
- 73% at average dayrate ~$134,000/day; 70% coverage for 2H 2026
- Technical Utilization
- 98.4%
- Fontis Acquisition Price
- $287.0 million for five jack-up rigs ($237 million non-recourse seller's credit + $25 million cash each from Borr and partner)
- Dayrate Equivalent Backlog
- $1.04 billion as of June 30, 2026; $1.13 billion as of report date
- Debt Extinguishment Charge
- $176.3 million ($123.7 million redemption premium + $52.6 million derecognition of unamortized premiums/discounts/charges)
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