For the quarter ended December 31, 2025, Borr Drilling reported:
- Total operating revenues: $259.4 million, down from the prior quarter.
- Net loss: $1.0 million in Q4 2025.
Compared with the third quarter of 2025, fourth-quarter revenue decreased 6% and net profit swung to a loss from income reported in Q3.
Full-Year Results Context
For fiscal year 2025, Borr Drilling reported:
- Annual net income: $45.0 million, down 45% compared with 2024.
- Annual Adjusted EBITDA: $470.1 million, down 7% year over year.
These figures reflect a year-over-year contraction in both net income and adjusted EBITDA for fiscal 2025.
Business & Operations Update
In the fourth quarter of 2025, the company recorded:
- Technical utilization rate: 98.8%.
- Economic utilization rate: 97.8%.
Borr reported that sequential decreases in dayrate revenue and charter revenue contributed to lower quarterly operating revenues. Utilization levels remained high across the fleet of modern jack-up rigs.
Post quarter-end, Borr Drilling completed the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, with initial bareboat charters executed for some units pending full contract coverage.
No regulatory changes were disclosed contemporaneously with the earnings release.
M&A or Strategic Moves
During the quarter, the company:
- Issued additional senior secured notes due 2030 with a principal amount of $165 million.
- Completed an equity offering of 21 million shares at $4.00 per share for gross proceeds of $84 million.
These moves were outlined as part of financing and fleet expansion initiatives tied to the rig acquisition.
Equity Analyst Commentary
Institutional research following the earnings release noted the sequential decrease in quarterly revenues and adjusted EBITDA, with focus on utilization metrics and rig re-contracting activity. Analysts cited the completed rig acquisition and financing transactions as key disclosures from the earnings materials.
Guidance & Outlook
Borr Drilling did not issue formal forward guidance with the Q4 earnings release. Investors are expected to monitor:
- Rig contract coverage levels.
- Dayrate trends across major offshore regions.
- Integration of the recently acquired rigs.
Upcoming fleet operational updates and backlog changes are relevant milestones for upcoming quarters.
Performance Summary
Borr Drilling shares ended higher following the fourth-quarter earnings release.
Quarterly revenues for Q4 2025 were $259.4 million, with a net loss of $1.0 million.
Annual net income and adjusted EBITDA declined year over year.
Fleet utilization remained high, and strategic fleet expansion continued post-quarter.