Borr Drilling, an offshore drilling company with its commercial base in Bermuda, has secured 13 contracts year-to-date, bolstering its backlog by adding 2,250 days and $274 million in rig deals.
Borr Drilling has completed the acquisition of… Five distinct lifting platforms From Noble in January 2026 for an aggregate purchase price of $360 million. The company too entered into agreements To acquire five more premium cranes via a new 50/50 joint venture for a total purchase price of $287 million.
With 13 new deals to be concluded in 2026, representing more than 2,250 days of backlog, the rig owner is optimistic about the fundamentals of the offshore drilling market going forward. The company also recognized contract obligations for another 772 days upon completion of its acquisition from Noble.
Following the end of the quarter, the company closed an offering of $300 million aggregate principal amount of unsecured convertible notes due 2033, with the proceeds primarily used to repurchase existing convertible notes due 2028.
the Gerd The lifting platform ended its operations with Lime Petroleum in Benin in mid-February 2026 and began work with Foxtrot International in Ivory Coast in a direct continuation of its previous assignment. the network The platform ended work with New Age in Congo in mid-March 2026 and began operations with Halliburton in Angola In late March 2026.
the Night The rig ended its work with Eni in Congo in mid-March 2026 and began operations with SNIPCO in Nigeria In late April 2026 Gunlod The excavator completed its mission with… HLHV JOC in Vietnam in early April 2026 and began operations with prattle In the same country in mid-May 2026.
while bald The platform ended its work with Medco Energi in Thailand in mid-April 2026, insect The platform ended its work with PTTEP in Thailand in late April 2026, and Puppy The platform ended its operations with Qatar Energy Company in Qatar in late April 2026.
On the other hand, the Odin Manipulating task with Kent It has been postponed to June 2026 president The drilling rig, which was commissioned with Qatar Energy LNG in May 2026, remains subject to a bareboat charter agreement with Noble until December 2026.
Bruno MorandCEO of Borr Drilling commented: “Our operating performance in the first quarter of 2026 resulted in a technical utilization of 99.4% and an economic utilization of 97.0%. Revenue for the period was $247.0 million, while adjusted EBITDA in the first quarter was $88.5 million, primarily impacted by the delayed start-up of the Odin contract, as well as a credit loss provision of $8.4 million.
“This quarter, ODIN completed its mobilization from Mexico to the US Gulf where it was expected to begin operations in February. However, the start-up was delayed due to additional contract preparation work and regulatory approvals. Looking forward, we expect second-quarter results to continue to be impacted by ODIN’s start-up delay, now expected to begin in late June, as well as the transition of rigs between contracts.”
Borr Drilling stated in its latest fleet status report that options have been exercised for Night Lifting platform from March 2026 to May 2026 by Siemens Energy in Germany. the to run The rig received an extension from April 2026 to September 2026 with Eni in Mexico. the bald The rig won a contract from June 2026 to November 2026 with Petroleum tracking in Malaysia.
the bull The rig only secured a contract from July 2026 to October 2026 with PVEP-colong in Vietnam But also another deal from October 2026 to March 2027 with an undisclosed player in the same country.
the sword The platform has obtained a letter of intent (LOA) from July 2026 to October 2026 with an unnamed company in Suriname. the Prospector 5 The platform received authorization application from July 2026 to May 2027 with BW Energy in Gabon.
Morand explained: “Our contracting strategy continues to focus on covering non-contracted days in the near term, balancing day rates with contract duration. Since our last earnings report, we have acquired eight contract commitments, representing more than 1,100 days of additional firm work. Our contract coverage for the full year of 2026 has increased to 71% at a daily rate of approximately $137,000, and coverage in the second half of the year is now 65%, compared to 48% in our previous earnings report.
“In the first quarter, we entered into an agreement to acquire five premium jack-up rigs through a new joint venture in Mexico at an attractive valuation and financing structure. Upon closing, our fleet will effectively expand to 34 modern rigs. In April, we strengthened our capital structure with a $300 million convertible note offering, used largely to repurchase our existing 2028 convertible notes. This transaction extended our maturity, reduced our financing cost, and increased our conversion rate.”
The company’s unaudited results for the three months ended March 31, 2026, show total operating income of $247 million, a decrease of $12.4 million, or 5%, compared to the fourth quarter of 2025. Adjusted EBITDA for the fourth quarter was $88.5 million, a decrease of $16.7 million, or 16%, compared to the fourth quarter of 2025.
Morand confirmed: “Although the conflict in the Middle East has created near-term uncertainty, key tenders in the region continue to progress, with some modest delays. More broadly, in our view, recent events have strengthened the long-term outlook for the sector, leading to higher oil prices and a renewed focus on energy security.
“Shallow basins continue to be an attractive resource, offering low-cost, short-cycle barrels that enable our customers to respond quickly to the market backdrop. Given our customers’ planning and budgeting processes, we expect improved activity and day rates to delay the development of oil prices by 6 to 12 months, as evidenced following the military invasion of Ukraine, when day rates rose significantly.”
“Therefore, we are increasingly confident about the company’s prospects for 2027 and 2028 as we expect disruptions from the conflict in the Middle East to be significant and long-lasting. Against this backdrop, the expanded Power Drilling fleet is well positioned to support our customers’ demand and deliver long-term shareholder value as the cycle develops.”
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