Borr Drilling's 2025 Q2 Earnings Call: Key Contradictions on Mexican Operations and Saudi Market Opportunities
Generado por agente de IAAinvest Earnings Call Digest
jueves, 14 de agosto de 2025, 2:23 pm ET1 min de lectura
BORR--
Mexican operations and payment timelines, Mexico rig returns, Mexican government payments and clarity, and Saudi Arabia rig availability and market opportunities are the key contradictions discussed in Borr Drilling's latest 2025Q2 earnings call.
Strong Financial Performance and Utilization:
- Borr Drilling LimitedBORR-- reported a technical utilization of 99.6% and an economic utilization of 97.8% for Q2 2025, with 22 out of 24 rigs active.
- Operating income increased by 60% to $96.5 million, and adjusted EBITDA rose by 39% to $133.2 million compared to the previous quarter.
- This growth was driven by increased activity and a significant number of rigs working, resulting in higher revenue and profitability.
Contract Awards and Coverage:
- The company secured new awards, including a multi-rig contract in Asia and a contract for the Arabia II, improving contract coverage.
- Contract coverage is now 84% at an average day rate of $145,000 for 2025 and 47% for 2026, reflecting a strong focus on maximizing asset utilization and revenue.
- This was achieved through strategic commercial efforts to secure and maintain high-quality contracts.
Capital Structure and Liquidity Improvement:
- Borr DrillingBORR-- strengthened its capital position with a $102.5 million equity raise, increasing available liquidity by $200 million.
- Total available liquidity at the end of Q2 2025 is $242.4 million, with a free cash position of $92.4 million.
- This was part of a proactive strategy to enhance financial flexibility and support long-term growth plans.
CEO Succession and Board Composition:
- Effective September 1, Bruno Morand will succeed Patrick Schorn as CEO, with Schorn transitioning to Executive Chairman.
- The board changes include the addition of Thiago Mordehachvili as a new director, reinforcing long-term value creation and strategic alignment.
- This succession plan is part of a multiyear strategy to ensure continuity and preparedness for future leadership.
Strong Financial Performance and Utilization:
- Borr Drilling LimitedBORR-- reported a technical utilization of 99.6% and an economic utilization of 97.8% for Q2 2025, with 22 out of 24 rigs active.
- Operating income increased by 60% to $96.5 million, and adjusted EBITDA rose by 39% to $133.2 million compared to the previous quarter.
- This growth was driven by increased activity and a significant number of rigs working, resulting in higher revenue and profitability.
Contract Awards and Coverage:
- The company secured new awards, including a multi-rig contract in Asia and a contract for the Arabia II, improving contract coverage.
- Contract coverage is now 84% at an average day rate of $145,000 for 2025 and 47% for 2026, reflecting a strong focus on maximizing asset utilization and revenue.
- This was achieved through strategic commercial efforts to secure and maintain high-quality contracts.
Capital Structure and Liquidity Improvement:
- Borr DrillingBORR-- strengthened its capital position with a $102.5 million equity raise, increasing available liquidity by $200 million.
- Total available liquidity at the end of Q2 2025 is $242.4 million, with a free cash position of $92.4 million.
- This was part of a proactive strategy to enhance financial flexibility and support long-term growth plans.
CEO Succession and Board Composition:
- Effective September 1, Bruno Morand will succeed Patrick Schorn as CEO, with Schorn transitioning to Executive Chairman.
- The board changes include the addition of Thiago Mordehachvili as a new director, reinforcing long-term value creation and strategic alignment.
- This succession plan is part of a multiyear strategy to ensure continuity and preparedness for future leadership.
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