Bullish Thesis on Borr Drilling: Significant Upside Potential

Borr Drilling Limited is a Bermudian company with a young fleet of 24 modern premium jack-up rigs. Despite underinvestment in offshore rigs, rising oil demand and renewed project sanctions have tightened supply, creating a favorable environment for the company. In Q2 2025, Borr reported $267.7 million in revenue, up 24% QoQ, with EBITDA of $133 million and a net profit of $35 million. The stock is trading at less than 2x EV/EBITDA ex-debt, highlighting significant upside potential. Key catalysts include contract repricing, deleveraging, and scarcity-driven pricing power in the current tight market. The bull case suggests two- to threefold upside for the stock.