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- **Operational Strength**: 97.8% economic utilization, $470M+ EBITDA, and 80%+ 2026 contract coverage highlight resilience amid recovery. 
- **Strategic Acquisitions**: $174M Noble rig purchase integrates ahead of schedule, boosting fleet flexibility. 
- **Market Recovery Signals**: Middle East tenders (13 rigs) and Mexico's 34% CapEx growth signal 2026-2027 day rate rebound. 
- **Financial Health**: $613M liquidity post-bond/equity raises, with Q4 collections improving to $69M from Pemex. 
- **Rig Activation Progress**: Sif near-term work; Freyja, Var, Hill to follow as tenders award mid-2026.

**【CEO Summary Section】**
- **Operational Excellence**: Q4 2025 saw 98.8% technical utilization and 97.8% economic utilization, with adjusted EBITDA of $105.4 million, meeting expectations and capping a full year of $470.1 million EBITDA (top of guidance range). Recent contract wins and extensions boosted 2026 coverage to 80% for H1 and 48% for H2, including newly acquired rigs.
- **Market Recovery**: The jack-up market bottom is behind, with utilization steady at ~90%. Multiyear tenders in the Middle East (13 rigs) and Mexico's Pemex CapEx increase (34% YoY) signal improving demand. The acquisition of 5 Noble rigs is integrating ahead of schedule, positioning Borr to capitalize on 2026-2027 recovery.
- **Safety & Recognition**: rigs Idun, Grid, Gunlord, and Arabia III achieved safety milestones, with Arabia III winning Aramco's 2025 safety award.

**【CFO Financial Commentary】**
- **Q4 Financials**: Total revenue $259.4 million (down 6.4% vs. Q3, due to lower day rates and charter ends). Net loss $1 million; full year net income $45 million. Cash increased by $151.9 million to $379.7 million, with total liquidity $613.7 million post-year-end.
- **Capital Actions**: Acquired 5 rigs for $174 million in cash and $150 million seller credit. Completed $165 million bond issuance and $84 million equity raise, both oversubscribed, supporting liquidity and debt reduction.
- **Mexico Collections**: Received $46 million in Q4 and $23 million in January, reducing outstanding to ~$67 million. Improved terms ensure 45-day payment for OpEx and 180-day max for bareboat hire.

**【Q&A Key Highlights】**
- **Rig Activation**: Sif expected to secure work in coming months; Freyja may take until late 2026/early 2027. Var and Hill require minimal reactivation costs (~$5-6 million for Var). 
- **EBITDA Outlook**: 2026 contracting days may modestly exceed 2025 levels, with EBITDA guidance pending tender outcomes. 
- **Middle East Tenders**: KGL and Aramco tenders in evaluation, expected awards by mid-2026, driving utilization and rates from Q3 2026. 
- **M&A Strategy**: Selective, accretive acquisitions (e.g., Noble rigs) preferred over indiscriminate growth. Current fleet size (29 rigs) provides scale and flexibility. 
- **Day Rate Dynamics**: Near-term focus on utilization; 2027+ rates to benefit from tender awards and supply absorption. 
- **Regional Focus**: Mexico recovery, Middle East tenders, and West Africa (Nigeria/Shell) key growth drivers. Venezuela-related risks seen as limited for shallow water markets.

Borr Drilling Limited (BORR) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: Q3 revenue up $9.4 million QoQ, EBITDA margin 48.9%.
- **Mexico Recovery**: $19 million collections in Q3, 3 rig extensions with 45-day O&M reimbursement.
- **New Contracts**: Odin enters U.S. Gulf (Jan 2026), Grid awarded Angola campaign (Q1 2026).
- **Market Outlook**: Saudi Arabia demand tightening, 2025 coverage 85% at $145k/day rate.
- **Financial Strength**: $461.8 million liquidity, 2025 EBITDA guidance $455–$470 million.
- **Risk Mitigation**: Reduced Pemex exposure in Mexico, 2 rigs on IOC contracts.


**【Management Opening Remarks】**
- **Q3 2025 Results**: Revenue increased by $9.4 million QoQ, adjusted EBITDA rose 2% to $115.6 million, with a margin of 48.9%. Operational utilization remained industry-leading at 97.9% technical and 97.4% economic utilization.
- **Contract Extensions in Mexico**: 3 rig extensions with improved payment terms (45-day O&M reimbursement, 180-day bareboat). Collections resumed in September, with $19 million received in Q3 and additional payments expected in Q4.
- **New Awards**: Odin secured a 6-month U.S. Gulf campaign (Jan 2026 start), Grid awarded a 6-month Angola contract (Q1 2026 start). Full-year 2025 coverage at 85% with an average day rate of $145,000.
- **Market Outlook**: Saudi Arabia and Mexico showing demand inflection. 2025 adjusted EBITDA guidance maintained at $455–$470 million, despite Q4 rig transitions and Mexico contract terminations.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Day rate revenue up $2.5 million (Ran, Thor, Odin), bareboat charter revenue up $6.4 million (Galar, Gersemi, Grid). Operating expenses increased $6.3 million due to Grid reimbursables.
- **Financial Performance**: Net income $27.8 million, adjusted EBITDA $135.6 million (+$2.4 million QoQ). Free cash position $227.8 million, total liquidity $461.8 million.
- **Cash Flow**: Operating cash flow $72.1 million (offset by $42 million Mexico receivables buildup). Financing activities provided $97.2 million from equity offering.

**【Q&A Highlights】**
- **Market Recovery**: Saudi Arabia calling back 7–8 rigs, modern jack-up utilization at 93%. Mexico diversification reduces Pemex exposure, with 2 rigs on IOC contracts.
- **M&A Strategy**: Open to consolidation but prioritizing fleet quality and deleveraging. No new builds expected due to supply chain challenges.
- **Cost Trends**: Operating costs stable, inflation offset by operational efficiency. No significant attrition expected in older rigs.
- **Sanctions Impact**: Hild rig operations winding down in Mexico, Odin re-contracted post-sanction termination. Pemex payments improving with $17 million received in October.


Borr Drilling Limited (BORR) Q3 2025 Earnings Call Transcript

- **Q2 Financial Strength**: EBITDA up 39% to $133M, free cash flow $106.5M YTD, and liquidity boosted to $425M post-financing.
- **Contract Momentum**: 84% 2025 coverage at $145K/day, 47% 2026 coverage, with Mexico driving 20% of 2026 activity.
- **Mexico Recovery**: Government funding to support Pemex payments, enabling multiyear rig extensions and private investment growth.
- **Leadership Transition**: Bruno Morand to lead as CEO, with Patrick Schorn as Executive Chairman, positioning for strategic growth.
- **M&A Readiness**: $200M liquidity for acquisitions, targeting shallow water assets amid Saudi Arabia's $8B EPCI pipeline.

**【CEO Opening Remarks】**
- Q2 2025 results: Technical utilization 99.6%, economic utilization 97.8%, revenue up $51.1M, EBITDA up 39% to $133M, and $106.5M free cash flow year-to-date.
- Secured new contracts including multi-rig deals in Asia and Mexico, boosting 2025 coverage to 84% at $145K/day and 2026 to 47% at $139K/day.
- Announced $102.5M equity raise and $84M credit facility expansion, increasing liquidity by $200M to $425M.
- CEO succession: Bruno Morand to become CEO on Sept 1, with Patrick Schorn transitioning to Executive Chairman.

**【CFO Financial Commentary】**
- Q2 operating revenues: $267.7M (+24% vs Q1), driven by day rate (+$36.3M), bareboat (+$12.7M), and management contract (+$2.1M) increases.
- Operating expenses: $171.2M (+9% vs Q1), primarily due to rig operational costs.
- Net income: $35.1M (vs -$16.9M in Q1), with adjusted EBITDA at $133.2M.
- Liquidity: $92.4M cash + $150M undrawn RCF = $242.4M. Pro forma post-financing: $425M (cash $192M + RCF $234M).

**【CCO Commercial Update】**
- Secured 14 new contracts year-to-date, adding $318M to backlog. Key wins: Vietnam multi-rig deal, Arabia II 500-day contract, and Mexico Pemex extensions.
- 2025 coverage: 84% at $145K/day; 2026: 47% at $139K/day. Mexico accounts for 20% of 2026 coverage.
- Jack-up market: Global utilization >90%, modern rig oversupply reducing to <10 units. Saudi Arabia EPCI awards ($8B) signal long-term demand.

**【Q&A Highlights】**
- **Mexico Recovery**: Government $12B debt refinancing and $13B funding for Pemex. Expect improved payments Q3+ and multiyear rig extensions.
- **M&A Potential**: $200M liquidity boost for opportunistic acquisitions, focusing on strategic assets in shallow water markets.
- **Private Investment in Mexico**: Private firms developing Pemex fields (e.g., Bacab-Lum), targeting 450K bpd by 2033 (25% of total production).
- **Saudi Arabia Demand**: Aramco EPCI awards and potential rig reactivations in 2026, supported by $8B project pipeline.
- **Gas Activity**: rigs active in LNG projects (Congo, Netherlands), with ONE-Dyas North Sea gas field nearing development.


Borr Drilling Limited (BORR) Q2 2025 Earnings Call Transcript

- **Mexican Rig Revival**: 3 suspended rigs resumed operations, boosting Q2 rig count to 22 and setting up 2025 EBITDA target of $460M.
- **Backlog Expansion**: 2025 coverage at 79% (target 80-85%), with 2026 coverage jumping to 35% via new contracts in Mexico, Vietnam, and Ivory Coast.
- **Liquidity Boost**: $120M Mexico receivables recovery and $35M post-quarter mobilization fees strengthen cash position to $320M.
- **Risk Mitigation**: Contracts include termination-for-convenience clauses covering EBITDA expectations, protecting backlog against oil price volatility.

**【CEO Opening Remarks】**
- Q1 2025 adjusted EBITDA of $96.1 million reflects temporary rig suspensions and preparatory work for new contracts.
- Operating rig count increased to 22 in May (from 16 in Q1), driven by resumed operations in Mexico and new contracts for Vali, Arabia I, Thor, and Ran.
- 2025 EBITDA guidance aligns with Bloomberg consensus of $460 million; dividend suspended to strengthen balance sheet.

**【CFO Financial Highlights】**
- Q1 total operating revenue: $216.6 million (down $46.5 million QoQ due to 16/24 rigs active).
- Adjusted EBITDA: $96.1 million (down $40.6 million QoQ); free cash position: $170 million (total liquidity: $320 million).
- Key cash inflows: $120 million from Mexico receivables, $10 million mobilization fees for Vali, and $35 million post-quarter mobilization fees.

**【CFO Commercial Update】**
- 2025 fleet coverage: 79% at $147,000/day (target 80-85% by year-end).
- 2026 coverage: 35% (up 12ppt since last report), with Mexico representing 20% of available days.
- Recent contract wins: $221 million backlog from 9 new awards (e.g., Skald in Thailand, Thor in Vietnam).

**【Q&A Key Takeaways】**
- **Mexico Recovery**: Resumed operations for 3 rigs driven by Pemex production needs; 2026 contract renewals likely but TBD.
- **Liquidity Management**: No RCF draw needed under base case; $120 million Q1 Mexico payment signals normalized collections.
- **Market Risks**: OPEC+ policy uncertainty, but shallow-water projects resilient; modern rig utilization remains 92%.
- **Cost Control**: Stacking costs ~$20,000/day for warm-stacked rigs; 2025 CapEx ~$50 million (maintenance only).

Borr Drilling Limited (BORR) Q1 2025 Earnings Call Transcript

- **Q4 Strong Performance**: $136.7M EBITDA, 98.9% technical utilization, and 77% of 2025 rig days contracted at $149k/day.
- **Mexico Recovery**: $125M payment collection signals government commitment; 3 suspended rigs expected back online in Q2.
- **Day Rate Resilience**: Leading edge rates stable in $120-150k range, with competitive pressure easing as peers reach full utilization.
- **Financial Discipline**: 2025 CapEx < $50M, dividend maintained at $0.02/share, and $135M annual debt amortization.
- **2025 Outlook**: 8% increase in contracted day rate vs. 2024, with focus on reducing idle time and capturing Middle East tenders.


**【CEO Opening Remarks】**
- Q4 2024 revenue increased by $21.5 million, driven by higher day rates for key rigs and a $5 million net positive impact from the Arabia II contract termination.
- Adjusted EBITDA reached $136.7 million, with technical utilization at 98.9% and economic utilization at 97.1%.
- Full-year 2024 adjusted EBITDA remained within the original guidance range of $500-550 million.
- 2025 contracted rig days: 6,700 (77% of total available) at an average day rate of $149,000, up from $136,000 in 2024.
- Liquidity at end of Q4: $61.6 million in free cash plus $150 million undrawn under RCF, totaling $211.6 million.
- Board declared a $0.02 per share dividend, reflecting cash conservation strategy.

**【CFO Financial Breakdown】**
- Total operating revenue increased by $21.5 million, with day rate revenue up $22.7 million (including $8.5 million from Arabia II deferred mobilization).
- Operating expenses rose $3.8 million due to depreciation and mobilization costs.
- Net income: $26.3 million (EPS $0.11), up $16.6 million from Q3.
- Cash decreased by $124.1 million due to $93.4 million interest payments, $159.9 million newbuild delivery, and $18.7 million maintenance CapEx.
- Post-quarter, $125 million Mexican payment arrangement collected $105 million, with $44 million mobilization payments expected in H1 2025.

**【COO Market & Contract Update】**
- 2024 backlog: $795 million at $177,000/day, with key wins in West Africa (Gerd, Groa) and Southeast Asia (Thor).
- Global jackup utilization: 93% for modern rigs, with 12 of 16 Saudi-suspended rigs re-contracted.
- Mexico: 3 rigs suspended (12% of PEMEX fleet), but $125 million payment arrangement shows government commitment to stabilize drilling activity.
- 2025 outlook: 77% of rig days contracted, with focus on reducing idle periods and capturing 2026 tenders in Middle East and West Africa.

**【Q&A Key Takeaways】**
- **Day Rate Trends**: Leading edge rates in $120-150k/day range, with competitive pressure in Asia but resilience in West Africa. Expect stabilization as tender activity increases.
- **Mexico Recovery**: Suspended rigs expected to resume work in Q2, with PEMEX production decline (120k bbl/day) creating urgency to restart drilling.
- **Saudi Arabia**: Aramco focusing on offshore gas projects and EPC contracts, with potential for lump-sum turnkey projects.
- **Financial Policy**: 2025 CapEx < $50 million; priority on debt amortization ($135M/year) and balance sheet strength over dividend growth.
- **2025 Guidance**: No formal EBITDA guidance due to Mexico and Saudi uncertainties, but 2025 contracted day rate up 8% vs. 2024.


Actual		-1.3653	-0.7492	-0.4373	-0.46	-0.4386	-0.2391	-0.34	-0.35	-1.0855	-0.3	-0.09	-0.03	0	0	0.11	0.06	0.12	0.04	0.1	-0.07	0.14	0.1	0
Forecast		-0.6114	-0.6106	-0.497	-0.4228	-0.3826	-0.366	-0.3338	-0.4055	-0.1453	-0.187	-0.0471	0.033	0.064	0.08	0.0586	0.1419	0.1712	0.0944	0.0974	-0.0667	0.1029	0.0793	-0.0155
Surprise	0.00%	-123.31%	-22.70%	+12.01%	-8.80%	-14.64%	+34.67%	-1.86%	+13.69%	-647.08%	-60.43%	-91.08%	-190.91%	-100.00%	-100.00%	+87.71%	-57.72%	-29.91%	-57.63%	+2.67%	-4.95%	+36.05%	+26.10%	+100.00%

BORR

BORR fundamentals

BORR Q4 2025 Earnings

Earnings Call

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BORR

BORR fundamentals

BORR Q4 2025 Earnings

Earnings Call

BORR Earnings Call Summary for Q4/20259:00 AM on Feb 19, 2026

BORR Earnings Call Summary for Q3/202510:00 AM on Nov 6, 2025

BORR Earnings Call Summary for Q2/20259:00 AM on Aug 14, 2025

BORR Earnings Call Summary for Q1/20259:00 AM on May 22, 2025

BORR Earnings Call Summary for Q4/20249:00 AM on Feb 20, 2025

You can ask Aime