Borr Drilling Delivers Q1 Results, Suspends Dividend
Borr Drilling (NYSE:BORR) reported its first-quarter 2025 results on May 21, revealing a $46.5 million sequential decline in revenue to $216.6 million, adjusted EBITDA of $96.1 million, and a net loss of $16.9 million, all primarily due to temporary rig suspensions and contract mobilizations. Liquidity improved to $320 million, and the company increased its active rig count from 16 to 22 as of May, but suspended its dividend in response to heightened market uncertainty. Three rigs in Mexico where operations had previously been suspended have been brought back into operation, enhancing regional fleet utilization and offsetting earlier downtime. The company’s operational track record in Mexico -- drilling nearly 100 efficient offshore wells -- bolsters its preferred status and leverage in ongoing renewal discussions with Pemex and other customers.Reinstating full operations and positioning for contract renewals in Mexico not only secures critical 2026 backlog but also underscores that the company is resilient to regional demand interruptions, which reduces future idle risk and reinforces its strategically significant customer relationships in oil-dependent jurisdictions.Continue reading
Borr Drilling (NYSE:BORR) reported its first-quarter 2025 results on May 21, revealing a $46.5 million sequential decline in revenue to $216.6 million, adjusted EBITDA of $96.1 million, and a net loss of $16.9 million, all primarily due to temporary rig suspensions and contract mobilizations. Liquidity improved to $320 million, and the company increased its active rig count from 16 to 22 as of May, but suspended its dividend in response to heightened market uncertainty.
Three rigs in Mexico where operations had previously been suspended have been brought back into operation, enhancing regional fleet utilization and offsetting earlier downtime. The company’s operational track record in Mexico -- drilling nearly 100 efficient offshore wells -- bolsters its preferred status and leverage in ongoing renewal discussions with Pemex and other customers.
Reinstating full operations and positioning for contract renewals in Mexico not only secures critical 2026 backlog but also underscores that the company is resilient to regional demand interruptions, which reduces future idle risk and reinforces its strategically significant customer relationships in oil-dependent jurisdictions.
