Borr Drilling revenue falls 6% to $232.3 million

• Borr Drilling reported Q2 2026 operating revenue of $232.3 million, down 6% sequentially, while adjusted EBITDA fell 51% to $43.8 million.
• Net loss widened to $241.4 million, largely reflecting a $176.3 million debt-extinguishment charge, while BORR shares rose 3.1% to $4.26.
• Borr refinanced substantially all existing debt and expanded its fleet through a $287 million five-rig joint-venture acquisition.

Borr Drilling (NYSE:BORR) reported second-quarter 2026 operating revenue of $232.3 million, down 6% sequentially, while net loss widened to $241.4 million.

Revenue declined from $247 million in Q1 as the average number of operating rigs fell to 21.2 from 22.4, while adjusted EBITDA dropped to $43.8 million from $88.5 million.

The quarter included a $176.3 million debt-extinguishment charge, $22.5 million of Odin preparation costs and $10.8 million of West African customer credit losses.

Following the announcement, Borr Drilling's share price was up 3.1% at $4.26.

Meanwhile, Borr issued $2.035 billion of senior secured notes and $300 million of convertible notes while increasing its revolving credit facility to $250 million.

The company also completed a $287 million five-rig joint-venture acquisition and reported 21 year-to-date contract commitments representing approximately 4,350 days and $541 million of backlog.