NYSE$BORR
Borr Drilling Ltd · Q1 2025 earnings
Q1 2025 earnings · · After market close · Investor relations
Briefing
BORR Q1 2025: $216.6M revenue as 16 of 24 rigs active; net loss $16.9M
Borr Drilling reported first quarter 2025 results on May 21 with total operating revenues of $216.6 million, down $46.5 million sequentially from Q4 2024 as temporary rig suspensions and contract preparations reduced activity. The company averaged 16 active rigs from its 24-rig fleet while maintaining 99.2% technical utilization and 97.9% economic utilization on working rigs. Net loss was $16.9 million versus net income of $26.3 million in Q4 2024, and adjusted EBITDA fell to $96.1 million from $136.7 million. Liquidity improved to $320 million at quarter end, including $170 million cash and an undrawn $150 million revolver, helped by roughly $120 million in Mexico receivable collections and mobilization fees. Management suspended the dividend, noted 79% 2025 contract coverage at a $147,000 average day rate, and said operating rig count has risen to 22 entering Q2.
- Total operating revenues were $216.6 million in Q1 2025, down $46.5 million from Q4 2024 on lower dayrate, bareboat, and management contract revenue.
- Net loss was $16.9 million and adjusted EBITDA was $96.1 million, down from net income of $26.3 million and adjusted EBITDA of $136.7 million in the prior quarter.
- The fleet averaged 16 active rigs with 99.2% technical utilization and 97.9% economic utilization; cash and total liquidity reached $170 million and $320 million.
- Year-to-date 2025 contract awards totaled nine commitments representing about 1,550 days and $221 million of potential contract revenue.
- The board suspended the dividend and said it is comfortable with Bloomberg consensus adjusted EBITDA of about $460 million for 2025 as active rigs increase.
Headline financials
Revenue & EPS history
Borr Drilling · Revenue · Quarterly
$217M
Revenue by segment
Borr Drilling · $217M total across 3 segments · Q1 2025
- Dayrate revenue$202M—93.4%
- Bareboat charter revenue$7.6M—3.5%
- Management contract revenue$6.8M—3.1%
Forward guidance
Management is not issuing specific 2025 adjusted EBITDA guidance but is comfortable with Bloomberg consensus of approximately $460 million and expects adjusted EBITDA to increase significantly as active rigs ramp.
Tailwinds
- Operating rig count increased to 22 entering Q2 as suspended Mexico rigs resumed and new contracts started.
- 2025 contract coverage stands at 79% at an average day rate of $147,000.
Headwinds
- Board suspended the dividend to reinforce the balance sheet amid uncertain market conditions.
- Q1 results were pressured by temporary rig suspensions and lower sequential revenue.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2025
+1.9%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+0.7%
Avg return
30 days after
45%
14 / 31 earnings
Positive
+21.8%
Q1 2022
Best reaction
-27.9%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | — | — | — | |
| Q4 2025 | +3.5% | +0.7% | -21.5% | |
| Q3 2025 | +5.9% | +6.2% | +26.2% | |
| Q1 2025 | +0.6% | +8.7% | +29.2% | |
| Q4 2024 | +2.3% | -7.0% | -21.8% | |
| Q2 2024 | +2.8% | -5.7% | -15.6% | |
| Q4 2023 | -4.2% | -4.3% | +5.3% | |
| Q3 2023 | -0.7% | +2.1% | +12.5% | |
| Q2 2023 | -8.7% | -9.7% | -4.7% | |
| Q1 2023 | +2.5% | -1.8% | -8.9% | |
| Q4 2022 | +2.4% | -3.5% | -4.1% | |
| Q3 2022 | -4.9% | -3.9% | -14.5% | |
| Q2 2022 | -8.3% | -3.4% | -9.2% | |
| Q1 2022 | +21.8% | +28.2% | -8.3% | |
| Q4 2021 | -4.1% | -8.7% | +38.5% | |
| Q3 2021 | +20.2% | +22.9% | -12.7% | |
| Q2 2021 | +15.6% | +13.3% | +18.5% | |
| Q1 2021 | -0.9% | +6.2% | -11.6% | |
| Q4 2020 | -3.0% | -5.8% | -14.0% | |
| Q3 2020 | -7.9% | +0.3% | -2.7% | |
| Q2 2020 | -6.0% | -12.0% | -27.3% | |
| Q4 2018 | +17.7% | +10.9% | -27.0% | |
| Q4 2017 | +17.7% | +10.9% | -27.0% | |
| Q1 2020 | +17.9% | +24.2% | +166.2% | |
| Q4 2019 | -27.9% | -43.3% | -82.8% | |
| Q3 2019 | -3.9% | -3.5% | +30.5% | |
| Q2 2019 | +11.7% | -0.4% | +4.4% | |
| Q1 2019 | -0.4% | — | — | |
| Q3 2018 | -0.5% | — | — | |
| Q2 2018 | -1.5% | — | — | |
| Q1 2018 | -1.6% | — | — | |
| Q3 2017 | +0.0% | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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