NYSE$BORR
Borr Drilling Ltd · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Borr Drilling Q1 2026: revenue $247M (-5% QoQ), net loss $29M as Odin rig startup delays weigh on EBITDA
Borr Drilling reported Q1 2026 total operating revenues of $247.0 million, down $12.4 million or 5% from Q4 2025. The company posted a net loss of $29.0 million versus a $1.0 million loss in the prior quarter, with adjusted EBITDA of $88.5 million (-16% QoQ). Technical utilization was 99.4% and economic utilization 97.0%, but results were impacted by delayed startup of the Odin rig in the U.S. Gulf and an $8.4 million credit loss provision. Borr completed the $360M acquisition of five jack-up rigs from Noble Corporation and agreed to acquire five more via a 50/50 Mexico JV for $287M. Full-year 2026 contract coverage rose to 71% at ~$137,000/day average; the company secured 13 contract commitments YTD representing 2,250+ days and $274M of backlog.
- Q1 operating revenue of $247.0M (-5% QoQ); net loss of $29.0M vs. $1.0M loss in Q4 2025.
- Adjusted EBITDA of $88.5M (-16% QoQ); technical utilization 99.4%, economic utilization 97.0%.
- Odin rig mobilization to U.S. Gulf delayed; startup now expected late June, pressuring Q2 results.
- Acquired five premium jack-ups from Noble for $360M; agreed to five more via Mexico JV for $287M.
- 2026 contract coverage increased to 71% at ~$137K/day; YTD awarded 13 contracts totaling 2,250+ days and $274M backlog.
Headline financials
Revenue & EPS history
Borr Drilling · Revenue · Quarterly
$247M
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 expects Q2 2026 results to remain pressured by the delayed Odin startup (late June) and rigs transitioning between contracts, while expressing increasing confidence in 2027–2028 prospects as Middle East disruptions may boost energy security spending with a 6–12 month lag to dayrate improvements.
Tailwinds
- Contract coverage for H2 2026 rose to 65% from 48%; eight new commitments since last report add 1,100+ firm days.
- Fleet expansion to 34 modern rigs upon JV closing; $300M convertible notes extended maturity and lowered financing cost.
Headwinds
- Odin delayed startup and inter-contract rig transitions expected to weigh on near-term EBITDA.
- Middle East conflict creates near-term tender uncertainty despite longer-term bullish outlook.
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 2026
+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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