Borr Drilling Limited (BORR) Earnings Call Transcripts
Borr Drilling Limited's Latest Earnings Call - Q1 FY2026
In Q1 2026, Borr Drilling Limited reported revenues of $247 million, a decrease of 4.8% from the previous quarter, primarily due to lower dayrate revenue. The company experienced a net loss of $29 million and adjusted EBITDA of $88.5 million, impacted by an $8.4 million credit loss provision related to the delayed startup of the Odin rig. Management signaled that the second quarter will continue to be affected by these delays but expressed confidence in the long-term outlook due to rising oil prices and energy security concerns, with full-year 2026 coverage now at 71%.
Reported metrics
| Metric | Value |
|---|---|
| Revenue | $247 million (miss) |
| Net Loss | $29 million (negative) |
| Adjusted EBITDA | $88.5 million (miss) |
| Total Operating Expenses | $201 million (negative) |
| Full Year 2026 Coverage | 71% (positive) |
| Average Day Rate | $137,000 (positive) |
Guidance from management
Management expects Q2 results to continue to be affected by the delayed startup of the Odin rig, with operations anticipated to commence in late June. They remain confident in the long-term outlook for 2027 and 2028 due to rising oil prices and energy security concerns.
What analysts pressed on
Analysts expressed concerns about the delayed startup of the Odin rig and its impact on near-term financial performance. There were also questions regarding the potential for further fleet expansion and the implications of ongoing geopolitical tensions in the Middle East on demand for rigs.
Main topics on the call
- Delayed Startup of Odin Rig — The Odin rig's startup has been delayed, now expected to commence operations in late June, which has impacted Q1 results. Management stated, "the rig is expected to incur additional contract preparation expenses of appro...
- Increased Contract Coverage — Borr Drilling secured 8 contract commitments since the last earnings report, increasing full-year 2026 coverage to 71% at an average day rate of approximately $137,000. This is a significant improvement from 48% coverage...
- Acquisition of New Rigs — The company announced the acquisition of 5 premium jack-up rigs for $287 million, expanding its fleet from 29 to 34 rigs. This strategic move is aimed at strengthening its position in the Mexican market and enhancing fle...
- Impact of Middle East Tensions — Management noted that while rising tensions in the Middle East created disruptions, the financial impact was limited. They believe that the resolution of these tensions will lead to pent-up demand for rigs, stating, "we ...
Read the full Borr Drilling Limited transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Borr Drilling Limited
Borr Drilling Limited (BORR) is a publicly listed company in the Energy Equipment and Services industry, within the Energy sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 25 calls on record spanning February 28, 2020 to August 12, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 25 Borr Drilling Limited earnings call transcripts on record, spanning February 28, 2020 to August 12, 2026. Based on this history, Borr Drilling Limited reports quarterly. The most recent call on file is dated August 12, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- BORR
- Exchange
- NYSE
- Country
- US
- Sector
- Energy
- Industry
- Energy Equipment and Services
- Calls on record
- 25
- First call
- February 28, 2020
- Most recent
- August 12, 2026
- Reporting cadence
- quarterly