Top-tier shallow-water driller wants to see more consolidation, and older rigs removed
Borr Drilling Limited, a global provider of jack-up rigs for the offshore oil and gas industry, announced a net income of $35.1 million for the second quarter of 2025, a significant reversal from the net loss recorded in the first quarter of the year. The results, released in an unaudited report, reflect increased activity and higher day rates across its fleet.
The company’s total operating revenues rose to $267.7 million, an increase of 24% from the first quarter. This growth was driven by an operational rebound, with 22 of the company’s 24 rigs active during the quarter. Adjusted EBITDA also saw a notable increase, climbing to $133.2 million, up 39% from the previous quarter.
According to Borr Drilling, the company secured 14 new contract commitments in the year to date, representing approximately 2,584 days of work and $318 million in potential contract revenue. This has improved the company’s contract coverage to 84% for 2025 at an average day rate of $145,000.
In July, Borr Drilling took steps to strengthen its long-term financial position through a comprehensive financing package that increased its liquidity by more than $200 million. This included a $102.5 million equity offering and commitments from commercial banks that amended the terms of its revolving credit facilities.
The company’s CEO, Patrick Schorn, noted the proactive approach to securing financing while market conditions were favorable. “We acted proactively to secure financing while market conditions were favorable, reinforcing our ability to execute our long-term strategy—including disciplined growth and potential industry consolidation,” Schorn said in a statement.
The company’s performance comes as the offshore drilling market shows signs of tightening, with rig utilization and day rates rising amid increased demand from national oil companies and international producers. Borr Drilling’s results and strategic financial moves position it to potentially capitalize on future opportunities, including a potential rise in drilling activity in Mexico.
Looking ahead, Borr Drilling anticipates a comparable level of activity and performance in the third quarter of 2025. The company also confirmed its comfort with the current Bloomberg consensus estimate of a 2025 Adjusted EBITDA of approximately $470 million.
In a planned leadership change, Borr Drilling also announced the appointment of Bruno Morand as its new CEO, effective September 1, 2025. Schorn will transition to the role of Executive Chair of the company’s Board of Directors.
“When you share your news through OGV, you’re not just getting coverage – you’re getting endorsed by the energy sector’s most trusted voice.”