BORR Borr Drilling Ltd
Price Chart
Executive Summary
Borr Drilling filed a 6-K announcing the commencement of trading on Euronext Oslo Børs (main list) as of May 21, 2026, and concurrently released a Q1 2026 investor presentation. The Q1 2026 results show a significant operational decline: total operating revenues fell 4.8% QoQ to $247.0M, Adjusted EBITDA dropped 15.8% to $88.5M, and the company swung to a net loss of $29.0M from a near-breakeven $1.0M loss in Q4 2025. The Oslo listing is a positive structural step, but the deteriorating financials dominate the near-term outlook.
Actionable Insight
The sharp deterioration in Q1 2026 financials — especially the net loss and 35% cash burn — outweighs the positive signal of the Oslo main-list upgrade. Monitor the Q2 2026 earnings call for guidance on whether the expected H2 2026 rebound materializes and for updates on the Five-Rig and Fontis acquisitions. The $144M annual debt amortization and declining cash position make liquidity a key risk.
Key Facts
- Q1 2026 total operating revenues of $247.0M, down 4.8% from Q4 2025's $259.4M
- Q1 2026 net loss of $29.0M vs. net loss of $1.0M in Q4 2025
- Q1 2026 Adjusted EBITDA of $88.5M, down 15.8% from Q4 2025's $105.2M
- Cash and cash equivalents fell 35.2% to $246.0M from $379.7M in Q4 2025
- Shares began trading on Euronext Oslo Børs (main list) on May 21, 2026; primary listing remains on NYSE
- 2026 contract coverage at 71% with an average dayrate of $137k
- Liquidity of $480.0M ($246M cash + $234M RCF capacity)
- Debt amortization of $144M per annum
Financial Impact
Revenue decline of $12.4M QoQ (-4.8%), net loss swing of $28.0M, cash burn of $133.7M in the quarter
Risk Factors
- Continued cash burn could pressure liquidity if the H2 2026 rebound does not materialize
- High debt load with $2.2B maturing by 2030 and $144M annual amortization
- Q1 net loss of $29M may signal further earnings deterioration
- Middle East tensions causing delays in tendering pipeline
Market Snapshot
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (BORR) — Batch item 1 | 0001140361-26-022385 |
| Document: ef20074576_ex99-1.htm | 0001140361-26-022384 |
| Document: 0001140361-26-022385-index-headers.html | 0001140361-26-022385 |
| Document: 0001140361-26-022385-index.html | 0001140361-26-022385 |
| Document: 0001140361-26-022385.txt | 0001140361-26-022385 |
| 6-K Filing (BORR) — Batch item 6 | 0001140361-26-022384 |
| Document: ef20074627_6k.htm | 0001140361-26-022385 |
| Document: ef20074627_ex99-1.htm | 0001140361-26-022385 |
| Document: 0001140361-26-022384-index-headers.html | 0001140361-26-022385 |
| Document: 0001140361-26-022384-index.html | 0001140361-26-022385 |
| Document: 0001140361-26-022384.txt | 0001140361-26-022385 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 11, 2026
2d ago
|
6-K
| $4.60 awaiting T+5 | awaiting T+5 | — | $4.58 (−0.43%) |
|
Jun 10, 2026
3d ago
|
Insider Cluster
| $4.55 awaiting T+5 | awaiting T+5 | — | $4.58 (−0.66%) |
|
Jun 9, 2026
3d ago
|
6-K
| $4.54 awaiting T+5 | awaiting T+5 | — | $4.58 (+0.99%) |
|
May 28, 2026
16d ago
|
6-K
| $5.07 $5.05 | ▼ −0.39% | ▼ −0.71% | $4.58 (−9.66%) |
|
May 26, 2026
17d ago
|
6-K
| $5.33 $5.20 | ▼ −2.44% | ▼ −3.52% | $4.58 (−14.07%) |
|
May 26, 2026
17d ago
|
6-K
| $5.33 $5.20 | ▼ −2.44% | ▼ −3.52% | $4.58 (−14.07%) |
|
May 26, 2026
17d ago
|
6-K
| $5.33 $5.20 | ▼ −2.44% | ▼ −3.52% | $4.58 (−14.07%) |
|
May 21, 2026
22d ago
|
6-K
| $5.64 $5.07 | ▲ +10.11% | ▲ +11.71% | $4.58 (+18.79%) |
|
May 21, 2026
22d ago
|
6-K
| $5.64 $5.07 | ▲ +10.11% | ▲ +11.71% | $4.58 (+18.79%) |
|
May 20, 2026
23d ago
|
6-K
| $6.18 $5.04 | ▼ −18.45% | ▼ −19.68% | $4.58 (−25.89%) |
US Market Status
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