Borr Drilling (BORR) Q4 2025 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, February 19, 2026 astatine 9:40 AM CST 32 min read

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Thursday, February 19, 2026 astatine 9 a.m. ET

• Chief Executive Officer — Bruno Morand

• Chief Financial Officer — Magnus Vaaler

Bruno Morand: Good morning, and convey you for participating successful Borr Drilling Limited 4th fourth net call. I americium Bruno Morand, and with maine present contiguous successful Dubai is Magnus Vaaler, our Chief Financial Officer. First, covering the required disclaimers, I would similar to punctual each participants that immoderate of the statements volition beryllium guardant looking. These matters impact risks and uncertainties that could origin existent results to disagree materially from those projected successful these statements. I, therefore, notation you to our latest nationalist filings. For today’s call, I volition commencement with a reappraisal of Q4 and item cardinal developments since the 4th end. Magnus volition past reappraisal our quarterly and afloat twelvemonth fiscal results.

I volition travel with a deeper look into the commercialized execution and we volition reason with immoderate comments connected the concern outlook. Let america get started. Before going to the results, I would similar to instrumentality a infinitesimal to admit our teams astir the world. During the 4th quarter, respective of our rigs achieved noteworthy information milestones. That includes the rigs Idun and Grid, reaching six and 3 years LTI escaped respectively, and the rigs Gunnlod and Gerd reaching 1 twelvemonth incidental free. Additionally, we are arrogant to item that our rig Arabia 3 has received an grant from Aramco’s offshore section for the rig with the champion information people successful 2025.

These achievements underscore the team’s committedness to information and I would similar to instrumentality this accidental to convey each subordinate of the Borr Drilling Limited household for their efforts. Now into the results. Our operational show successful the 4th fourth was solid, with method utilization of 98.8% and an economical utilization of 97.8%. Fourth 4th operational revenues totaled $259,400,000. Adjusted EBITDA of $105,400,000 came successful enactment with our expectations, bringing afloat twelvemonth adjusted EBITDA to $470,100,000 astatine the apical extremity of the guidance range. This show underscores the resilience of our enactment navigating respective headwinds successful 2025 portion delivering beardown operational and fiscal execution. Our fleet declaration visibility continues to amended arsenic we trim remaining unfastened days.

Recent awards and extensions person accrued 2026 sum to 80% successful the archetypal fractional and 48% successful the 2nd half, including the precocious acquired rigs. Since our past quarterly report, we secured caller commitments for 7 rigs and expect further sum gains successful the coming months arsenic we advancement negotiations connected aggregate progressive leads. We judge the jackup marketplace bottommost is down america now, and we spot fundamentals recovering gradually arsenic request increases. Most notably, successful the Middle East, multiyear tenders are successful advancement for an estimated 13 rigs. In Mexico, we are seeing amended visibility of payments and a much affirmative operating outlook.