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Borr Drilling reports Q1 loss amid delayed rig start and expands fleet with new acquisitions.

Company Fundamentals
20 May 2026
PRNewsWire
View Source
Neutral
pluang ai news

Borr Drilling reported a net loss of $29 million in Q1 2026, down from a $1 million loss in Q4 2025, due to delayed contract start-up of the Odin rig and a credit loss provision. Revenue fell 5% to $247 million, and Adjusted EBITDA dropped 16% to $88.5 million. The company expanded its fleet by acquiring five premium jack-up rigs from Noble Corporation and entering a joint venture to acquire five more, increasing its fleet to 34 rigs. Despite near-term challenges, Borr Drilling expects improved contract coverage and a stronger outlook for 2027-2028, supported by higher oil prices and energy security focus amid Middle East tensions.

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