Borr Drilling Limited (BORR)

Borr Drilling confirmed on 25 October 2026 that its Prospector 5 jack-up rig sank offshore Gabon at about 20:37 local time on 24 October 3. The company said preliminary information points to a punch through event during preload activities, which caused a loss of stability 3.

A jack-up is a drilling platform whose legs stand on the seabed 8. On 2 November the company said the body of a fourth person had been located and one person was still unaccounted for 1. Of the 115 people on board, 110 had returned ashore by 29 October 2.

Reuters reported that the rig had not yet begun drilling and sat at the Dussafu Marin permit 4. Borr has engaged a classification society for an independent investigation, and its chief executive said every possible cause is in scope 1. The root cause has not been stated 1.

BW Energy, the rig's customer, suspended its 2026 capital spending guidance of $600 million to $650 million while it reschedules wells at its Dussafu field, World Oil reported on 29 October 5.

The sinking follows a weak second quarter 6. Revenue was $232.3 million, down 6 percent from the first quarter, and the net loss was $241.4 million, mostly a $176.3 million debt refinancing charge 6.

Borr Drilling was incorporated in Bermuda in 2016 to own jack-up rigs, the legged platforms that drill for oil and gas in shallow water 118. The company built its fleet through a series of acquisitions of existing rigs or partly built newbuildings 8.

The 20-F lists the early purchases 8. Two rigs came from Hercules in 2017, six from Transocean, eight from PPL Shipyard, two from Paragon in 2018, three from Seatrium and one in 2019 8. That made a fleet of 22 rigs by 1 January 2023 8.

Shares have traded on the New York Stock Exchange since 31 July 2019 11. On 30 December 2024 the shares were delisted from the Oslo exchange to consolidate on the NYSE, and on 19 December 2025 they were listed on Euronext Growth Oslo 8.

Two newbuild rigs, Vali and Var, were delivered in 2024, taking the fleet to 24 8. In 2024 the company also ended its related-party rig charters with its Mexican joint ventures and put a new operating structure in place 8.

In 2025 revenue edged up to $1,020.8 million from $1,010.6 million 8. Dayrate revenue, the daily fee customers pay for a working rig, rose to $906.7 million from $848.2 million as more rigs worked, mainly in West Africa and the Middle East 8.

Net income fell to $45.0 million from $82.1 million, as rig operating costs rose $44.2 million and depreciation rose $16.8 million 8.

On 1 September 2025 Bruno Morand, the commercial chief, succeeded Patrick Schorn as chief executive, and Schorn became executive chair 8.

In December 2025 Borr agreed to buy five rigs from Noble Corporation for $360.0 million, funded partly by a 21 million share offering raising $84.0 million and $165.0 million of added notes 8. The deal closed in January 2026 with a $150.0 million seller's credit 8.

In 2026 a new 50/50 joint venture, BC Ventures, bought five more jack-ups in Mexico for $287.0 million, $237.0 million of it on a seller's credit, and the deal closed on 29 July 7.

In June 2026 the company issued $2,035.0 million of senior secured notes due 2032 and 2034, plus $300 million of convertible notes, and redeemed its older notes 67. Revenue for the first half of 2026 was $479.3 million against $484.3 million a year earlier 7.

The fleet and the business

Borr owns and operates jack-up rigs and rents them with crews to oil and gas producers, mainly on a dayrate basis, a fixed fee per day 8. The 20-F says the fleet was 29 premium jack-ups, with an average age of 9.4 years at the end of 2025 8.

As of 17 March 2026, 25 rigs were operating or committed: six in the Americas, six in Southeast Asia, five in West Africa, five in the Middle East and North Africa and three in Europe 8. Four were warm stacked, meaning idle but ready 8.

Revenue in 2025 came from dayrate fees of $906.7 million, bareboat charters of $78.2 million, where the customer crews a leased rig, and management contracts of $35.9 million 8. The largest customers were Eni, PTT Exploration and Production, Irish Energy Drilling Asset and Saudi Arabian Oil Company 8.

Second-quarter dayrate revenue was $187.7 million, down from $238.5 million a year earlier, because fewer rigs worked: the average number operating fell from 22.4 in the first quarter to 21.2 in the second 76.

Contracts and recent awards

Borr reported 2026 contract coverage of 73 percent at an average dayrate of about $134,000 per day on 11 August 6. Technical utilization in the second quarter was 98.4 percent 6.

On 15 September the company said the Odin began earning dayrate revenue offshore Texas on 11 September 2026 10. The Idun won a three-well job in Vietnam of about 130 days 10.

On 30 September the company said the Norve received a letter of award in West Africa for three wells over about 245 days, and Shell Nigeria exercised a one-well option on the Natt 11.

Mexico

On 15 September 2026 Borr agreed to divest its 51 percent stake in the Perfomex joint ventures to its Mexican partner, while keeping the rigs Galar, Gersemi and Njord on bareboat charter 9. The three rigs work for PEMEX, Mexico's state oil company 9.

People and workforce

Bruno Morand is chief executive and Magnus Vaaler is chief financial officer 8. The workforce at the end of 2025 was 2,784 people, of whom 2,030 were company employees 8.

Rivals and the market

The 20-F says only two jack-up rigs were ordered in the last three years, both built for Saudi Aramco contracts by ARO Drilling, a joint venture of Saudi Aramco and Valaris 8.

Current problems

The loss of the Prospector 5 is the main one 3. In the second quarter Borr also booked $10.8 million of credit losses on a former West Africa customer, and the Odin start-up ran late and cost $22.5 million in operating expenses 6.

The chief executive said the conflict in the Middle East raised insurance and fuel costs and delayed tenders and contract start dates 6.

The umbrella, in words

Borr Drilling Limited is the Bermuda parent 8. Exhibit 8.1 of the 20-F lists subsidiaries as of 17 March 2026, such as Borr Finance LLC in Delaware and Borr Drilling Management AS in Norway 14.

The company owns, through subsidiaries, the 29 rigs, and it owns 50 percent of BC Ventures Limited, a joint venture that owns five jack-ups in Mexico 78. Until the Perfomex sale closes it owns 51 percent of that venture 9.

Control is spread 12. Drew Holdings Ltd., whose shares may be deemed beneficially owned by Tor Olav Troim, reported 40,117,808 common shares, or 13.1 percent, on 13 October 2026 12.

Cobas Asset Management reported 10.2 percent in a Schedule 13G dated 13 August 2026 13. A Granular Capital founder joined the board in August 2025 8.

Borr said on 11 August 2026 that it expected to average about 23 active rigs in the third quarter 6. It also expected third-quarter Adjusted EBITDA to improve significantly, a statement made before the sinking 6.

The chief executive said the company expects the market to strengthen as stability returns to the Middle East, and pointed to low global inventories that need drilling to rebuild 6.

On 2 November Borr said it would cooperate with the authorities and keep running an independent investigation by a classification society 1.

Contract starts the company announced include the Norve in West Africa in mid-December 2026, the Idun in Vietnam in the fourth quarter of 2026 and the Joro in the UK in mid-October 2026 1011.

The company expects to take over operation of the Bestla in the fourth quarter of 2026 after its bareboat charter with the prior owner ends, and Eni extended its contract to September 2027 10.

The Perfomex sale was expected to close in September 2026 9. Njord is contracted through April 2028, and Galar and Gersemi through May 2030 9.

After the Odin finishes its two-well contract the company expects it to move directly to Cantium 6. The company expects to be in scope of Bermuda corporate income tax in 2026, at 15 percent of net taxable income 8.

BW Energy said it is too early to say when Phase 2 drilling resumes, and that a workover planned with the rig is to be done with a hydraulic workover unit in the coming months 5.

The chief executive said the company's priorities are to deploy its expanded premium jack-up fleet and use its scale and quality to navigate changing market conditions 6.

Contract coverage for the second half of 2026 stood at 70 percent as of 11 August, the company said 6.