HAMILTON, Bermuda, Feb. 18, 2026 — Borr Drilling Limited (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) has released unaudited results for the three-month period and full year concluding December 31, 2025.

Highlights

• Total operating revenues for the fourth quarter reached $259.4 million, down by $17.7 million (or 6%) from the third quarter of 2025’s net income
• The fourth quarter saw a net loss of $1.0 million, which was $28.8 million less than the third quarter of 2025
• Adjusted EBITDA for the fourth quarter was $105.2 million, declining by $30.4 million (22%) from the third quarter of 2025
• Full-year 2025 net income amounted to $45.0 million, a $37.1 million (45%) drop from 2024
• Annual Adjusted EBITDA for 2025 was $470.1 million, down $35.3 million (7%) from 2024
• Signed an agreement to acquire five premium jack-up rigs from Noble Corporation for $360 million total, with the transaction finalized in January 2026
• Concluded an offering of an additional $165 million in principal for its 10.375% senior secured notes maturing in 2030
• Carried out an equity offering of 21 million shares at $4.00 per share, generating total gross proceeds of $84 million
• Throughout 2025, the Company secured 24 new contract commitments, accounting for over 5,000 days and $649 million in Dayrate Equivalent Backlog

Chief Executive Officer Bruno Morand commented:

“Our operational performance in the fourth quarter of 2025 was strong, boasting a technical utilization rate of 98.8% and an economic utilization rate of 97.8%. Fourth-quarter operational revenue hit $259.4 million, falling from the previous quarter due to sanctions-related contract terminations and rigs moving to new contracts with lower average day rates. That said, Adjusted EBITDA of $105.2 million aligned with our projections, pushing full-year 2025 Adjusted EBITDA to $470.1 million—at the higher end of our guidance. This outcome highlights our organization’s resilience, as we managed multiple challenges in 2025 while maintaining robust operational and financial execution.

Our fleet’s contract visibility keeps improving as we cut down on remaining open days. Recent contract awards and extensions raised our 2026 coverage to 80% in the first half and 48% in the second half—figures adjusted for the newly acquired rigs. Since our last quarterly update, we’ve locked in new commitments for seven rigs and anticipate additional coverage improvements in the months ahead as we advance talks on several active opportunities.

We think the jack-up market has moved past its lowest point. We’re observing a gradual recovery in fundamentals as demand rises—particularly in the Middle East, where multiple tenders for long-term contracts for around 13 rigs are underway. Recent industry data indicates the global jack-up rig tender pipeline is at a multi-year high, signaling increased customer activity and longer-term contracting prospects. In Mexico, payment clarity and the operating outlook are getting better, backed by financial measures from the Mexican Government, Pemex’s 34% year-over-year rise in upstream capital expenditures, and its ongoing mandate to boost production. Utilization of contracted marketed premium rigs stays consistent at roughly 90.3%. As tenders are awarded and available supply is taken up, we anticipate market conditions will strengthen, supporting better pricing and clearer earnings prospects.

Against this backdrop, we’re happy to have grown our premium jack-up fleet via the accretive purchase of five premium rigs from Noble—funded by a combination of debt and equity offerings that received strong investor interest. These rigs complement our current portfolio well and provide the right capacity to chase short-term opportunities. Integration is going smoothly and ahead of schedule.

Looking forward, we expect market conditions to keep improving into the second half of 2026, and we think the current trends will lay the groundwork for better fundamentals and clearer earnings outlooks in 2027. Our Borr Drilling platform stands out due to operational excellence, a customer-focused approach, and a premium fleet. We anticipate the larger fleet will strengthen customer relationships and drive long-term shareholder value.”

Conference Call

A conference call and webcast are set for 9:00 a.m. New York time (3:00 p.m. CET) on Thursday, February 19, 2026.

To listen to the live presentation, participants can choose one of the following options:

a) Webcast

To join the webcast, visit the following link:

b) Conference Call

Use the link below to register for the conference call:

Participants will then get dial-in information on their screen and via email—they can either dial in using their unique PIN or select “Call me” and provide their phone number for the system to connect them automatically.

We encourage participants to dial in 10 minutes before the call begins.

CONTACT:

Direct questions to: Magnus Vaaler, Chief Financial Officer, at +44 1224 289208.

This information is provided by Cision

The following files are available for download:

SOURCE: Borr Drilling Limited