Borr Drilling Limited
- Open
- 4.18
- Day high
- 4.43
- Day low
- 4.17
- Prev close
- 4.13
- Volume
- 3.2M
- Mkt cap
- $1.3B
- P/E (TTM)
- 26.9
- EPS (TTM)
- $0.16
- P/B
- 1.1
- P/S
- 1.3
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$27.4M over the last 3 months (4 open-market buys, 1 sale)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Borr Drilling Limited (BORR) is a Energy company listed on NYSE. The stock is up 112% over the past year. Over the trailing 3 months, insiders filed 4 open-market buys and 1 sale (SEC Form 4).
Borr Drilling Limited (BORR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BORR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 21, 2026 | $-0.02 | $-0.09 | -333.9% | $247M | -2.5% |
| Feb 18, 2026 | $-0.02 | $0.10 | +515.3% | $259M | +1.0% |
| Nov 5, 2025 | $-0.03 | $0.10 | +490.9% | $277M | +16.1% |
| Aug 13, 2025 | $0.10 | $0.14 | +46.5% | $268M | +1.5% |
| May 21, 2025 | $-0.06 | $-0.07 | -16.7% | $217M | -17.8% |
| Feb 19, 2025 | $0.11 | $0.10 | -9.1% | $263M | +11.7% |
| Aug 14, 2024 | $0.19 | $0.12 | -36.8% | $274M | +12.2% |
| May 23, 2024 | $0.15 | $0.06 | -60.0% | $227M | -1.1% |
| Feb 22, 2024 | $0.11 | $0.11 | +0.0% | $235M | +12.9% |
| Nov 16, 2023 | $0.07 | $0.00 | -98.3% | $192M | +0.5% |
| Aug 17, 2023 | $0.08 | $0.00 | -96.0% | $188M | +6.6% |
| May 23, 2023 | $-0.01 | $-0.03 | -400.0% | $172M | +2.2% |
BORR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Morand De Oliveira Brunoofficer: Chief Executive Officer | Option | 91,666 | $1.66 |
| Jun 22, 2026 | Schorn Patrickdirector | Buy | 1,200,000 | $1.66 |
| Jun 22, 2026 | Schorn Patrickdirector | Option | 400,000 | $1.66 |
| Jun 22, 2026 | Morand De Oliveira Brunoofficer: Chief Executive Officer | Buy | 275,000 | $1.66 |
| Jun 22, 2026 | Morand De Oliveira Brunoofficer: Chief Executive Officer | Option | 91,667 | $1.66 |
| Jun 10, 2026 | Troim Tor Olavdirector | Buy | 1,063,000 | $4.70 |
| Jun 10, 2026 | Mordehachvili Thiagodirector | Sell | 8,000,000 | $4.70 |
| Apr 17, 2026 | Troim Tor Olavdirector | Buy | 500,000 | $5.58 |
| Mar 26, 2026 | Currie Jeffreydirector | Buy | 250,000 | $5.31 |
| Mar 26, 2026 | Troim Tor Olavdirector | Buy | 500,000 | $5.20 |
Source: BORR SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full BORR insider & 13F page →Borr Drilling Limited company profile
Overview
Borr Drilling Limited (NYSE:BORR) is a Bermuda-based offshore drilling contractor that operates one of the world's youngest fleets of jack-up drilling rigs. Founded in 2016 and formerly known as Magni Drilling Limited, the company went public in July 2019 and has rapidly established itself as a major player in the shallow-water offshore drilling market. Borr completed an ambitious newbuild program in 2024, delivering its final rig to achieve a fleet of 24 premium jack-up rigs that serve oil and gas exploration and production companies worldwide.
Business
Borr Drilling operates in the offshore oil and gas drilling industry, specifically focusing on jack-up drilling rigs that work in shallow-water environments. Jack-up rigs are mobile offshore drilling platforms that can be towed to a drilling location and then "jack up" their legs to lift the drilling platform above the water surface, creating a stable drilling foundation in water depths typically ranging from 30 to 400 feet. The company's core business involves owning, operating, and contracting these specialized drilling rigs to oil and gas companies for exploration and production activities. These rigs are equipped with sophisticated drilling equipment and are staffed with experienced crews who conduct drilling operations, well completions, and workover services. The drilling process involves creating wells that penetrate through the seabed to reach oil and gas reservoirs beneath the ocean floor. Borr's customer base consists of three primary segments: integrated oil companies (major international oil corporations like Shell and ExxonMobil), state-owned national oil companies (such as Saudi Aramco and Pemex), and independent oil and gas companies. The company operates globally with rigs deployed across key offshore drilling markets including West Africa, Southeast Asia, the Middle East, Mexico, and Brazil. As of 2024, Borr operates 24 jack-up rigs, making it one of the largest jack-up drilling contractors globally, with approximately 100% of revenue derived from rig operations and related services.
Revenue model
Borr Drilling generates revenue primarily through day rate contracts, where oil and gas companies pay a fixed daily rate for the use of drilling rigs and associated services. Day rates typically range from $120,000 to over $200,000 per day depending on the rig's capabilities, market conditions, and contract duration. The company also earns revenue from management contracts, where it provides operational expertise for rigs owned by other parties. Contract structures vary from short-term agreements lasting a few months to multi-year commitments extending several years. Longer-term contracts provide revenue stability and better economics, while shorter contracts offer flexibility to capture improving market conditions. The company's revenue is directly tied to rig utilization rates - the percentage of time rigs are actively working versus idle. Several factors significantly impact Borr's margins and profitability. Oil price volatility drives customer drilling activity and willingness to pay premium day rates, as higher oil prices justify increased exploration and production investments. Global rig supply and demand dynamics critically affect day rates - the aging global jack-up fleet (with 30% of rigs over 35 years old) and minimal new rig construction create supply constraints that support higher rates. Regional market conditions vary significantly, with West Africa commanding rates above $150,000 while Asian markets typically see $120,000-$130,000 day rates. Operational efficiency directly impacts margins, as technical utilization rates above 98% demonstrate the company's ability to minimize downtime. Regulatory changes and geopolitical factors can affect regional demand, as seen with temporary rig suspensions in Saudi Arabia and Mexico that reduced utilization and revenue.
Competitive moat
Borr Drilling's competitive moat is moderately strong but faces ongoing challenges in a cyclical industry. The company's primary competitive advantage lies in operating one of the world's youngest and most technologically advanced jack-up rig fleets, with all rigs delivered since 2017. This modern fleet provides superior operational reliability, safety performance, and fuel efficiency compared to older competitors, allowing Borr to command premium day rates and secure longer-term contracts with quality customers. The high barriers to entry in jack-up rig construction provide some protection, as building new rigs requires capital investments exceeding $200 million per rig and 3-4 year construction timelines. The current shipyard order book represents less than 4% of the global jack-up fleet, creating supply constraints that support pricing. Additionally, Borr's global operational footprint and established customer relationships with major oil companies create switching costs and relationship advantages. However, the company's moat faces significant challenges. The offshore drilling industry is inherently cyclical and commodity-dependent, with demand directly tied to oil prices and customer capital allocation decisions. Competition from other drilling contractors, including those with older but serviceable rigs, can pressure day rates during market downturns. Technological disruption from alternative energy sources and improved onshore drilling techniques poses long-term demand risks. The company's high fixed costs and leverage amplify earnings volatility during market cycles. Regional political and regulatory risks, as demonstrated by recent rig suspensions in key markets, can rapidly impact utilization and profitability. While Borr's modern fleet provides near-term competitive advantages, the cyclical nature of the industry and external dependencies limit the durability and strength of its moat.
Risks & safety
Borr Drilling presents moderate financial risk with concerning leverage levels but improving operational cash generation. • **Debt and Solvency**: High debt-to-equity ratio of 2.1x creates significant financial leverage risk. Total debt exceeds $1.5 billion against $993 million in equity. However, the company successfully refinanced debt in 2023 and maintains adequate liquidity. • **Cash Position**: Cash declined significantly from $194 million in Q2 2024 to $62 million by Q4 2024, primarily due to newbuild capital expenditures. Free cash flow was negative $333 million for full year 2024 due to fleet completion investments. • **Operational Cash Flow**: Positive operating cash flow of $77 million for 2024 demonstrates underlying business profitability, though quarterly volatility exists. • **Valuation Metrics**: Trading at 5.5x EV/EBITDA and 9.2x P/E ratio appears reasonable for a cyclical business, though price-to-book of 0.98x suggests market skepticism about asset values. • **Market Exposure**: High sensitivity to oil price cycles and customer capital allocation creates earnings volatility risk. Contract coverage of 77% for 2025 provides near-term revenue visibility but limited beyond that horizon.
Recent development
Over the past few years, Borr Drilling has executed a transformational fleet modernization and expansion strategy. The company completed an ambitious newbuild program in 2024 with the delivery of its final rig "VAR," bringing the total fleet to 24 premium jack-up rigs - all delivered since 2017. This represents one of the most significant fleet renewal programs in the offshore drilling industry. The company has strategically positioned itself for market recovery by securing long-term, high-value contracts. Notable achievements include securing the first contract exceeding $200,000 per day and building a contract backlog worth over $650 million. Borr has diversified its geographic presence with rigs operating across West Africa, Southeast Asia, the Middle East, Mexico, and Brazil, reducing dependence on any single market. Financial restructuring has been a key focus, with the company completing a major debt refinancing in 2023 that improved its capital structure. Borr initiated shareholder returns through quarterly dividends starting at $0.05 per share and increasing to $0.10 per share, along with implementing a $100 million share buyback program. However, recent market softening has led to more conservative capital allocation, with dividends reduced to $0.02 per share in Q4 2024. The company has adapted to market volatility by maintaining operational excellence with technical utilization rates consistently above 98%. Recent challenges include temporary rig suspensions in Saudi Arabia and Mexico, but management expects these to be resolved with rigs returning to work in 2025. Borr is focusing on reducing capital expenditures below $50 million annually post-newbuild completion while maintaining its premium fleet positioning.
BORR company profile · for informational purposes only — not investment advice.
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