Borr Drilling's jack-up drilling rigs are in strong demand and the company is scheduled to release its Q 2 financial report on August 12
International offshore drilling contractor Borr Drilling Limited announced that it will release its second quarter 2026 financial results after the New York Stock Exchange closes on August 11, and will hold a webcast and conference call at 9:00 a.m. on August 12 to discuss performance and provide a business update. This financial report has attracted much attention from the market because the company is in the stage of active fleet expansion and contract growth. In January this year, Borr completed the acquisition of five premium jack-up drilling rigs from Noble Corporation and established a joint venture with its Mexican partner to acquire five more and expand the fleet from 29 to 34 rigs. In the first quarter, the company's technical utilization rate was as high as 99.4% and its economic utilization rate was 97.0%. However, due to the approximately 40-day delay in the start-up of the Odin drilling platform and the credit loss provision of US$8.4 million, the net loss in the quarter expanded to US$29 million. Management expects second-quarter results to remain impacted by Odin delays and to incur approximately $10 million in additional contract preparation expenses. However, demand for drilling rigs continues to be strong. As of the end of the first quarter, Borr's full-year contract coverage for 2026 has increased to 71%, with average daily rentals of approximately US$137,000. The coverage in the second half of the year has increased from 48% to 65%. The company has secured eight new contract commitments since its last financial report, adding more than 1,100 confirmed work days.