Borr Drilling Limited announced its unaudited results for the first quarter ended March 31, 2025, reporting a net loss of $16.9 million. Total operating revenues decreased by $46.5 million to $216.6 million compared to the fourth quarter of 2024, and Adjusted EBITDA was $96.1 million, a decrease of $40.6 million.
The first-quarter results were impacted by temporary rig suspensions and preparations for upcoming contracts, with an average of 16 active rigs out of a 24-rig fleet. Despite lower activity, technical utilization remained robust at 99.2% and economic utilization at 97.9% for active rigs.
In light of uncertain market conditions, the Board decided not to pay a dividend for Q1 2025 to reinforce the balance sheet and enhance long-term value creation. However, liquidity improved during the quarter, supported by the collection of approximately $120 million in outstanding receivables from Mexico and $10 million in mobilization fees for the 'Vali' rig.
Looking ahead, the company anticipates a meaningful ramp-up of activity in Q2, with three suspended rigs in Mexico resuming operations and the 'Vali' and 'Arabia I' commencing contracts. This is expected to increase the operating rig count to 22, laying the foundation for stronger financial performance in subsequent quarters.
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