Borr Drilling Limited announced its unaudited results for the second quarter ended June 30, 2025, reporting a strong rebound in activity. Total operating revenues increased by $51.1 million, or 24%, to $267.7 million compared to Q1 2025.
Adjusted EBITDA rose by $37.1 million, or 39%, to $133.2 million, underscoring the profitability of the revenue stream. The company achieved high operational efficiency with technical utilization of 99.6% and economic utilization of 97.8%, with 22 out of 24 rigs active.
Borr Drilling generated $106.5 million in free cash flow during the first six months of 2025. In July, the company proactively strengthened its financial position with a comprehensive financing package, including a $102.5 million equity raise, increasing pro forma liquidity to approximately $425 million.
The company secured important new awards, including a multi-rig contract in Asia and a new contract for the 'Arabia II', improving contract coverage to 84% at an average day rate of $145,000 for 2025, and 47% at $139,000 for 2026. Management expressed comfort with the Bloomberg consensus estimate of approximately $470 million for 2025 Adjusted EBITDA.
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