What Borr Drilling does

Borr Drilling Limited is a Bermuda-incorporated, publicly listed international offshore shallow-water drilling contractor (NYSE: BORR; Euronext Oslo Børs) founded in 2016. The company owns and operates a modern, uniform fleet of 29 premium jackup rigs (growing to ~34 via the BC Ventures JV) built on industry-proven designs including Pacific Class 400, KFELS B/Super B/Super A Class, F&G JU-2000E and JU-3000N, and Gusto MSC CJ50, capable of operating in water depths up to approximately 400 feet. Borr Drilling's fleet is the youngest in the jackup industry, enabling operational and administrative efficiencies versus mixed-fleet competitors, and is supported by integrated QHSE management certified to ISO 9001/14001/45001 and sustainability initiatives including Carbon Neutral Offices (2022) and a Carbon Neutral Rig target (2024).

The company generates revenue primarily through dayrate-based rig contracts negotiated directly with oil and gas operators across three customer tiers: International Oil Companies (IOCs), National Oil Companies (NOCs), and Independent E&P operators. Revenue mechanics follow a usage-based model — average 2025 dayrate ~$145,000 at 85% contract coverage; 2026 full-year coverage ~70% at ~$134,000 average dayrate, with 2H 2026 dropping to ~62%. Q4 2025 revenue was $259.4M and Q1 2026 revenue was $247.0M (with $88.5M Adjusted EBITDA). Service scope spans exploration, production, workover, plug and abandonment, and Carbon Capture and Storage (CCS) drilling. Operations span North Sea, Mexico, West Africa, Southeast Asia (Thailand, Vietnam), Middle East (Saudi Arabia, Qatar, UAE), US Gulf, and emerging markets (Gabon, Germany, Benin), supported by offices in Hamilton, London, Dubai, Singapore, Aberdeen, Villahermosa, and Al Khobar.

Borr Drilling pursues a focused, capital-intensive growth strategy built on opportunistic rig acquisitions (Hercules 2016, Transocean 2017, Paragon 2018, Keppel Fels 2018, Noble Jan 2026) and JV expansion (BC Ventures Mar 2026), backed by serial debt refinancings — most recently a $2.035B senior secured notes issuance in May-June 2026. The company is led by CEO Bruno Morand (appointed September 2025) with Executive Chairman Patrick Schorn (former Schlumberger EVP). Total debt of ~$2.31B against a ~$1.64B market cap signals elevated leverage (S&P 'B', Fitch Negative outlook), with debt-to-EBITDA expected at 4.5x-5.0x through 2025-2026.

Name

Borr Drilling

Legal name

Borr Drilling Limited

Website

https://borrdrilling.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Borr Drilling is a Bermuda-based international offshore drilling contractor that owns and operates a modern fleet of 29 premium jackup rigs, providing dayrate-based shallow-water drilling services to International Oil Companies, National Oil Companies, and independent E&P operators across the North Sea, Mexico, West Africa, Southeast Asia, and the Middle East.

Ownership category

akta.pro rank

Product category

Offshore Jackup Drilling Services

NAICS

Drilling Oil and Gas Wells (213111), Support Activities for Oil and Gas Operations (213112)

SIC

Oil & Gas Field Services, Nec (1389), Drilling Oil & Gas Wells (1381)

akta.pro primary industry

Drilling & Workover Rigs (Land & Offshore) (EUALABAA)

akta.pro secondary industry

Directional Drilling & MWD/LWD Services (EUALABAB)

Keywords

• Offshore drilling services
• Jackup rig contractor
• Shallow-water drilling
• Drilling rig fleet
• Oilfield services

Headquarters

HQ city

Hamilton

HQ country

Bermuda

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Drilling Services (Dayrate-based Rig Contracts): Primary revenue stream generated by contracting Borr Drilling's modern jackup rig fleet to oil and gas operators on a daily-rate basis. Revenue recognized per day a rig is operating under contract; pricing varies by region, rig specification, and contract length (firm plus options). Includes long-term firm contracts, contract extensions, and bareboat charter-backs (e.g., two rigs chartered back to Noble for 12 months generating ~$29M in earnings before debt service). Q4 2025 revenue of $259.4M and Q1 2026 revenue of $247.0M were generated primarily through this stream.
2. Specialized Drilling & Energy Transition Services: Ancillary revenue from exploration, production, workover, plug and abandonment, and Carbon Capture and Storage (CCS) drilling services. Captured within the same dayrate-style contracting framework as core drilling.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Borr Drilling is an international offshore shallow-water drilling contractor that owns and operates one of the industry's youngest and most uniform fleets of premium modern jack-up rigs, contracting them to oil and gas operators on a daily-rate basis. Its service scope covers exploration, production, workover, plug and abandonment, and Carbon Capture and Storage (CCS) drilling in water depths of up to approximately 400 feet. Following the January 2026 acquisition of five rigs from Noble, the fleet stands at 29 jackup rigs with a further five rigs pending via the BC Ventures JV with CME.

Product overview

Borr Drilling operates a single unified offering centred on offshore shallow-water jack-up drilling services for the global oil and gas industry, supported by an integrated portfolio that combines a modern, uniform fleet of premium jack-up rigs (the Borr Drilling Jackup Fleet), drilling Operations Service Delivery, and emerging service extensions such as Carbon Capture and Storage (CCS) Drilling Services. The core fleet — featuring Pacific Class 400, KFELS B/Super B, F&G JU2000E/JU-3000N, and Gusto MSC CJ50 designs across rigs such as Arabia I/II/III, Vali, Var, Odin, Skald, Mist and others — is complemented by back-office digital assets including an IFS Cloud-based B2B Supplier Portal for procurement, an Investor Relations Platform hosting SEC filings and quarterly presentations, and adjacent services covering QHSE, sustainability reporting, and supply chain management. Together these capabilities form a vertically-integrated drilling contractor offering rather than a platform-plus-modules SaaS architecture.

Differentiator

Problem solved

Functional benefit

Products and services

• Offshore Jack-up Drilling Services Premier offshore shallow-water drilling services provided under dayrate contracts to international oil companies, national oil companies, and independent E&P operators, covering exploration, production, workover, plug and abandonment, and Carbon Capture and Storage (CCS) drilling in water depths up to approximately 400 feet.
• Borr Drilling Jackup Fleet (Premium Modern Rigs) A modern, uniform fleet of premium jack-up rigs featuring industry-proven designs including Pacific Class 400, F&G JU2000E, KFELS B Class, KFELS Super B Class, Gusto MSC CJ50, F&G JU-3000N and KFELS Super A Class, covering 28+ named rigs (e.g., Arabia I/II/III, Bestla, Forseti, Freyja, Galar, Gerd, Gersemi, Grid, Groa, Gunnlod, Hild, Idun, Joro, Mist, Natt, Njord, Norve, Odin, Prospector 1, Prospector 5, Ran, Saga, Sif, Skald, Thor, Vali and Var), each rated for 350–400 ft water depth.
• Drilling Operations Service Delivery Operational drilling service delivery enabled by experienced rig teams, safe and reliable jack-up assets, and globally proven processes aligned to industry best practices, incorporating drilling automation and offline concurrent activities to minimise flat-time and maximise rig productivity.
• Carbon Capture and Storage (CCS) Drilling Services Service extension that applies Borr Drilling's jack-up drilling expertise beyond traditional oil and gas into CCS well drilling and end-of-life plug and abandonment for energy transition customers, leveraging existing shallow-water rig capability.

Quantifiable outcome

• 2026 contract coverage at 70% with average dayrate ~$134,000 (up from 85% coverage at ~$145,000 dayrate at Q4 2025)
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core, minor and flagship.

• PricewaterhouseCooperscoreImplementation/ SI/ Consulting Partner · 26 May 2026PricewaterhouseCoopers serves as the auditor of Borr Drilling Limited.
• Broadridge Corporate Issuer Solutions, Inc.minorImplementation/ SI/ Consulting Partner · 26 May 2026Broadridge Corporate Issuer Solutions serves as Transfer Agent for Borr Drilling on the NYSE, located at 51 Mercedes Way, Edgewood, NY.
• Proyectos Globales de Energía y Servicios CME (CME)flagshipStrategic or Co-development Partner · 23 March 2026Formed a 50/50 joint venture (BC Ventures) with Mexican well-construction partner CME to acquire five premium jackup rigs from Fontis Finance Ltd. (Paratus Energy Services subsidiary) for $287 million. Financing: $237 million non-recourse seller's credit secured by the rigs plus $50 million in combined cash contributions. Fleet consists of two F&G JU-2000E and three LeTourneau Super 116-C rigs located in Mexico; closing expected Q3 2026 pending regulatory approvals.
• Paratus Energy Services (Fontis Finance Ltd.)coreStrategic or Co-development Partner · 23 March 2026Paratus is selling its jackup drilling business (Fontis) to Borr Drilling and CME for $400 million structured as two inter-conditional transactions: CME acquiring Fontis' Mexican operations for cash, and CME and Borr jointly acquiring the Singaporean rig-owning entities through a JV for cash plus a $237 million seller's credit. Closing expected H2 2026 pending bondholder consent and Mexican competition clearance.
• Noble CorporationflagshipStrategic or Co-development Partner · 8 December 2025Borr Drilling agreed to acquire five premium jackup rigs from Noble Corporation for $360 million ($210M cash + $150M seller notes), increasing its fleet from 24 to 29 rigs. Two of the acquired rigs were chartered back to Noble on a bareboat basis for 12 months to complete existing drilling contracts, generating an estimated $29 million in earnings before debt service. The deal supported Noble's strategic repositioning to become a pureplay deepwater and ultra-harsh environment jackup operator.
• DSVcoreChannel Partner/ Reseller/ Distributor · 1 September 2024DSV is a third-party logistics partner facilitating the worldwide transportation of goods for Borr Drilling operations, supporting global supply-chain logistics and customs clearance.
• International SOSminorImplementation/ SI/ Consulting Partner · 1 September 2024International SOS provides a 24/7 Employee Support Program offering confidential counselling, resources, and information to support employees and immediate family.

Scale indicators10 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Noble Corporation: Major offshore drilling contractor that just sold five premium jackup rigs to Borr Drilling for $360M as it repositions toward pure-play deepwater and ultra-harsh environment operations. Directly comparable as a global offshore drilling company with overlapping jackup fleet and shared customer base of IOCs and NOCs.
• Valaris Limited: One of the largest offshore drilling contractors globally with a substantial jackup fleet alongside floaters, serving the same IOC/NOC customer base across the same offshore basins. Direct competitor for jackup tenders and contract awards.
• Seadrill Limited: Major offshore drilling contractor with significant jackup and semi-submersible fleet, emerged from restructuring in 2022. Operates modern high-spec jackups comparable to Borr's Pacific Class 400 and KFELS fleet designs and serves a similar IOC/NOC customer base globally.
• Shelf Drilling: Largest pure-play jackup contractor in the Middle East and Southeast Asia regions, operating premium jackup rigs in similar water depths to Borr. Directly comparable as a jackup-focused contractor targeting NOC and IOC contracts in Borr's core regions.
• Stena Drilling: Privately-held offshore drilling contractor operating harsh-environment and benign-environment jackups, plus semi-submersibles. Comparable as a fleet operator with modern rigs competing for similar IOC/NOC contracts in the North Sea, Mediterranean, and West Africa.

Broad incumbents

• Transocean Ltd. Largest offshore drilling contractor globally, primarily focused on ultra-deepwater floaters but also retains jackup exposure. Comparable as a global offshore drilling incumbent that competes for the same IOC/NOC shallow-water contracts and overlaps in fleet modernization strategy.
• Diamond Offshore Drilling: Global offshore drilling contractor with a mix of ultra-deepwater floaters and a smaller jackup fleet. While predominantly a deepwater operator, its jackup division competes with Borr in selected tenders and shares the same demand cycle.
• Saipem S.p.A. Italian oilfield services and engineering contractor with a drilling fleet (including Perro Negro jackups) plus broader EPCI capabilities. Overlaps with Borr in drilling services but adds engineering, fabrication and offshore construction scope.

Regional players

• ADNOC Drilling Company: UAE-based national drilling champion operating a large fleet of jackups and land rigs primarily for ADNOC. Borrows from similar modern KFELS/BMC Pacific Class rigs and is expanding; competes regionally for Middle East shallow-water tenders.

Emerging players

• Paratus Energy Services: Emerging offshore services company whose Fontis Finance subsidiary is currently selling five jackup rigs to Borr/CME JV for $287M. Comparable as a small-cap jackup owner-operator with overlapping Mexican operations and contract relationships.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/borr-drilling

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries8 records

Funding overview

Funding rounds12 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Borr Drilling