Borr Drilling Q2 2026: Net Loss Widens to $241M on Refinancing Costs; Adjusted EBITDA Falls 50%
BORR sits 83% above its 52-week low of $2.205 on elevated volume (2.0× avg).
Summary
Borr Drilling reported Q2 2026 net loss of $241.4 million, largely due to refinancing costs, while Adjusted EBITDA fell 50% to $43.8 million. Liquidity remains solid at $473.6 million, but Middle East disruptions are pressuring utilization.
Key Events · Earnings and Guidance · BORR
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Q2 Net Loss Widens to $241.4M
Net loss increased to $241.4 million from $29.0 million in Q1 2026, driven by $236.5 million in financial expenses related to the debt refinancing.
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Adjusted EBITDA Falls 50%
Adjusted EBITDA declined to $43.8 million from $88.5 million in Q1, with margin dropping to 22.4% from 35.8%.
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Refinancing Completed
Issued $2.3 billion in new debt (8.75% SSN due 2032, 9.00% SSN due 2034, 3.50% convertible notes due 2033) to retire 2028/2030 notes and partially repurchase 2028 convertible bonds.
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Liquidity Position
Q2 2026 liquidity of $473.6 million, including $223.6 million cash and $250.0 million SSRCF capacity.
Analysis · BORR · Energy & Transportation
Borr Drilling's Q2 2026 results show a sharp deterioration in profitability, with net loss widening to $241.4 million from $29.0 million in Q1, driven by a $236.5 million financial expense related to the debt refinancing completed in Q2. Adjusted EBITDA fell 50.5% sequentially to $43.8 million, reflecting lower revenues and higher operating expenses. The company maintains strong liquidity at $473.6 million and reports 73% contract coverage for 2026, but the Middle East conflict is impacting near-term utilization and visibility. The refinancing has pushed out maturities to 2032-2034, reducing near-term default risk, but the increased interest burden and operational softness are key concerns.
How filings like this one have moved
In the 30 days to Oct 26, 2026, 29.9% of the 1374 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BORR was trading at $4.04 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.3B. The 52-week trading range was $2.21 to $6.66. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.