Borr
Contracts modern jack-up rigs for shallow-water oil and gas drilling.
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Profile
Owns and operates premium jack-up rigs for shallow-water drilling customers, with crews and related equipment contracted mainly to oil and gas producers. Revenue spans Southeast Asia, West Africa, the Americas, the Middle East and North Africa, and Europe, while the business reports as a single fleet-managed segment.
Owns, contracts, and operates premium jack-up rigs for shallow-water drilling work. The service layer includes rig contracting, drilling and workover support with crews and equipment, bareboat-charter arrangements, and integration of acquired rigs into a single reportable segment.
Operations are international, with revenue spread across Southeast Asia, West Africa, the Americas, the Middle East and North Africa, and Europe. Customers include integrated oil companies, national oil companies, and independent exploration and production companies.
Execution depends on rig availability, location, technical capability, pricing, workforce experience, operating efficiency, and customer relationships. Demand is shaped by shallow-water activity, dayrates, utilization, customer credit, regional conditions, and competing jack-up supply.
Company facts
Key statistics
Year to date +11.5% · Average volume (30d) 5.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 17, 2026 | SEB Enskilda | Target | $2.40 | $3.55 | ||
| Jun 30, 2026 | Capital One Financial | Target | $6 | |||
| Sep 1, 2025 | SEB Enskilda | Target | $2.40 | |||
| Jul 14, 2025 | BTIG | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 11, 2026Q2 FY26 | −$0.21 | −$0.79 | −279.2% | $246.0M | $232.3M | −5.6% | −3.52% |
| May 20, 2026Q1 FY26 | −$0.02 | −$0.09 | −333.9% | $253.3M | $247.0M | −2.5% | −8.74% |
| Feb 18, 2026Q4 FY25 | −$0.02 | $0.00 | +78.1% | $240.8M | $259.4M | +7.7% | +3.63% |
| Nov 5, 2025Q3 FY25 | −$0.03 | $0.10 | +490.9% | $238.6M | $277.1M | +16.1% | +5.94% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $216.6M | $267.7M | $277.1M | $259.4M | $247.0M | $232.3M | |
| Gross profit | $180.7M | $231.0M | $111.0M | $81.5M | $59.8M | $57.2M | |
| Operating income | $60.2M | $96.5M | $98.2M | $67.3M | $46.0M | $300.0K | |
| Net income | −$16.9M | $35.1M | $30.8M | −$1.0M | −$29.0M | −$241.4M | |
| Diluted EPS | −$0.07 | $0.13 | $0.10 | −$0.00 | −$0.09 | −$0.79 | |
| Gross margin | 83.4% | 86.3% | 40.1% | 31.4% | 24.2% | 24.6% | |
| Operating margin | 27.8% | 36.0% | 35.4% | 25.9% | 18.6% | 0.1% |
Fiscal years (4-quarter sums)FY21 $245.3M · FY22 $443.8M · FY23 $771.6M · FY24 $1.01B · FY25 $1.02B
Revenue by product · FY24
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $224.6M · Total debt $2.49B · Total assets $3.70B · Shareholders' equity $961.6M
Dividends
Last cut to $0.02 from $0.10 in Nov 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Mar 3, 2025 | Mar 3 | Mar 19 | $0.02 | |
| Nov 28, 2024 | Nov 29 | Dec 16 | $0.02 | cut from $0.10 |
| Aug 22, 2024 | Aug 22 | Sep 6 | $0.10 | |
| Jun 3, 2024 | Jun 3 | Jun 20 | $0.10 | raised from $0.05 |
| Mar 1, 2024 | Mar 4 | Mar 18 | $0.05 | |
| Jan 2, 2024 | Jan 3 | Jan 25 | $0.05 | special dividend |
Ownership
Shares outstanding 307.70M · Float 237.60M · 77.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Thiago Mordehachvili · director | 38.20M | 12.41% | Form 4 | Jun 10, 2026 |
| cobas asset management, sgiic, s.a. | 31.33M | 10.20% | 13G | Aug 17, 2026 |
| Tor Olav Troim · director | 29.47M | 9.58% | Form 4 | Aug 25, 2026 |
| Azvalor Asset Management Sgiic SA | 28.61M | 10.00% | 13G | Nov 25, 2025 |
| Drew Holdings Ltd. | 25.12M | 8.20% | 13G | Feb 17, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Tor Olav Troim | director | +200,000 | $4.37 |
| Aug 14, 2026 | Tor Olav Troim | director | +500,000 | $4.39 |
| Aug 13, 2026 | Tor Olav Troim | director | +1,500,000 | $4.02 |
| Aug 13, 2026 | Jeffrey Currie | director | +125,000 | $4.01 |
| Jun 17, 2026 | De Oliveira Bruno Morand | officer: Chief Executive Officer | +275,000 | $1.66 |
Peers
- Valaris
Global driller with modern shallow-water jackups and floaters
- Noble
High-spec jackup and deepwater fleet after Borr rig sale
- Seadrill
Floater-focused driller with one harsh-environment jack-up
