25 Rigs Out of Borr Drilling’s 29-Strong Fleet Either on Hire or with Jobs Lined Up

Why It Matters

High rig utilization and a growing backlog improve Borr Drilling’s cash‑flow prospects and signal a broader recovery in the offshore jack‑up market.

Key Takeaways

• 25 of 29 rigs contracted or with jobs
• Backlog reached $1.2 billion, 1,150+ days
• Utilization rates near 98% technical, 98% economic
• New contracts span Africa, SE Asia, Americas
• CEO sees jack‑up market bottom passed

Pulse Analysis

Borr Drilling’s recent contract wins illustrate a turning point for the offshore jack‑up segment, which has struggled with oversupply and volatile day‑rates over the past few years. By securing work for 25 of its 29 modern rigs across Africa, Southeast Asia, the Middle East, Europe and the Americas, the company has diversified its geographic exposure and reduced reliance on any single market. The five‑rig acquisition from Noble, funded through a balanced debt‑equity mix, adds premium capacity that aligns with the emerging tender pipeline, especially in the Middle East where operators are pursuing long‑term contracts for over a dozen rigs.

Financially, Borr Drilling’s backlog surged to $1.2 billion, translating into more than 1,150 days of day‑rate equivalent work. Technical utilization hit 98.8% and economic utilization 97.8% in Q4 2025, underscoring the fleet’s efficiency despite a modest Q4 net loss. Adjusted EBITDA fell 22% year‑over‑year, yet the firm’s cash‑flow outlook improves as contracted premium utilization steadies near 90% and payment visibility in key regions like Mexico strengthens. These metrics suggest the company can weather short‑term earnings volatility while positioning for higher-margin opportunities.

Looking ahead, the CEO projects a continued upswing in market fundamentals through the second half of 2026 and into 2027. The global jack‑up tender pipeline is at multi‑year highs, driven by rising upstream capex in regions such as Mexico, Vietnam and the Gulf of Mexico. As tender awards materialize and the supply base contracts, Borr Drilling is poised to capture incremental pricing power and earnings visibility, reinforcing its appeal to investors seeking exposure to a resurging offshore drilling market.