Borr Drilling Q4 2025 Revenue $259.4M, EBITDA $105.4M, Utilization at 98.8%
Borr Drilling reported Q4 2025 revenue of $259.4 million and EBITDA of $105.4 million with technical utilization at 98.8% and economic utilization at 97.8%. The company recorded a $1 million net loss, generated full-year 2025 net income of $45 million and ended Q4 with $613.7 million in liquidity.
1. Q4 2025 Operational Performance
Borr Drilling posted operational revenue of $259.4 million and adjusted EBITDA of $105.4 million in Q4 2025. Management highlighted technical utilization at 98.8% and economic utilization at 97.8%, along with safety milestones including the Arabia III receiving an offshore safety award.
2. Cost and Revenue Drivers
Quarterly revenue declined by 6.4% from Q3, primarily due to a $16 million decrease in dayrate revenue as rigs transitioned to lower-rate contracts and a $3.1 million drop in variable charter revenue. These were partly offset by a $1.4 million increase in O&M revenue, while operating expenses rose by $13.2 million, driven by higher personnel costs and accelerated amortization.
3. Full-Year 2025 Financials
For the full year 2025, Borr Drilling generated net income of $45 million and adjusted EBITDA of $470.1 million, marking a 7% decline from 2024 but reaching the top end of guidance. The quarter included a $1 million net loss, reflecting softer rates and elevated costs.
4. Liquidity and Financing
The company closed Q4 with $379.7 million in cash and $234 million of undrawn revolving credit facilities, totaling $613.7 million in liquidity. Cash rose by $151.9 million quarter-over-quarter, bolstering balance sheet flexibility.