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Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry in the Americas, Southeast Asia, West Africa, the Middle East, North Africa, and Europe. It owns, contracts, and operates jack-up rigs for operations in shallow-water areas, such as the provision of related equipment and work crews to conduct oil and gas drilling and workover operations for exploration and production. It serves oil and gas exploration and production companies, such as integrated oil companies, state-owned national oil companies, and independent oil and gas companies. The company was formerly known as Magni Drilling Limited and changed its name to Borr Drilling Limited in December 2016. Borr Drilling Limited was incorporated in 2016 and is based in Hamilton, Bermuda.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.0B | $452M | $45M | $127M | 3.7% | 1.0% | -45.2% |
| 2024 | $1.0B | $473M | $82M | $-332M | 8.3% | 31.0% | 271.5% |
| 2023 | $772M | $332M | $22M | $-165M | 2.2% | 73.9% | -107.5% |
| 2022 | $444M | $-33M | $-293M | $-21M | -32.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 443.80 | 771.60 | 1,010.60 | 1,020.80 |
| Operating Revenue | - | 443.80 | 771.60 | 1,010.60 | 1,020.80 |
| Cost Of Revenue | - | 116.50 | 117.40 | 131.20 | 148 |
| Gross Profit | - | 327.30 | 654.20 | 879.40 | 872.80 |
| Operating Expense | - | 301.70 | 404.40 | 505.60 | 551 |
| Selling General And Administration | - | 36.80 | 45.10 | 49.20 | 50.40 |
| Total Expenses | - | 418.20 | 521.80 | 636.80 | 699 |
| Operating Income | - | 25.60 | 249.80 | 373.80 | 321.80 |
| Total Operating Income As Reported | - | -101.90 | 250.40 | 374.20 | 322.10 |
| EBITDA | - | -32.50 | 331.90 | 473 | 451.60 |
| Normalized EBITDA | - | 101.80 | 342.60 | 476.30 | 451.80 |
| EBIT | - | -149 | 214.50 | 341.80 | 303.60 |
| Interest Income | - | 5.40 | 4.90 | 7.70 | 6.40 |
| Interest Expense | - | 125.40 | 158.40 | 201.50 | 217.70 |
| Net Interest Income | - | -168.90 | -187.90 | -229 | -233 |
| Other Non Operating Income Expenses | 3.60 | 2 | - | - | - |
| Other Income Expense | - | -131.10 | -5.80 | -4.50 | -2.90 |
| Interest Income Non Operating | - | 5.40 | 4.90 | 7.70 | 6.40 |
| Interest Expense Non Operating | - | 125.40 | 158.40 | 201.50 | 217.70 |
| Net Non Operating Interest Income Expense | - | -168.90 | -187.90 | -229 | -233 |
| Pretax Income | - | -274.40 | 56.10 | 140.30 | 85.90 |
| Tax Provision | - | 18.40 | 34 | 58.20 | 40.90 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -29.55 | -2.35 | -0.73 | -0.04 |
| Net Income Continuous Operations | - | -292.80 | 22.10 | 82.10 | 45 |
| Net Income From Continuing And Discontinued Operation | - | -292.80 | 22.10 | 82.10 | 45 |
| Net Income From Continuing Operation Net Minority Interest | - | -292.80 | 22.10 | 82.10 | 45 |
| Net Income | - | -292.80 | 22.10 | 82.10 | 45 |
| Net Income Common Stockholders | - | -292.80 | 22.10 | 82.10 | 45 |
| Net Income Including Noncontrolling Interests | - | -292.80 | 22.10 | 82.10 | 45 |
| Normalized Income | - | -188.05 | 30.45 | 84.67 | 45.16 |
| Diluted NI Availto Com Stockholders | - | -292.80 | 22.10 | 82.10 | 45 |
| Basic Average Shares | - | 178.40 | 244.27 | 250.89 | 262.34 |
| Diluted Average Shares | - | 178.40 | 248.15 | 254.46 | 264.55 |
| Reconciled Depreciation | - | 116.50 | 117.40 | 131.20 | 148 |
| Reconciled Cost Of Revenue | - | 116.50 | 117.40 | 131.20 | 148 |
| Total Unusual Items | - | -134.30 | -10.70 | -3.30 | -0.20 |
| Total Unusual Items Excluding Goodwill | - | -134.30 | -10.70 | -3.30 | -0.20 |
| Minority Interests | 0 | - | - | - | - |
| Special Income Charges | - | -133.40 | -7.90 | 0.40 | 0.30 |
| Other Special Charges | - | 5.90 | 8.50 | - | - |
| Impairment Of Capital Assets | 0 | 131.70 | 0 | 0 | - |
| Gain On Sale Of Security | - | -0.90 | -2.80 | -3.70 | -0.50 |
| General And Administrative Expense | - | 36.80 | 45.10 | 49.20 | 50.40 |
| Other Gand A | - | 36.80 | 45.10 | 49.20 | 50.40 |
| Gain On Sale Of Ppe | - | 4.20 | 0.60 | 0.40 | 0.30 |
| Total Other Finance Cost | - | 48.90 | 34.40 | 35.20 | 21.70 |
| Earnings From Equity Interest | - | 1.20 | 4.90 | -1.20 | -2.70 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Borr Drilling Limitedthis co. | BORR | $1.6B | 34.64↑ premium | 1.28 | 3.7% | 7.37 |
| Dorian LPG Ltd. | LPG | $1.7B | 8.95 | 1.52 | 17.0% | 7.24 |
| RPC, Inc. | RES | $1.6B | 50.16 | 1.46 | 2.9% | 6.69 |
| FLEX LNG Ltd. | FLNG | $1.6B | 21.41 | 2.23 | 10.4% | 12.30 |
| World Kinect Corporation | WKC | $1.5B | -2.49 |
| - |
| - |
| - |
| - |
| - |
| 1.18 |
| -47.3% |
| -3.83 |
| Nabors Industries Ltd. | NBR | $1.5B | 5.22 | 2.53 | 48.5% | 2.18 |
| ProFrac Holding Corp. | ACDC | $1.5B | -3.95 | 2.03 | -51.4% | 14.04 |
| Helix Energy Solutions Group, Inc. | HLX | $1.4B | 46.49 | 0.91 | 2.0% | 7.70 |
| Navigator Holdings Ltd. | NVGS | $1.3B | 13.40 | 1.09 | 8.2% | 6.95 |
| Peer Median | - | 11.18 | 1.49 | 5.5% | 7.10 | |