The sharp deterioration in Q1 2026 financials — especially the net loss and 35% cash burn — outweighs the positive signal of the Oslo main-list upgrade. Monitor the Q2 2026 earnings call for guidance on whether the expected H2 2026 rebound materializes and for updates on the Five-Rig and Fontis acquisitions. The $144M annual debt amortization and declining cash position make liquidity a key risk.
Price Chart
Executive Summary
Borr Drilling filed a 6-K announcing the commencement of trading on Euronext Oslo Børs (main list) as of May 21, 2026, and concurrently released a Q1 2026 investor presentation. The Q1 2026 results show a significant operational decline: total operating revenues fell 4.8% QoQ to $247.0M, Adjusted EBITDA dropped 15.8% to $88.5M, and the company swung to a net loss of $29.0M from a near-breakeven $1.0M loss in Q4 2025. The Oslo listing is a positive structural step, but the deteriorating financials dominate the near-term outlook.
Key Facts
- Q1 2026 total operating revenues of $247.0M, down 4.8% from Q4 2025's $259.4M
- Q1 2026 net loss of $29.0M vs. net loss of $1.0M in Q4 2025
- Q1 2026 Adjusted EBITDA of $88.5M, down 15.8% from Q4 2025's $105.2M
- Cash and cash equivalents fell 35.2% to $246.0M from $379.7M in Q4 2025
- Shares began trading on Euronext Oslo Børs (main list) on May 21, 2026; primary listing remains on NYSE
- 2026 contract coverage at 71% with an average dayrate of $137k
- Liquidity of $480.0M ($246M cash + $234M RCF capacity)
- Debt amortization of $144M per annum
Financial Impact
Revenue decline of $12.4M QoQ (-4.8%), net loss swing of $28.0M, cash burn of $133.7M in the quarter
Risk Factors
- Continued cash burn could pressure liquidity if the H2 2026 rebound does not materialize
- High debt load with $2.2B maturing by 2030 and $144M annual amortization
- Q1 net loss of $29M may signal further earnings deterioration
- Middle East tensions causing delays in tendering pipeline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (BORR) — Batch item 1 | 0001140361-26-022385 |
| Document: ef20074576_ex99-1.htm | 0001140361-26-022384 |
| Document: 0001140361-26-022385-index-headers.html | 0001140361-26-022385 |
| Document: 0001140361-26-022385-index.html | 0001140361-26-022385 |
| Document: 0001140361-26-022385.txt | 0001140361-26-022385 |
| 6-K Filing (BORR) — Batch item 6 | 0001140361-26-022384 |
| Document: ef20074627_6k.htm | 0001140361-26-022385 |
| Document: ef20074627_ex99-1.htm | 0001140361-26-022385 |
| Document: 0001140361-26-022384-index-headers.html | 0001140361-26-022385 |
| Document: 0001140361-26-022384-index.html | 0001140361-26-022385 |
| Document: 0001140361-26-022384.txt | 0001140361-26-022385 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 6-K | $3.96 | awaiting T+5 | — | $4.09 (−3.28%) |
Oct 16, 2026 11d ago | Insider Cluster | $4.54 $4.40 | ▼ −3.08% | ▼ −2.65% | $4.09 (−9.91%) |
Oct 16, 2026 11d ago | 6-K | $4.54 $4.40 | ▼ −3.08% | ▼ −3.18% | $4.09 (−9.91%) |
Oct 15, 2026 11d ago | SC 13D/A | $4.54 $4.40 | ▼ −3.08% | ▼ −2.65% | $4.09 (−9.91%) |
Oct 13, 2026 14d ago | SC 13D | $4.68 $4.22 | ▼ −9.83% | ▼ −10.28% | $4.09 (−12.61%) |
Oct 1, 2026 26d ago | 6-K | $4.05 $4.61 | ▲ +13.83% | ▲ +12.53% | $4.09 (+0.99%) |
Sep 21, 2026 5w ago | Insider Cluster | $4.43 $4.01 | ▼ −9.48% | ▼ −8.46% | $4.09 (−7.67%) |
Sep 16, 2026 5w ago | 6-K | $4.23 $4.36 | ▲ +3.07% | ▲ +1.25% | $4.09 (−3.31%) |
Sep 15, 2026 5w ago | Press Release | $4.23 $4.36 | ▲ +3.07% | ▲ +1.25% | $4.09 (−3.31%) |
Sep 15, 2026 6w ago | 6-K | $4.36 $4.46 | ▲ +2.29% | ▲ +1.48% | $4.09 (−6.19%) |
US Market Status
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