Borr Drilling (NYSE:BORR) reported lower first-quarter revenue and a net loss as delayed rig start-up activity, contract transitions and a credit loss provision weighed on results, while management said contracting momentum has improved the company’s coverage for the remainder of 2026.
Chief Executive Officer Bruno Morand said on the company’s first-quarter 2026 earnings call that Borr delivered technical utilization of 99.4% and economic utilization of 97% during the period. He also highlighted safety milestones across several rigs, including the Gerd, Natt and Mist reaching seven years without lost-time incidents.
