25 rigs out of Borr Drilling’s 29-strong fleet either on hire or with jobs lined up

February 19, 2026, by Melisa Cavcic

Borr Drilling, an offshore drilling player with its corporate base in Bermuda, has landed multiple new work assignments in Africa, Southeast Asia, and North America. As a result, 25 of the firm’s 29 rigs are either contracted or committed, with six in Southeast Asia, five in the Middle East and North Africa, another five in West Africa, three in Europe, and six in the Americas.

Borr Drilling’s fleet consists of 29 modern jack-up rigs, all built after 2008, following a five-rig acquisition, which expanded its fleet with three Friede & Goldman JU3000N design rigs, encompassing Forseti, Freyja, and Sif, alongside two Gusto MSC CJ50 design rigs: Bestla and Joro.

The company explains that bareboat charter contracts for the Forseti and Bestla rigs have been executed with affiliates of Noble Corporation until December 2026, while a bareboat charter contract for the Joro jack-up has also been executed with the seller until completion of its current short-term contract offshore Germany.

Since the publication of its third quarter 2025 report, Borr Drilling has secured new contract commitments and extensions for the Odin, Ran, Saga, Idun, Natt, Gunnlod, and Njord rigs, representing more than 1,150 days and $145 million of potential day rate equivalent backlog.

In association with its five-rig acquisition, the rig owner has recognized contract commitments of an additional 772 days, pushing the firm’s total day rate equivalent backlog to $1.13 billion as of December 31, 2025 and $1.2 billion in February 2026. The technical utilization for the company’s working rigs was 98.8% in 4Q 2025, and the economic utilization was 97.8%.

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While the Natt jack-up secured a contract extension from January 2026 to February 2026 with Eni in Congo, the Idun rig won a contract extension from February 2026 to April 2026 with PTTEP in Thailand, the Gunnlod jack-up landed a contract from May 2026 to July 2026 with TLJOC in Vietnam, and the Njord rig obtained a letter of award (LOA) from May 2026 to April 2028 with Pemex in Mexico, the Odin jack-up begun operations with Cantium in the United States in mid-February 2026.

Bruno Morand, Borr Drilling’s Chief Executive Officer, commented: “Our fleet contract visibility continues to improve as we reduce remaining open days. Recent awards and extensions increased 2026 coverage to 80% in the first half and 48% in the second half, such numbers adjusted for the recently acquired rigs. Since our last quarterly report, we secured new commitments for seven rigs and expect further coverage gains in the coming months as we progress negotiations on multiple active leads.

“We believe the jack-up market bottom is now behind us. We see fundamentals recovering gradually as demand increases, most notably in the Middle East where multiple tenders are progressing for long-term contracts for an estimated 13 rigs. Recent industry data shows the global jack-up rig tendering pipeline is at multi-year highs, reflecting stronger customer activity and longer-dated contracting opportunities.”

Borr Drilling’s fourth quarter total operating revenues were $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025. The firm’s 4Q net loss of $1 million represents a decrease of $28.8 million compared to the third quarter of 2025. The rig owner’s fourth quarter adjusted EBITDA was $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025.

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Morand added: “In Mexico, payment visibility and the operating outlook are improving, supported by financial measures implemented by the Mexican government, Pemex announced 34% year-over-year increase in upstream capex and continued mandate to increase production. Contracted marketed premium rig utilization remains steady at approximately 90.3%. As tenders are awarded and available supply is absorbed, we expect market conditions to firm, supporting improved pricing and earnings visibility.

“Against this backdrop, we are pleased to have expanded our premium jackup fleet through the accretive acquisition of five premium rigs from Noble, funded by a mix of debt and equity offerings supported by strong investor demand. These rigs are highly complementary to our existing portfolio and add well-suited capacity to pursue near-term opportunities.”

While the company’s 2025 annual net income was $45 million, a decrease of $37.1 million or 45% compared to 2024, the firm’s annual adjusted EBITDA was $470.1 million, a decrease of $35.3 million or 7% compared to 2024.

Morand highlighted: “Looking ahead, we expect market conditions to continue improving into the second half of 2026, and we anticipate that the ongoing dynamics set the stage for improved fundamentals and earnings visibility into 2027.”