BORR Borr Drilling
Offshore · Jackup · 472 documents
Borr Drilling pays no dividend, in its own words, so our forecast is $0.00 a share.
Yields annualise each quarter ×4 at the last close, $4.54 (2026-10-16). Our model is not company guidance.
What will Borr Drilling pay for 2026Q3?
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Jackup · 29 | $134,0002026Q2 · fleet avg | $134,00073% of days | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only — booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for jackup: no off-hire or drydock days are deducted there. |
1,948 | 1,948 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day modelled | 134,000 | 134,000 | |||||||||
Revenue (TCE basis), $m modelledVessel-days × fleet TCE. |
261.0 | 261.0 | |||||||||
Vessel opex, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. Source (2026Q2) |
(175.1) | ||||||||||
G&A, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. Source (2026Q2) |
(13.5) | ||||||||||
EBITDA, $mNeeds vessel opex and G&A on a per-day basis; derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. |
— | — | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | ||||||||||
Interest expense, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. Source (2026Q2) |
(236.4) | ||||||||||
Scheduled debt amortisation, $m statedAs reported for 2026Q2. Disclosed, but no break-even derives from them: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. Source (2026Q2) |
0.0 | ||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/dayNo cash break-even: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. |
— | — | |||||||||
| Cushion vs fleet TCE, $/day | — | — | |||||||||
Free cash flow to equity, $mNo cash break-even: derived $159,295/day exceeds the best realized TCE $134,000/day — at no rate on file would these cash costs have been covered, so the figure is not published — either an input is wrong or the company is not covering its cash costs. |
— | — | |||||||||
Capex (memo), $mAs reported for 2026Q2. Not deducted: the model’s cash is opex, G&A, interest and scheduled principal. Source (2026Q2) |
(8.3) | ||||||||||
Dividend policy stated
No stated payout policy on file.
The company’s own word sets this dividend; it does not move with the rate.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, $/share stated | $0.00 | ||
| Forward yield, run-rate % | 0.0% | ||
| vs last declared ($0.10, 2024-Q2) | -100% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $4.54 close on 2026-10-16.
This dividend is set by the company's stated decision to pay none, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where BORR departs from that
- The company has said it pays no dividend, so the page publishes $0.00 with its own words rather than a model figure.
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2024-Q2 | $0.10/share | regular | — | 2024-09-06 | as of 2024-08-15 declaration |
| 2024-Q1 | $0.10/share | regular | — | 2024-06-17 | as of 2024-05-28 declaration |
| 2023-Q4 | $0.05/share | regular | — | — | as of 2024-02-22 read by hand from the filing |
DPS method: the company's stated decision to pay none.
Financials & fleet
Latest quarter 2026Q2
29× jackup current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Jackup | 29 | — | — | 73% | 134,000 | — | 134,000 | — | 261.0 |
| Total | 29 | 134,000 | — | 261.0 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own guidance for the open days.
Bear counts booked cover only, with open days at zero; Base is the next-quarter estimate above, which prices the open days; Bull needs a recent peak index, which this fleet's classes do not have.
Model gaps & assumptions
jackup: guidance-only pricing (no market index for this class, owner ruling 2026-09-08) — issuer guidance 73% covered @ $134,000/day ANNUAL guidance (covers the year, not this quarter specifically — weaker evidence about any single quarter); the open 27% is unpriced and excluded from the mean · no dividend, in the company's words: “In light of uncertain market conditions, the Board has decided not to pay a dividend to reinforce the balance sheet and enhance long-term value creation.” (2025-05-22)
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $232.3M | $247.0M | -13.2% |
| Opex | $175.1M | $201.0M | +2.3% |
| Net income | −$241.4M | −$29.0M | n/m |
Full P&L grid — 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 232.3 | 247.0 | 259.4 | 277.1 | 267.7 | 216.6 |
| Voyage expenses $M | — | — | — | — | — | — |
| Vessel opex $M | 175.1 | 201.0 | 192.1 | 178.9 | 171.2 | 156.8 |
| G&A $M | 13.5 | 13.8 | 14.2 | 12.8 | 12.3 | 11.1 |
| Depreciation $M | 43.5 | 42.5 | 37.8 | 37.6 | 36.7 | 35.9 |
| Interest expense, gross $M | 236.4 | — | — | — | 57.2 | 58.1 |
| Net income $M | −241.4 | −29.0 | −1.0 | 27.8 | 35.1 | −16.9 |
| Declared DPS | — | — | — | — | — | — |
Profit statement – highlights SEC EDGAR company facts
| Line | FY2017 | FY2018 | FY2019 | H1 2020 | FY2020 | 2020Q2 | H1 2021 | FY2021 | 2021Q2 | H1 2022 | FY2022 | 2022Q2 | H1 2023 | FY2023 | 2023Q2 | H1 2024 | FY2024 | 2024Q2 | H1 2025 | FY2025 | 2025Q2 | H1 2026 | 2026Q2 | YoY Δ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.1 | 164.9 | 334.1 | 188.1 | 307.5 | 84.0 | 103.2 | 245.3 | 54.8 | 187.3 | 443.8 | 105.3 | 359.5 | 771.6 | 187.5 | 505.9 | 1010.6 | 271.9 | 484.3 | 1020.8 | 267.7 | 479.3 | 232.3 | -13.2% |
| EBITDA / operating income | -109.7 | -131.4 | -150.8 | -118.0 | -188.0 | -91.2 | -66.6 | -88.3 | -26.0 | -135.3 | -101.9 | -123.0 | 105.9 | 250.4 | 59.9 | 189.5 | 374.2 | 104.5 | 156.7 | 322.1 | 96.5 | 46.3 | 0.3 | -99.7% |
| Operating expenses | 109.8 | 353.2 | 491.3 | 319.2 | 514.5 | 188.0 | 170.5 | 334.8 | 81.6 | 323.3 | 549.9 | 229.0 | 253.9 | 521.8 | 127.8 | 316.8 | 636.8 | 167.6 | 328.0 | 699.0 | 171.2 | 433.1 | 232.1 | +35.6% |
| Net result | -88.0 | -190.9 | -299.1 | -196.6 | -317.6 | -109.6 | -114.3 | -193.0 | -59.9 | -216.6 | -292.8 | -165.3 | -6.6 | 22.1 | 0.8 | 46.1 | 82.1 | 31.7 | 18.2 | 45.0 | 35.1 | -270.4 | -241.4 | n/m |
| Declared DPS | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 0.1 | — | — | — | — | — | — |
Full P&L grid — 4 lines × 23 quarters
| Line item | FY2017 | FY2018 | FY2019 | H1 2020 | FY2020 | Q2 2020 | H1 2021 | FY2021 | Q2 2021 | H1 2022 | FY2022 | Q2 2022 | H1 2023 | FY2023 | Q2 2023 | H1 2024 | FY2024 | Q2 2024 | H1 2025 | FY2025 | Q2 2025 | H1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating revenues | 0.1 | 164.9 | 334.1 | 188.1 | 307.5 | 84.0 | 103.2 | 245.3 | 54.8 | 187.3 | 443.8 | 105.3 | 359.5 | 771.6 | 187.5 | 505.9 | 1010.6 | 271.9 | 484.3 | 1020.8 | 267.7 | 479.3 | 232.3 |
| Operating expenses | 109.8 | 353.2 | 491.3 | 319.2 | 514.5 | 188.0 | 170.5 | 334.8 | 81.6 | 323.3 | 549.9 | 229.0 | 253.9 | 521.8 | 127.8 | 316.8 | 636.8 | 167.6 | 328.0 | 699.0 | 171.2 | 433.1 | 232.1 |
| Operating income | -109.7 | -131.4 | -150.8 | -118.0 | -188.0 | -91.2 | -66.6 | -88.3 | -26.0 | -135.3 | -101.9 | -123.0 | 105.9 | 250.4 | 59.9 | 189.5 | 374.2 | 104.5 | 156.7 | 322.1 | 96.5 | 46.3 | 0.3 |
| Profit for the period | -88.0 | -190.9 | -299.1 | -196.6 | -317.6 | -109.6 | -114.3 | -193.0 | -59.9 | -216.6 | -292.8 | -165.3 | -6.6 | 22.1 | 0.8 | 46.1 | 82.1 | 31.7 | 18.2 | 45.0 | 35.1 | -270.4 | -241.4 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 134,000.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index — monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Contracted backlog revenue model reconciliation
Forward revenue from issuer's unit-by-unit fleet status contracts. Backlog $1,040M as of 2026Q2 · implied dayrate $134,820/day.
| Quarter | Contracted rig-days | Revenue $M |
|---|---|---|
| 2026Q3 | 2,177 | $293.5M |
| 2026Q4 | 1,748 | $235.7M |
| 2027Q1 | 1,201 | $161.9M |
| 2027Q2 | 757 | $102.1M |
| 2027Q3 | 522 | $70.4M |
| 2027Q4 | 460 | $62.0M |
| 2028Q1 | 455 | $61.3M |
| 2028Q2 | 394 | $53.1M |
24 contracted · 5 stacked (excluded)
Rig fleet status
Backlog $1,040M · economic utilization 96.4%
| Rig | Class | Dayrate $/day | Contracted to | Source |
|---|---|---|---|---|
| Arabia I | jackup | — | 2029-04 | |
| Arabia II | jackup | — | 2027-01 | |
| Arabia III | jackup | — | 2028-09 | |
| Bestla | jackup | — | 2026-12 | |
| Forseti | jackup | — | 2026-12 | |
| Galar | jackup | — | 2030-05 | |
| Gerd | jackup | — | 2027-03 | |
| Gersemi | jackup | — | 2030-05 | |
| Grid | jackup | — | 2026-11 | |
| Gunnlod | jackup | — | 2027-04 | |
| Idun | jackup | — | 2026-10 | |
| Mist | jackup | — | 2026-11 | |
| Natt | jackup | — | 2027-03 | |
| Njord | jackup | — | 2028-04 | |
| Norve | jackup | — | 2026-09 | |
| Odin | jackup | — | 2027-07 | |
| Prospector 1 | jackup | — | 2027-04 | |
| Prospector 5 | jackup | — | 2027-07 | |
| Ran | jackup | — | 2026-09 | |
| Saga | jackup | — | 2027-04 | |
| Sif | jackup | — | 2026-10 | |
| Skald | jackup | — | 2026-11 | |
| Thor | jackup | — | 2027-04 | |
| Vali | jackup | — | 2026-10 | |
| Freyja | jackup | — | — | |
| Groa | jackup | — | — | |
| Hild | jackup | — | — | |
| Joro | jackup | — | — | |
| Var | jackup | — | — |
| Quarter | Backlog $M | Utilization |
|---|---|---|
| 2025Q1 | $1,380M | 97.9% |
| 2025Q2 | $1,330M | 97.8% |
| 2025Q3 | $1,110M | 97.4% |
| 2025Q4 | $1,130M | 97.8% |
| 2026Q1 | $1,170M | 97.0% |
| 2026Q2 | $1,040M | 96.4% |
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-16T06:55:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-16)
- edgar 2026-10-16 6-K — Current Report (2026-10-16)
- mfn 2026-10-15T07:40:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-15)
- mfn 2026-10-14T07:05:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-14)
- mfn 2026-10-12T08:36:36 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-12)
- mfn 2026-10-08T07:15:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-08)
- mfn 2026-10-07T06:40:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-07)
- mfn 2026-10-06T16:42:38 BORR: Disclosure of Major Shareholdings (2026-10-06)
- mfn 2026-10-06T07:10:00 Borr Drilling Limited - Notification of PDMR Transaction (2026-10-06)
- mfn 2026-10-02T15:15:00 Borr Drilling Limited - Notification of PDMR Transactions (2026-10-02)
- mfn 2026-10-02T06:35:18 Borr Drilling Limited - Notification of PDMR Transactions (2026-10-02)
- edgar 2026-10-01 6-K — Current Report (2026-10-01)