Borr Drilling Ltd (NYSE: BORR)

Borr Drilling Limited is an offshore shallow water drilling contractor providing worldwide offshore drilling services to the oil and gas industry. The company’s primary business is the ownership, contracting and operation of jack up rigs for operations in water depths up to approximately 400 feet, including the supply of related equipment and work crews to conduct drilling and workover operations for exploration and production customers. As of the end of 2025 Borr Drilling Limited owned a fleet of 29 jack up rigs, all built in 2008 or later, with an average age of 9.4 years. The firm operates in key offshore regions including Southeast Asia, West Africa, the Americas, the Middle East and North Africa, and Europe.

Borr Drilling Limited generates revenue mainly by contracting its jack up rigs on a dayrate basis to drill wells for customers. Dayrate contracts may cover the drilling of a single well or a group of wells, or extend over a specified term, and may include fees for mobilizing and demobilizing the rig. The company’s customers are integrated oil companies, state owned national oil companies, and independent oil and gas exploration and production firms.

Borr Drilling Limited ranks among the largest international operators of jack up rigs, distinguished by one of the youngest and most uniform fleets in the sector. The company’s competitive advantages stem from its low average fleet age, high technical utilization rate of 98.7%, and a strong safety record reflected by a Total Recordable Incident Frequency of 1.95 in 2025. Competitors range from large global oilfield service companies to smaller regional players, but Borr Drilling Limited’s standardized equipment and experienced management team enable it to secure contracts and maintain high utilization levels.

Borr Drilling Limited serves a customer base comprised of exploration and production companies, including integrated oil firms, state owned national oil companies, and independent operators. For the year ended 2025 the company’s largest customers by total revenue were Eni S.p. A, PTT Exploration and Production Public Company Limited, Irish Energy Drilling Asset, DAC, and Saudi Arabian Oil Company.