Borr Drilling Limited Announces Second Quarter 2026 Results

Borr Drilling Limited Hamilton, Bermuda, August 11, 2026: Borr Drilling Limited (NYSE and OSE: BORR) ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the three and six months ended June 30, 2026.

Highlights: * Second Quarter total operating revenues of $232.3 million, a decrease of $14.7 million or 6% compared to the first quarter of 2026. * Second Quarter net loss of $241.4 million compared to net loss of $29.0 million in the first quarter of 2026, primarily driven by a $176.3 million debt extinguishment charge related to the refinancing of our senior secured notes due 2028 and 2030 and convertible bonds due 2028. * Second Quarter Adjusted EBITDA of $43.8 million, a decrease of $44.7 million or 51% compared to the first quarter of 2026. * Refinanced substantially all existing debt through the issuance of senior secured notes due 2032 and 2034 and convertible notes due 2033, extending debt maturities and reducing financing costs. * Amended super senior revolving credit facility, increasing the commitments to $250.0 million, reducing the margin, extending the maturity date, and further strengthening liquidity. * Subsequent to quarter end, completed the acquisition of five premium jack-up rigs via new 50/50 joint venture for a total purchase price of $287 million. * Year-to-date 2026, the Company has been awarded 21 contract commitments, representing approximately 4,350 days and $541 million of Dayrate Equivalent Backlog. Chief Executive Officer Bruno Morand commented: "Our operational performance in the second quarter of 2026 resulted in technical utilization of 98.4% and economic utilization of 96.4%. Revenue for the period was $232.3 million, as the average number of rigs operating declined from 22.4 in Q1 to 21.2 in Q2.