HAMILTON, Bermuda, Feb. 18, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the three months and year ended December 31, 2025. Highlights Fourth Quarter total operating revenues of $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025 Fourth Quarter net loss of $1.0 million, a decrease of $28.8 million compared to the third quarter of 2025 Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 2025 2025 annual net income of $45.0 million, a decrease of $37.1 million or 45% compared to 2024 2025 annual Adjusted EBITDA of $470.1 million, a decrease of $35.3 million or 7% compared to 2024 Entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, which was subsequently completed in January 2026 Completed offering of additional $165 million principal amount of 10.375% senior secured notes due 2030 Completed equity offering of 21 million shares at a price of $4.00 per share for total gross proceeds of $84 million For the full year 2025, the Company was awarded 24 new contract commitments, representing more than 5,000 days and $649 million of Dayrate Equivalent Backlog Chief Executive Officer Bruno Morand commented: "Our operational performance in the fourth quarter of 2025 was solid, with a technical utilization rate of 98.8% and an economic utilization rate of 97.8%.
