Added to YB: 2025-08-20
Pitch date: 2025-08-18
BORR [neutral]
Borr Drilling Limited
+134.02%
current return
Author Info
The Pale Blue Dot is an ex-investment banker with more than a decade of experience in M&A advisory, capital raising and equity derivatives. Sign up for the newsletter.
Company Info
Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry in the Americas, Southeast Asia, West Africa, the Middle East, North Africa, and Europe.
Market Cap
$2.0B
Pitch Price
$2.41
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.86
P/E
38.88
EV/Sales
3.73
Sector
Energy Equipment and Services
Category
N/A
$BORR Q2 Results
BORR (earnings - exited position): Q2 revenue +24% QoQ, Adj EBITDA +39% QoQ with 6 new active rigs. $102.5M equity offering (+20% dilution) improved balance sheet. At $470M EBITDA run-rate, barely FCF positive due to $350M debt costs. 2025 coverage 84%, 2026 only 47% with lower dayrates ($101K vs $145K). Exiting due to weak 2026 outlook and expected oil market surplus.
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