Company Overview - Borr Drilling Limited (NYSE:BORR) is an offshore shallow-water drilling contractor specializing in the ownership, operation, and contracting of modern jack-up drilling rigs for oil and gas exploration and production [3] Financial Performance - For the fiscal second quarter of 2025, Borr Drilling reported revenue of $267.70 million, which represents a year-over-year decrease of 1.54% but exceeded expectations by $5.46 million [2] - The earnings per share (EPS) for the same quarter was $0.14, surpassing estimates by $0.04 [2] Market Reaction and Analyst Ratings - Following the earnings release on August 13, the stock price increased by more than 9.5% [1] - Despite the positive earnings report, analysts have a cautious outlook; Truls Olsen from Fearnley Securities downgraded the stock to Hold with a price target of $2.5, and Scott Gruber from Citi initiated coverage with a Hold rating and a price target of $3.25 [2]

I have more than 14 years of experience in analyzing and writing on stocks. I write on both long and short sides in an unbiased manner. I have been covering the energy sectors for the past 7 years, with the primary focus on the oilfield equipment services sector. I also cover the Industrial Supply industry. I occasionally co-author with Seeking Alpha contributor Thomas Prescott.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to i ...

Group 1 - Borr Drilling Limited's CEO, Bruno Morand, will present at the Pareto Securities' 32nd annual Energy Conference on September 10, 2025, in Oslo, Norway [1] - A copy of the presentation is available on the company's website [1] - The company has announced new contract commitments for two of its premium jack-up rigs [3]

Core Insights - The company reported strong financial results for Q2 2025, with total operating revenues of $267.7 million, a 24% increase quarter-over-quarter, driven by increased operating days and higher day rates [4][19] - Adjusted EBITDA rose to $133.2 million, reflecting a 39% increase from the previous quarter, attributed to improved profitability from new contracts and enhanced utilization [5][21] - The company secured 14 new contract commitments year-to-date, adding $318 million to its backlog, with 2025 contract coverage now at 84% at an average day rate of $145,000 [7][29] Financial Performance - Revenue for Q2 2025 was $267.7 million, up $51.1 million from the previous quarter [4][19] - Adjusted EBITDA reached $133.2 million, an increase of $37.1 million or 39% quarter-over-quarter [5][21] - Net income was $35.1 million, a significant increase of $52 million compared to the previous quarter [5][21] - Free cash flow for the first six months of 2025 was $106.5 million, with Q2 free cash flow at $92.4 million [6][24] Operational Metrics - Technical utilization was reported at 99.6% and economic utilization at 97.8% for Q2 2025, indicating high fleet reliability and efficiency [3][10] - The company has $242.4 million in available liquidity at the end of Q2, which includes cash and undrawn revolving credit capacity [6][22] Strategic Developments - The company announced a comprehensive capital initiative that increased pro forma liquidity to $425 million, including a successful $102.5 million equity raise [10][25] - CEO succession was confirmed, with Bruno Morand set to take over as CEO effective September 1, 2025, while Patrick Schorn transitions to Executive Chairman [7][38] - The company is focusing on asset utilization over pushing for higher day rates, emphasizing that "utilization remains king" in the current market environment [12][66] Market Outlook - The company expressed confidence in meeting the 2025 adjusted EBITDA guidance of approximately $470 million, supported by positive developments in Mexico and the government's commitment to Pemex [8][18] - The oil and gas sector is facing a complex global environment, but demand for shallow water projects remains strong due to attractive breakeven prices and low emissions [31][37] - The company is well-positioned to capture incremental work, especially on private investment projects in Mexico, which are expected to contribute significantly to the country's production by 2033 [11][57]

Financial Data and Key Metrics Changes - The company reported a strong second quarter with technical utilization at 99.6% and economic utilization at 97.8% [4] - Revenue increased by $41 million to $166.5 million for the first six months of the year, with EBITDA rising by 9% to $133 million [4][10] - Total operating expenses were $102 million, an increase of $4 million compared to the first quarter [11] - Adjusted EBITDA for the quarter was $133.2 million, reflecting a 39% increase [12] Business Line Data and Key Metrics Changes - The company secured 14 new contract commitments year-to-date, adding $318 million to the backlog [17] - The average day rate for 2025 is projected at $145, with 84% fleet coverage [20] - The company has seen a significant increase in contract awards, including a multi-rig award in Vietnam and a contract for the Rig Arabia [18][20] Market Data and Key Metrics Changes - The oil and gas sector is facing a complex global environment, with Brent crude prices averaging approximately $68 in Q2 [21] - Global utilization for modern rigs remains above 90%, although day rates are under pressure due to excess capacity [22] - The Mexican government's renewed focus on Pemex is expected to enhance rig demand and contract stability [24] Company Strategy and Development Direction - The company aims to strengthen its capital position and support long-term growth through proactive financing initiatives [5][8] - The focus remains on maximizing asset utilization and capturing incremental work, particularly in Mexico and Southeast Asia [20][24] - The company is positioned to pursue opportunistic transactions and potential M&A activities in the current market environment [41][96] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the operational environment in Mexico, citing government support for vendor payments [36][38] - The company anticipates continued demand growth in Southeast Asia and the Middle East, with a focus on shallow water projects [21][24] - Long-term fundamentals of the jackup market remain compelling, with expected growth in oil and gas demand [26] Other Important Information - A CEO succession plan was announced, with Bruno Morant set to take over as CEO effective September 1 [28][30] - The company has strengthened its balance sheet with a liquidity increase to approximately $425 million [16] Q&A Session Summary Question: Update on Mexico's operational status - Management indicated that the Mexican government's funding initiatives are positive for operational continuity and vendor payments [36][38] Question: Potential M&A activities - The company is exploring opportunistic transactions and is open to both larger corporate M&A and smaller asset purchases [41][96] Question: Status of Pemex accounts receivable - Current outstanding receivables from Pemex are around $60-65 million, with expectations for improved payment flows [57][95] Question: Incremental demand in Saudi Arabia - Management noted ongoing discussions with Aramco regarding rig availability, with expectations for increased demand in the near future [61][64] Question: Exploration opportunities in gas - The company has been involved in gas projects globally, including significant work in the Congo and the North Sea [76][78]

Financial Performance - Adjusted EBITDA for Q2 2025 was $133.2 million, representing a 49.8% Adjusted EBITDA margin[8] - Total operating revenues in Q2 2025 reached $267.7 million, a 24% increase compared to $216.6 million in Q1 2025[14] - The company expects Q3 activity to be at similar levels to Q2[28] - The company is comfortable with the 2025 Adjusted EBITDA consensus of approximately $470 million[28] Fleet and Contract Coverage - The company has 22 active rigs out of a fleet of 24 modern rigs[8] - Full year 2025 contract coverage is at 84% with an average dayrate of $145,000, which includes approximately 5.5% coverage related to suspension periods in Mexico[8, 9] - The company added $318 million in backlog revenue year-to-date in 2025[16] - The average day rate for new commitments year-to-date in 2025 is $123,000[16] - The company's 2026 contract coverage is at 47% with an average dayrate of $139,000[20] Liquidity and Balance Sheet - Pro forma liquidity stands at $425 million post July transactions[8] - Debt amortization is $135 million per annum[8]

Core Viewpoint - Borr Drilling Limited reported strong second-quarter results for 2025, highlighting significant revenue and EBITDA growth, alongside strategic contract awards and a comprehensive financing package to enhance liquidity and financial stability [4][6][9]. Financial Performance - Total operating revenues reached $267.7 million, an increase of $51.1 million or 24% compared to the first quarter of 2025 [9]. - Net income was $35.1 million, a significant improvement of $52.0 million compared to the net loss in the first quarter of 2025 [9]. - Adjusted EBITDA rose to $133.2 million, up by $37.1 million or 39% from the first quarter of 2025 [9]. Operational Highlights - Technical utilization was reported at 99.6% and economic utilization at 97.8% for the second quarter [4]. - 22 out of 24 rigs were active during the quarter, indicating a rebound in activity [4]. - The company secured 14 new contract commitments year-to-date 2025, representing approximately 2,584 days and $318 million of potential contract revenue [9]. Strategic Developments - A multi-rig contract was awarded in Asia, and a new contract for the Arabia II is expected to return to the active fleet in September [5]. - Contract coverage improved to 84% at an average day rate of $145,000 in 2025, and 47% coverage at an average day rate of $139,000 in 2026 [5]. - A comprehensive financing package was implemented, including a $102.5 million equity raise, increasing liquidity by $200 million and strengthening the balance sheet [6]. Future Outlook - The company anticipates a comparable level of activity in the third quarter as seen in the second quarter, with a comfortable outlook on the Bloomberg consensus estimate of approximately $470 million Adjusted EBITDA for 2025 [7]. - The Mexican government's commitment to strengthening Pemex's liquidity and production goals is seen as a positive factor for future drilling activity [8].

[FORM 6-K Filing Details](index=1&type=section&id=FORM%206-K%20Filing%20Details) [Report Information](index=3&type=section&id=INFORMATION%20CONTAINED%20IN%20THIS%20FORM%206-K%20REPORT) This Form 6-K includes Borr Drilling's Unaudited Interim Financial Report for H1 2025, incorporated by reference - The report contains the Unaudited Interim Financial Report for the six months ended June 30, 2025[4](index=4&type=chunk) - Information is incorporated by reference into Form F-3 (Registration Number 333-286490) and Form S-8 (Registration Number 333-283551)[5](index=5&type=chunk) - Exhibit 99.1 is the Unaudited Interim Financial Report[6](index=6&type=chunk) [Signatures](index=4&type=section&id=SIGNATURES) Magnus Vaaler, Principal Financial Officer, signed the report for Borr Drilling on August 13, 2025 - Report signed by Magnus Vaaler, Principal Financial Officer, on August 13, 2025[9](index=9&type=chunk)[10](index=10&type=chunk) [Unaudited Interim Financial Report](index=5&type=section&id=UNAUDITED%20INTERIM%20FINANCIAL%20REPORT) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section identifies forward-looking statements, their inherent risks, and disclaims update obligations - Forward-looking statements are identified by words like 'may,' 'will,' 'expect,' and include plans, objectives, goals, strategies, future events, and market outlook[13](index=13&type=chunk) - These statements are based on current estimates and assumptions but involve significant known and unknown risks, uncertainties, and contingencies beyond control[14](index=14&type=chunk) - The company disclaims any obligation to update or revise forward-looking statements, except as required by law[15](index=15&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operation) Analysis of Borr Drilling's H1 2025 financial condition and results, covering developments, performance, liquidity [Company Overview](index=7&type=section&id=Overview) Borr Drilling is an offshore shallow-water drilling contractor operating **24 premium jack-up rigs** globally - Borr Drilling Limited is an offshore shallow-water drilling contractor providing services to the oil and gas industry[18](index=18&type=chunk) - Primary business involves ownership, contracting, and operation of jack-up rigs for shallow-water areas (up to 400 feet depth)[18](index=18&type=chunk) - The company's fleet consists of **24 premium jack-up rigs**[18](index=18&type=chunk) [Recent Developments](index=7&type=section&id=Recent%20Developments) Recent developments include share cancellations, a **$102.5 million** public offering, rig operations, and CEO succession [Liquidity Updates](index=7&type=section&id=Liquidity%20Updates) - In March 2025, **19,680,391** treasury shares related to the Convertible Notes share lending agreement were cancelled[19](index=19&type=chunk) - On July 3, 2025, a public offering of **50,000,000 shares** at **$2.05 per share** raised total gross proceeds of **$102.5 million**[20](index=20&type=chunk) - Shareholders approved an increase in authorized share capital by **50,000,000** new common shares to **365,000,000** shares in August 2025[21](index=21&type=chunk) [Operational and Contract Updates](index=7&type=section&id=Operational%20and%20Contract%20Updates) - The Vali rig commenced its first contract in March 2025 after delivery in August 2024[22](index=22&type=chunk) - In May 2025, jack-up rigs 'Galar', 'Grid', and 'Gersemi' re-commenced operations in Mexico after temporary suspension[23](index=23&type=chunk) - The 'Odin' rig received a temporary suspension notice in Mexico in June 2025, but the Company entered an LOI for a combined accommodation and drilling program for it[23](index=23&type=chunk) [Management Updates](index=7&type=section&id=Management%20Updates) - Bruno Morand will succeed Patrick Schorn as CEO, effective September 1, 2025, with Mr. Schorn becoming Executive Chair[24](index=24&type=chunk) - Current Chairman Tor Olav Trøim will continue as a Director, and Dan Rabun will become Lead Independent Director[25](index=25&type=chunk) - Thiago Mordehachvili was appointed to the Board as a Director on August 6, 2025[25](index=25&type=chunk) [Operating and Financial Review](index=9&type=section&id=Operating%20and%20Financial%20Review) H1 2025 net and operating income decreased due to lower revenues, higher rig expenses, and depreciation Selected Financial Information (Six months ended June 30, 2025 vs. 2024) | In $ millions | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | 484.3 | 505.9 | (21.6) | (4) % | | Rig operating and maintenance expenses | (232.0) | (228.1) | (3.9) | 2 % | | Depreciation of non-current assets | (72.6) | (63.7) | (8.9) | 14 % | | General and administrative expenses | (23.4) | (25.0) | 1.6 | (6) % | | Total operating expenses | (328.0) | (316.8) | (11.2) | 4 % | | Operating income | 156.7 | 189.5 | (32.8) | (17)% | | (Loss) / income from equity method investments | (2.0) | 2.9 | (4.9) | (169) % | | Total financial expenses, net | (119.1) | (113.2) | (5.9) | 5 % | | Income before income taxes | 35.6 | 79.2 | (43.6) | (55)% | | Income tax expense | (17.4) | (33.1) | 15.7 | (47) % | | Net income | 18.2 | 46.1 | (27.9) | (61)% - Net income decreased by **$27.9 million (61%)** to **$18.2 million** for the six months ended June 30, 2025, primarily due to decreased operating revenue, increased rig operating expenses, higher depreciation, and a loss from equity method investments[28](index=28&type=chunk) - Total operating revenues decreased by **$21.6 million (4%)** to **$484.3 million**, mainly due to a **$35.0 million** decrease in related party revenue (Perfomex termination) and a **$10.0 million** decrease in bareboat charter revenue due to temporary rig suspensions, partially offset by a **$19.4 million** increase in dayrate revenue from higher average dayrates and more rigs in operation[29](index=29&type=chunk)[30](index=30&type=chunk) - Rig operating and maintenance expenses increased by **$3.9 million (2%)** to **$232.0 million**, driven by new rig management contracts, temporary suspension of rigs (expenses previously in equity method investments), and the Vali rig commencing operations[32](index=32&type=chunk) [Liquidity and Capital Resources](index=11&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, Borr Drilling had **$92.4 million** cash, **$2,112.3 million** debt, **$134.7 million** maturing in 12 months - As of June 30, 2025, cash and cash equivalents were **$92.4 million**, with **$1.0 million** in restricted cash[40](index=40&type=chunk) - The company's shares are listed on the NYSE, having delisted from the OSE on December 30, 2024[41](index=41&type=chunk) [Cash Distributions](index=13&type=section&id=Cash%20Distributions) Cash Distributions per Share | Date of Cash Distribution Declaration | Date of Payment to Shareholders | Cash Distribution per Share ($) | | :--- | :--- | :--- | | December 22, 2023 | January 22, 2024 | $0.05 | | February 22, 2024 | March 18, 2024 | $0.05 | | May 22, 2024 | June 17, 2024 | $0.10 | | August 14, 2024 | September 6, 2024 | $0.10 | | November 6, 2024 | December 16, 2024 | $0.02 | | February 19, 2025 | March 19, 2025 | $0.02 | [Borrowing Activities](index=13&type=section&id=Borrowing%20Activities) - Total principal amount of debt outstanding was **$2,112.3 million** as of June 30, 2025, with **$134.7 million** maturing within the next twelve months[43](index=43&type=chunk) - The adjusted conversion price for Convertible Bonds due 2028 is **$6.9376 per share**, convertible into **34,507,611** shares[44](index=44&type=chunk) [Cash Flows](index=13&type=section&id=Cash%20Flows) Cash Flow Information (Six months ended June 30, 2025 vs. 2024) | In $ millions | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | 145.0 | 39.9 | 105.1 | 263 % | | Net cash used in investing activities | (38.5) | (32.1) | (6.4) | 20 % | | Net cash (used in) / provided by financing activities | (75.6) | 84.1 | (159.7) | (190)% | | Net increase in cash and cash equivalents and restricted cash | 30.9 | 91.9 | (61.0) | (66)% | | Cash and cash equivalents and restricted cash at beginning of period | 62.5 | 102.6 | (40.1) | (39)% | | Cash and cash equivalents and restricted cash at end of period | 93.4 | 194.5 | (101.1) | (52)% - Net cash provided by operating activities increased by **$105.1 million (263%)** to **$145.0 million**, primarily due to working capital movements, including **$119.9 million** from Mexico operations, and increased average dayrates[46](index=46&type=chunk) - Net cash used in financing activities was **$75.6 million**, a **$159.7 million** decrease from **$84.1 million** provided in 2024, primarily due to debt repayments (**$70.7 million**) and cash distributions (**$4.7 million**) in 2025, compared to net proceeds from 2028 Notes (**$208.3 million**) in 2024[49](index=49&type=chunk) - Cash interest paid increased to **$104.4 million** for the six months ended June 30, 2025, from **$91.3 million** in 2024[50](index=50&type=chunk) [Non-GAAP Financial Measures](index=15&type=section&id=Non-GAAP%20Financial%20Measures) This section defines Adjusted EBITDA, its calculation, rationale, and limitations for business performance comparability Adjusted EBITDA Reconciliation (Six months ended June 30, 2025 vs. 2024) | In $ millions | 2025 | 2024 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Net income | 18.2 | 46.1 | (27.9) | (61) % | | Depreciation of non-current assets | 72.6 | 63.7 | 8.9 | 14 % | | Loss / (Income) from equity method investments | 2.0 | (2.9) | 4.9 | (169) % | | Total financial expenses, net | 119.1 | 113.2 | 5.9 | 5 % | | Income tax expense | 17.4 | 33.1 | (15.7) | (47) % | | Adjusted EBITDA | 229.3 | 253.2 | (23.9) | (9)% - Adjusted EBITDA decreased by **$23.9 million (9%)** to **$229.3 million** for the six months ended June 30, 2025[38](index=38&type=chunk) - Adjusted EBITDA is presented to increase comparability of underlying business performance and is calculated by adjusting net income for depreciation, equity method investments, financial expenses, and income tax expense[38](index=38&type=chunk)[53](index=53&type=chunk) - Non-GAAP measures have limitations, including not reflecting cash requirements for capital, taxes, working capital, or debt service, and should not be considered in isolation from GAAP results[53](index=53&type=chunk) [Index to Financial Statements](index=16&type=section&id=Borr%20Drilling%20Limited%20Index%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section indexes the unaudited condensed consolidated financial statements, including operations, balance sheets, cash flows Financial Statement Index | Document | Page | | :--- | :--- | | Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 | 17 | | Unaudited Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 | 18 | | Unaudited Condensed Consolidated Statements of Cash Flows for the three and six months ended June 30, 2025 and 2024 | 19 | | Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2025 and 2024 | 22 | | Notes to the Unaudited Condensed Consolidated Financial Statements | 23 | [Condensed Consolidated Statements of Operations](index=17&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) Net income decreased to **$18.2 million** in H1 2025 from **$46.1 million** in 2024, due to lower revenues and higher expenses Condensed Consolidated Statements of Operations (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Total operating revenues | 484.3 | 505.9 | | Total operating expenses | (328.0) | (316.8) | | Operating income | 156.7 | 189.5 | | Total financial expenses, net | (119.1) | (113.2) | | Income before income taxes | 35.6 | 79.2 | | Income tax expense | (17.4) | (33.1) | | Net income attributable to shareholders of Borr Drilling Limited | 18.2 | 46.1 | | Basic income per share | 0.08 | 0.18 | | Diluted income per share | 0.08 | 0.18 | [Condensed Consolidated Balance Sheets](index=18&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to **$3,351.7 million** at June 30, 2025, while equity increased to **$1,012.6 million** Condensed Consolidated Balance Sheets (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | 468.3 | 516.6 | | Total non-current assets | 2,883.4 | 2,903.0 | | Total assets | 3,351.7 | 3,419.6 | | Total current liabilities | 367.1 | 409.6 | | Total non-current liabilities | 1,972.0 | 2,016.7 | | Total liabilities | 2,339.1 | 2,426.3 | | Total equity | 1,012.6 | 993.3 | - Cash and cash equivalents increased to **$92.4 million** at June 30, 2025, from **$61.6 million** at December 31, 2024[59](index=59&type=chunk) - Jack-up drilling rigs, net, decreased slightly to **$2,792.4 million** from **$2,823.2 million**[59](index=59&type=chunk) - Due from related parties significantly decreased to **$6.4 million** from **$85.1 million**[59](index=59&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=19&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations increased to **$145.0 million** in H1 2025, while financing activities shifted to outflow Condensed Consolidated Statements of Cash Flows (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 145.0 | 39.9 | | Net cash used in investing activities | (38.5) | (32.1) | | Net cash (used in) / provided by financing activities | (75.6) | 84.1 | | Net increase in cash and cash equivalents and restricted cash | 30.9 | 91.9 | | Cash, cash equivalents and restricted cash at end of period | 93.4 | 194.5 | - Net cash provided by operating activities increased by **$105.1 million (263%)** to **$145.0 million**, driven by working capital movements and cash settlements from Mexico operations[61](index=61&type=chunk) - Net cash used in financing activities was **$75.6 million** in 2025, a significant change from **$84.1 million** provided in 2024, reflecting debt repayments and cash distributions[61](index=61&type=chunk) - Cash interest paid was **$104.4 million** in 2025, up from **$91.3 million** in 2024[61](index=61&type=chunk) [Condensed Consolidated Statements of Changes in Shareholders' Equity](index=22&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) Total equity increased to **$1,012.6 million** at June 30, 2025, driven by comprehensive income and share-based compensation Condensed Consolidated Statements of Changes in Shareholders' Equity (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Common shares | 24.5 | 26.5 | | Treasury shares | (20.0) | (20.9) | | Additional paid in capital | 347.7 | 340.8 | | Contributed surplus | 1,919.0 | 1,923.7 | | Accumulated deficit | (1,258.6) | (1,276.8) | | Total equity | 1,012.6 | 993.3 | - Cancellation of **19,680,391** treasury shares occurred during the six months ended June 30, 2025[66](index=66&type=chunk)[145](index=145&type=chunk) - Share-based compensation contributed **$3.4 million** to additional paid-in capital for the six months ended March 31, 2025, and **$2.6 million** for the three months ended June 30, 2025[66](index=66&type=chunk) - Cash distributions to shareholders totaled **$4.7 million** for the six months ended June 30, 2025[66](index=66&type=chunk) [Note 1 - General Information](index=23&type=section&id=Note%201%20-%20General%20Information) Borr Drilling, a Bermuda-based offshore drilling contractor, operates **24 premium jack-up rigs** and is NYSE-listed - Borr Drilling Limited is an international offshore drilling contractor providing services to the oil and gas industry[68](index=68&type=chunk) - The company's primary business is the ownership, contracting, and operation of **24 modern jack-up drilling rigs** for shallow-water areas[68](index=68&type=chunk) - Listed on the NYSE under 'BORR', and delisted from the Oslo Stock Exchange on December 30, 2024[68](index=68&type=chunk) [Note 2 - Basis of Preparation and Accounting Policies](index=23&type=section&id=Note%202%20-%20Basis%20of%20Preparation%20and%20Accounting%20Policies) Financial statements are prepared under U.S. GAAP in U.S. dollars, based on a going concern, with consistent policies - Financial statements are prepared in accordance with U.S. GAAP and presented in millions of U.S. dollars[70](index=70&type=chunk) - Prepared on a going concern basis, with all necessary adjustments for fair presentation reflected[70](index=70&type=chunk) - Accounting policies are consistent with those in the annual audited consolidated financial statements for the year ended December 31, 2024[72](index=72&type=chunk) [Note 3 - Recently Issued Accounting Standards](index=23&type=section&id=Note%203%20-%20Recently%20Issued%20Accounting%20Standards) This note details new accounting standards (ASU 2023-05, ASU 2023-09) effective January 1, 2025, with no material interim impact - ASU 2023-05 (Business Combinations—Joint Venture Formations) requires joint ventures to apply a new basis of accounting upon formation, recognizing assets and liabilities at fair value, effective January 1, 2025, with no current impact[74](index=74&type=chunk) - ASU 2023-09 (Income Taxes) requires enhanced income tax disclosures for public business entities, effective January 1, 2025, for the 2025 annual report, with no current impact[75](index=75&type=chunk) - ASU 2024-03 (Expense Disaggregation Disclosures) and ASU 2024-04 (Debt—Debt with Conversion and Other Options) have been issued but not yet adopted, with ASU 2024-03 expected to impact disclosures from January 1, 2027[76](index=76&type=chunk) [Note 4 - Segment Information](index=25&type=section&id=Note%204%20-%20Segment%20Information) Borr Drilling operates as a single segment, with revenues geographically attributed, showing shifts in regional contributions - The company operates as a single reportable segment, with Operating income as the key metric for management[77](index=77&type=chunk) - Revenues are attributed to geographical location based on the country of operations for drilling activities[78](index=78&type=chunk) Revenues by Geographic Area (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | South East Asia | 151.6 | 138.5 | | West Africa | 140.1 | 76.7 | | Latin America | 90.5 | 146.5 | | North Africa | 29.3 | — | | Middle East | 42.8 | 129.3 | | Europe | 30.0 | 14.9 | | Total | 484.3 | 505.9 | Major Customers (Six months ended June 30) | In % of operating revenues | 2025 | 2024 | | :--- | :--- | :--- | | ENI S.p.A | 22 % | 11 % | | PTT Exploration and Production Public Company Limited | 13 % | 10 % | | Saudi Arabian Oil Company | 6 % | 16 % | | Total | 41 % | 37 % | Net Book Value of Jack-up Rigs by Geographic Area (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Latin America | 953.1 | 961.0 | | South East Asia | 796.9 | 809.9 | | West Africa | 429.2 | 434.8 | | Middle East | 358.4 | 366.6 | | North Africa | 163.7 | — | | Europe | 91.1 | 250.9 | | Total | 2,792.4 | 2,823.2 | [Note 5 - Contracts with Customers](index=26&type=section&id=Note%205%20-%20Contracts%20with%20Customers) Contract assets increased to **$150.4 million** and liabilities to **$80.2 million**; future dayrate revenue projected at **$743.8 million** for 2026 - Accrued revenue is recognized when the right to consideration becomes unconditional, and trade accounts receivable are recognized upon billing[81](index=81&type=chunk) - Deferred mobilization, demobilization, and contract preparation revenue are recognized on a straight-line basis over the initial firm term of contracts[82](index=82&type=chunk) Contract Assets and Liabilities (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total contract assets | 150.4 | 109.2 | | Total contract liabilities | (80.2) | (48.1) | Timing of Revenue Recognition (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Over time | 467.6 | 492.7 | | Point in time | 16.7 | 13.2 | | Total | 484.3 | 505.9 | Expected Future Revenue from Unsatisfied Performance Obligations (as of June 30, 2025) | In $ millions | 2026 | 2027 | 2028 | 2029 onwards | | :--- | :--- | :--- | :--- | :--- | | Dayrate revenue | 700.5 | 239.0 | 111.4 | 54.5 | | Other revenue | 43.3 | 20.6 | 14.8 | 7.6 | | Total | 743.8 | 259.6 | 126.2 | 62.1 | [Note 6 - Equity Method Investments](index=29&type=section&id=Note%206%20-%20Equity%20Method%20Investments) Borr Drilling holds a **51% equity interest** in Mexican JVs; operating structure changed in 2024, leading to rig operational changes in 2025 - Borr Drilling holds a **51% equity ownership interest** in Perfomex and Perfomex II, Mexico-based joint ventures[89](index=89&type=chunk) - In 2024, bareboat charter agreements with Perfomex were terminated, and new fixed-rate bareboat charter agreements were entered into with Irish Energy Drilling Assets, DAC ('Irco') for five jack-up rigs[90](index=90&type=chunk) - In January 2025, 'Grid', 'Gersemi', and 'Galar' rigs received temporary suspension notices but re-commenced operations during Q2 2025, with charter agreements extended[93](index=93&type=chunk) Investments in Equity Method Investments (as of June 30, 2025) | In $ millions | Perfomex | Perfomex II | Borr Total | | :--- | :--- | :--- | :--- | | Balance as of December 31, 2024 | 9.1 | 5.4 | 14.5 | | Equity share in loss of investee | (2.0) | — | (2.0) | | Balance as of June 30, 2025 | 7.1 | 5.4 | 12.5 | [Note 7 - Interest Expense](index=30&type=section&id=Note%207%20-%20Interest%20Expense) Total interest expense increased to **$115.3 million** in H1 2025 from **$101.0 million** in 2024, due to higher debt interest and amortization Interest Expense Components (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Debt interest expense | (106.9) | (92.4) | | Amortization of deferred finance charges | (6.4) | (5.5) | | Amortization of debt discount | (3.4) | (3.4) | | Amortization of debt premium | 1.4 | 0.3 | | Total | (115.3) | (101.0) | [Note 8 - Other Financial Expenses, net](index=30&type=section&id=Note%208%20-%20Other%20Financial%20Expenses%2C%20net) Other financial expenses, net, decreased to **$4.9 million** in H1 2025 from **$16.0 million** in 2024, due to no yard cost cover and FX gain Other Financial Expenses, Net (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Foreign exchange gain / (loss) | 1.5 | (2.3) | | Yard cost cover expense | — | (11.2) | | Unrealized changes in value of financial instruments | — | 0.3 | | Other financial (expenses) / income | (4.3) | (0.9) | | Bank commitment, guarantee and other fees | (2.1) | (1.9) | | Total | (4.9) | (16.0) | - Other financial expenses for 2025 include **$4.4 million** in financing fees related to Mexican customer payment settlement[97](index=97&type=chunk) - The 2024 figures included **$2.3 million** premium paid on repurchased Convertible Bonds[97](index=97&type=chunk) [Note 9 - Taxation](index=30&type=section&id=Note%209%20-%20Taxation) Income tax expense decreased to **$17.4 million** in H1 2025 from **$33.1 million** in 2024, due to lower corporate tax and a deferred tax benefit - Borr Drilling Limited is a Bermuda company, exempt from Bermuda taxes until March 31, 2035, but expects to be subject to **Bermuda's 15% Corporate Income Tax Act** from January 1, 2025, and OECD's Pillar Two global minimum tax in 2026[98](index=98&type=chunk)[103](index=103&type=chunk) Pre-tax Income / (Loss) by Jurisdiction (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Bermuda | 67.0 | (49.2) | | Foreign | (31.4) | 128.4 | | Total | 35.6 | 79.2 | Income Tax (Expense) / Benefit (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Current tax | (23.4) | (28.7) | | Change in deferred tax | 6.0 | (4.4) | | Total | (17.4) | (33.1) | - The decrease in income tax expense is principally due to a **$6.3 million** decrease in corporate income tax, a **$5.7 million** one-off recognition of deferred tax benefit, and a **$3.7 million** decrease in deferred tax asset utilization[37](index=37&type=chunk) [Note 10 - Income Per Share](index=31&type=section&id=Note%2010%20-%20Income%20Per%20Share) Basic and diluted income per share was **$0.08** in H1 2025, down from **$0.18** in 2024, reflecting dilutive and anti-dilutive effects Income Per Share (Six months ended June 30) | | 2025 | 2024 | | :--- | :--- | :--- | | Basic income per share | 0.08 | 0.18 | | Diluted income per share | 0.08 | 0.18 | | Issued ordinary shares at the end of the period | 244,400,000 | 264,080,391 | | Net income - basic (in $ millions) | 18.2 | 46.1 | | Weighted average numbers of shares outstanding for the period, basic | 241,134,285 | 251,953,928 | | Weighted average numbers of shares outstanding for the period, diluted | 242,362,500 | 289,349,337 | - For the six months ended June 30, 2025, **3,931,663** share options were included as dilutive, while **34,507,611** shares issuable from Convertible Bonds, **8,689,997** share options, **750,000** performance stock units, and **886,610** restricted share units were excluded as anti-dilutive[105](index=105&type=chunk)[110](index=110&type=chunk) - Weighted average shares outstanding include shares from a share lending arrangement related to Convertible Bonds[108](index=108&type=chunk) [Note 11 - Other Current Assets](index=33&type=section&id=Note%2011%20-%20Other%20Current%20Assets) Other current assets increased to **$30.8 million** at June 30, 2025, from **$28.0 million**, mainly due to higher tax receivables Other Current Assets (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Other tax receivables | 13.1 | 8.0 | | Client rechargeables | 6.8 | 5.0 | | VAT receivable | 4.6 | 10.5 | | Deferred financing fee | 0.5 | 0.5 | | Right-of-use lease asset | 0.3 | 0.4 | | Other receivables | 5.5 | 3.6 | | Total | 30.8 | 28.0 | [Note 12 - Jack-Up Rigs](index=33&type=section&id=Note%2012%20-%20Jack-Up%20Rigs) Net carrying value of jack-up rigs decreased to **$2,792.4 million** at June 30, 2025, with additions offset by depreciation Carrying Value of Jack-Up Rigs (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Opening balance | 2,823.2 | 2,578.3 | | Additions | 41.2 | 64.6 | | Depreciation and amortization | (72.0) | (130.1) | | Transfers from Newbuildings | — | 310.4 | | Total | 2,792.4 | 2,823.2 | - Accumulated depreciation related to jack-up rigs was **$800.2 million** at June 30, 2025, up from **$728.2 million** at December 31, 2024[113](index=113&type=chunk) - Impairment indicators existed for fourteen rigs, but no impairment loss was recognized as estimated undiscounted net cash flows were higher than carrying amounts[117](index=117&type=chunk) [Note 13 - Leases](index=35&type=section&id=Note%2013%20-%20Leases) Operating lease assets and liabilities were **$0.9 million** each; bareboat charter revenue was **$27.9 million**, with **$134.1 million** future revenues Supplemental Balance Sheet Information Related to Leases (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Operating leases right-of-use assets | 0.9 | 1.2 | | Current operating lease liabilities | 0.3 | 0.4 | | Non-current operating lease liabilities | 0.6 | 0.8 | Operating Lease Expense (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Rig operating and maintenance expenses | 8.3 | 6.3 | | General and administrative expenses | 1.2 | 1.0 | | Operating lease expense | 9.5 | 7.3 | - Bareboat charter revenue from operating leases on jack-up rigs was **$27.9 million** for the six months ended June 30, 2025, and **$37.9 million** for the same period in 2024[122](index=122&type=chunk) Minimum Future Revenues from Operating Leases on Jack-Up Rigs (as of June 30, 2025) | In $ millions | June 30, 2025 | | :--- | :--- | | 2025 | 55.2 | | 2026 | 48.0 | | 2027 | 24.4 | | 2028 | 6.5 | | Total minimum contractual future revenues | 134.1 | [Note 14 - Other Non-Current Assets](index=37&type=section&id=Note%2014%20-%20Other%20Non-Current%20Assets) Other non-current assets increased to **$76.2 million** at June 30, 2025, from **$62.5 million**, driven by deferred tax assets Other Non-Current Assets (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Deferred mobilization and contract preparation costs | 37.2 | 39.5 | | Deferred tax asset | 24.6 | 18.6 | | Deferred demobilization revenue | 10.4 | 1.5 | | Blended rate revenue, non-current | 1.8 | — | | Deferred financing fee | 1.0 | 1.2 | | Right-of-use lease asset, non-current | 0.6 | 0.8 | | Customer retention | 0.6 | — | | Prepayments | — | 0.9 | | Total | 76.2 | 62.5 | [Note 15 - Accrued Expenses](index=37&type=section&id=Note%2015%20-%20Accrued%20Expenses) Accrued expenses decreased to **$65.0 million** at June 30, 2025, from **$68.0 million**, mainly due to lower payroll and bonus Accrued Expenses (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Accrued goods and services received, not invoiced | 13.7 | 14.2 | | Accrued payroll and bonus | 7.9 | 13.2 | | Other accrued expenses | 43.4 | 40.6 | | Total | 65.0 | 68.0 | [Note 16 - Other Current Liabilities](index=38&type=section&id=Note%2016%20-%20Other%20Current%20Liabilities) Other current liabilities decreased to **$47.7 million** at June 30, 2025, from **$84.2 million**, due to reductions in VAT and other taxes Other Current Liabilities (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Advances from customers | 18.8 | 15.9 | | Other current taxes payable | 12.9 | 19.6 | | Corporate income taxes payable | 10.6 | 14.3 | | VAT payable | 2.3 | 28.2 | | Accrued payroll and severance | 1.6 | 1.4 | | Operating lease liability, current | 0.3 | 0.4 | | Other current liabilities | 1.2 | 4.4 | | Total | 47.7 | 84.2 | [Note 17 - Debt](index=38&type=section&id=Note%2017%20-%20Debt) Total principal debt was **$2,112.3 million** at June 30, 2025, with **$134.7 million** short-term, and a **9.8%** weighted average interest rate Short-Term Debt (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Principal Outstanding | 134.7 | 134.7 | | Carrying Value Short-Term Debt | 118.1 | 118.1 | Long-Term Debt (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Principal Outstanding | 1,977.6 | 2,044.9 | | Carrying Value Long-Term Debt | 1,933.4 | 1,992.5 | Scheduled Debt Maturities (as of June 30, 2025) | In $ millions | Maturities | | :--- | :--- | | 2025 | 67.4 | | 2026 | 134.7 | | 2027 | 134.7 | | 2028 | 1,249.7 | | 2029 | 33.7 | | Thereafter | 492.1 | | Total principal debt | 2,112.3 | - The adjusted conversion price for the Convertible Bonds due 2028 is **$6.9376 per share**, convertible into **34,507,611** shares[130](index=130&type=chunk) - The weighted average nominal interest rate for all interest-bearing debt was **9.8%** for the six months ended June 30, 2025 (**9.7%** in 2024)[131](index=131&type=chunk) - As of June 30, 2025, the company was in compliance with all covenants and obligations under its debt agreements[132](index=132&type=chunk) [Note 18 - Commitments and Contingencies](index=40&type=section&id=Note%2018%20-%20Commitments%20and%20Contingencies) Commercial commitments totaled **$36.0 million** at June 30, 2025, with **$2,792.4 million** in jack-up rigs pledged as collateral Guarantee Commitments (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank guarantees, letters of credit and performance bonds | 36.0 | 42.9 | | Total | 36.0 | 42.9 | Expected Expiration Dates of Guarantee Obligations (as of June 30, 2025) | In $ millions | Less than 1 year | 2–3 years | 4-5 years | Thereafter | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank guarantees and performance bonds | 30.4 | — | 5.0 | 0.6 | 36.0 | Assets Pledged as Collateral (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Book value of jack-up rigs pledged as collateral for debt facilities | 2,792.4 | 2,671.7 | [Note 19 - Related Party Transactions](index=41&type=section&id=Note%2019%20-%20Related%20Party%20Transactions) Related party revenue from Perfomex ceased in 2025; support expenses increased to **$2.8 million**, receivables decreased to **$6.4 million** - Bareboat charter agreements with Perfomex were terminated in 2024, and new fixed-rate bareboat charter agreements were entered into with an unrelated party for five jack-up rigs[135](index=135&type=chunk) Bareboat Revenue from Related Parties (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Bareboat Revenue - Perfomex | — | 35.0 | | Total | — | 35.0 | Onshore Operational and Technical Support Expenses from Perfomex (Six months ended June 30) | In $ millions | 2025 | 2024 | | :--- | :--- | :--- | | Onshore Operational and Technical Support - Perfomex | 2.8 | 1.8 | | Total | 2.8 | 1.8 | Receivables from Joint Ventures (as of June 30, 2025 vs. December 31, 2024) | In $ millions | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Perfomex | 6.4 | 85.1 | | Total | 6.4 | 85.1 | [Note 20 - Fair Value of Financial Instruments](index=43&type=section&id=Note%2020%20-%20Fair%20Value%20of%20Financial%20Instruments) This note outlines the fair value hierarchy for financial instruments (Level 1, Level 2), with debt fair valued using Level 2 inputs - Fair value estimates are recognized using a hierarchy: Level 1 for quoted market prices in active markets, Level 2 for observable market-based inputs, and Level 3 for unobservable inputs[140](index=140&type=chunk)[141](index=141&type=chunk) Carrying Value and Estimated Fair Value of Financial Instruments (as of June 30, 2025) | In $ millions | Hierarchy | Fair value | Carrying value | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 1 | 92.4 | 92.4 | | Restricted cash | 1 | 1.0 | 1.0 | | Trade receivables | 1 | 149.2 | 149.2 | | Other current assets (excluding deferred costs and right-of-use lease asset) | 1 | 30.0 | 30.0 | | Due from related parties | 1 | 6.4 | 6.4 | | **Liabilities** | | | | | Trade payables | 1 | 63.8 | 63.8 | | Accrued expenses | 1 | 65.0 | 65.0 | | Short term accrued interest and other items | 1 | 29.7 | 29.7 | | Other current liabilities | 1 | 47.7 | 47.7 | | Short-term debt | 2 | 121.1 | 134.7 | | Long-term debt | 2 | 1,737.9 | 1,977.6 | - The unamortized amount of issuance costs associated with the Share Lending Framework Agreement (SLFA) was **$6.5 million** as of June 30, 2025[142](index=142&type=chunk) [Note 21 - Common Shares](index=43&type=section&id=Note%2021%20-%20Common%20Shares) As of June 30, 2025, Borr Drilling had **244,400,000** issued shares; **19,680,391** treasury shares were cancelled, and **$0.02 per share** cash distributions were declared - As of June 30, 2025, authorized shares were **315,000,000**, issued shares were **244,400,000**, and outstanding shares were **236,224,866**[143](index=143&type=chunk)[145](index=145&type=chunk) - During the six months ended June 30, 2025, **19,680,391** issued shares held in treasury were cancelled following the OSE delisting and amendments to the SLFA[145](index=145&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - As of June 30, 2025, **2,208,734** shares were outstanding under the SLFA, with **8,651,955** shares returned to the company and not available for re-loaning[148](index=148&type=chunk) - Cash distributions of **$0.02 per share** were declared in February 2025, totaling **$4.7 million**[153](index=153&type=chunk) [Note 22 - Subsequent Events](index=47&type=section&id=Note%2022%20-%20Subsequent%20Events) Post-June 30, 2025, a public offering of **50,000,000 shares** at **$2.05 per share** raised **$102.5 million**, with authorized capital increased - On July 3, 2025, a public offering of **50,000,000 shares** at **$2.05 per share** was conducted, generating **$102.5 million** in gross proceeds[155](index=155&type=chunk) - The offering proceeds were received in two settlements: **$30,000,000** shares on July 7, 2025, and **$20,000,000** shares on August 7, 2025[155](index=155&type=chunk) - Shareholders approved an increase in authorized share capital by **50,000,000** new common shares (from **315,000,000** to **365,000,000**) on August 6, 2025, to support the public offering[156](index=156&type=chunk)

Core Points - Borr Drilling Limited plans to release its financial results for the second quarter of 2025 on August 13, 2025, after the close of the New York Stock Exchange [1] - A conference call and webcast are scheduled for August 14, 2025, at 9:00 AM New York Time [1] - Participants are encouraged to join the call 10 minutes early [1] Access Information - The earnings report, webcast, and presentation will be available on the Investor Relations section of the company's website [2] - Participants can access the webcast through a provided link [2] - Registration for the conference call is available via a separate link, with dial-in details sent to participants [2] Replay Information - A replay of the conference call will be available for streaming after the call concludes [3] - Contact information for inquiries is provided, including the CFO's contact details [3]

Group 1 - U.S. stock futures showed slight increases, with Dow futures up approximately 0.1% [1] - Franklin Covey Co. reported disappointing third-quarter results, leading to a significant drop in its stock price [1][2] - The company posted a quarterly loss of $0.11 per share, missing the analyst consensus estimate of a loss of $0.04 per share [2] - Quarterly sales for Franklin Covey were $67.121 million, which also fell short of the analyst consensus estimate of $67.491 million [2] - Following the earnings report, Franklin Covey shares fell by 10.1% to $21.72 in pre-market trading [2] Group 2 - Noah Holdings Limited saw its shares decline by 7.3% to $11.69 in pre-market trading [4] - Scage Future American Depositary Shares experienced a drop of 6.3% to $5.20 after a previous surge of over 34% [4] - Borr Drilling Ltd. shares fell by 4.7% to $2.01 following the announcement of a $100 million offering of approximately 50 million shares [4] - Lithium Argentina AG shares decreased by 4.7% to $2.23 after an 11% gain the previous day [4] - Bitmine Immersion Technologies, Inc. saw a decline of 4.6% to $55.81 after a 27% increase on Wednesday [4] - Northern Dynasty Minerals Ltd. shares dropped by 4.2% to $1.36 after a 4% decline the day before [4]