Borr Drilling(US:BORR)2026-02-19 17:08Financial Performance - Total operating revenues for Q4 2025 were $259.4 million, a decrease of $17.7 million or 6% compared to Q3 2025[12] - Net loss for Q4 2025 was $1.0 million, a decrease of $28.8 million compared to net income of $27.8 million in Q3 2025[17] - Adjusted EBITDA for Q4 2025 was $105.2 million, a decrease of $30.4 million or 22% compared to Q3 2025[17] - Total operating revenues for FY 2025 were $1,020.8 million, a slight increase from $1,010.6 million in FY 2024, driven by dayrate revenue of $906.7 million[52] - Adjusted EBITDA for FY 2025 was $470.1 million, down from $505.4 million in FY 2024, indicating a decrease in operational efficiency[50] - Q4 2025 net loss was $1.0 million, compared to a net income of $26.3 million in Q4 2024, reflecting a significant decline in profitability[50] Cash and Liquidity - Cash and cash equivalents increased to $379.7 million in Q4 2025, up 67% from $227.8 million in Q3 2025[18] - Cash and cash equivalents rose significantly to $379.7 million as of December 31, 2025, compared to $61.6 million a year earlier, indicating improved liquidity[54] - Cash and cash equivalents at the end of the period on December 31, 2025, reached $380.7 million, a substantial increase from $62.5 million at the end of December 2024[58] - The total cash and cash equivalents and restricted cash increased to $380.7 million as of December 31, 2025, from $62.5 million a year earlier, indicating improved cash management[58] Debt and Liabilities - As of December 31, 2025, the Company had principal debt outstanding of $2,210.0 million, including various senior secured notes and convertible bonds[23] - Long-term debt stood at $2,021.0 million as of December 31, 2025, compared to $1,992.5 million in 2024, indicating a slight increase in leverage[54] - Total liabilities decreased to $2,403.0 million in 2025 from $2,426.3 million in 2024, suggesting improved financial stability[54] - The company incurred $94.7 million in interest paid for the three months ended December 31, 2025, compared to $89.6 million in the same period of 2024, reflecting increased financing costs[58] Operational Metrics - The technical utilization for working rigs was 98.8% in Q4 2025, with economic utilization at 97.8%[34] - The marketed utilization for jack-up rigs globally was 88.03% as of December 31, 2025, a decrease of 2.4 percentage points from the previous quarter[35] - Rig operating and maintenance expenses increased to $500.6 million in FY 2025 from $456.4 million in FY 2024, highlighting rising operational costs[52] Shareholder Equity and Issuance - The Company issued 21 million new common shares at $4.00 per share, raising gross proceeds of $84 million[27] - The company raised $80.3 million from share issuance during the three months ended December 31, 2025, contributing to its liquidity position[56] - The company’s total equity increased to $1,222.6 million as of December 31, 2025, from $993.3 million at the end of December 2024, indicating a strengthening balance sheet[60] - The company’s cash distributions paid were $4.7 million for the twelve months ended December 31, 2025, compared to $76.3 million in 2024, showing a decrease in shareholder returns[56] Asset Management - Total assets increased to $3,625.6 million as of December 31, 2025, up from $3,419.6 million in 2024, reflecting growth in the company's asset base[54] - The company reported a net cash used in investing activities of $124.5 million for the twelve months ended December 31, 2025, down from $409.4 million in 2024, reflecting a reduction in capital expenditures[56] Forward-Looking Statements - The company has no obligation to update forward-looking statements after the date of the report, which may affect future guidance[46]