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].