Here are 1-3 brief analogies for Borr Drilling:

• Transocean for jack-up rigs: Like Transocean, Borr Drilling operates a fleet of offshore drilling rigs, but it specializes in modern jack-up rigs primarily for shallow-water operations.
• Helmerich & Payne for offshore drilling: Similar to how Helmerich & Payne provides drilling rigs and services on land, Borr Drilling provides these services in offshore environments using its specialized jack-up rigs.

• Offshore Contract Drilling: Borr Drilling provides modern, high-specification jack-up rigs and associated crews to oil and gas companies for exploration and production drilling in shallow to mid-water depths.

Major Customers of Borr Drilling (BORR)

Borr Drilling (BORR) is an offshore drilling contractor that owns and operates a fleet of modern jack-up rigs. As such, it sells its services primarily to other companies, specifically major oil and gas exploration and production (E&P) companies, rather than to individuals.

Based on their fleet status reports, contract announcements, and typical clients in the offshore drilling industry, Borr Drilling's major customers include a mix of international oil companies (IOCs) and national oil companies (NOCs). Key customers that are publicly traded include:

• Shell plc (SHEL)
• Exxon Mobil Corporation (XOM)
• TotalEnergies SE (TTE)
• Petróleo Brasileiro S.A. - Petrobras (PBR)
• Eni S.p.A. (E)

Other significant clients, though not primarily listed on U.S. exchanges or privately held, often include companies like Pemex (Mexico's state-owned oil company) and various other regional and independent E&P firms.

• Seatrium Limited (SGX: S51)

Patrick Schorn, Chief Executive Officer (will transition to Executive Chairman effective September 1, 2025)

Mr. Schorn was appointed Chief Executive Officer of Borr Drilling in September 2020, having served as a Director of the Company since January 2018. He will transition to the role of Executive Chairman effective September 1, 2025. Prior to joining Borr Drilling, he started his career in 1991 with Schlumberger, where he held various global management positions. These roles included Executive Vice President of Wells, President of Operations, President Production Group, President of Well Services, President of Completions, and GeoMarket Manager Russia. Mr. Schorn holds a Bachelor of Science degree in Oil and Gas Technology.

Magnus Vaaler, Chief Financial Officer

Mr. Vaaler became CFO of Borr Drilling in December 2020. He joined Borr Drilling in 2018 and previously served as the Vice President of Investor Relations and Treasury. Before his time at Borr Drilling, Mr. Vaaler gained extensive financial and offshore industry experience, including seven years as Treasurer and Vice President of Finance at Frontline and three years as Vice President of Finance at Offshore Merchant Partners. Frontline became majority-owned by Hemen Holding Limited, a Swedish company indirectly controlled by trusts established by John Fredriksen, in 1996. He holds a Bachelor of Commerce degree from University College Dublin.

Bruno Morand, Chief Commercial Officer (will become Chief Executive Officer effective September 1, 2025)

Mr. Morand has served as Borr Drilling's Chief Commercial Officer since 2023. He is a veteran of the offshore drilling industry with 20 years of experience, having held management positions with international rig contractors focusing on operational management, project management, marketing, and customer relationship management. Mr. Morand originally joined Borr Drilling in 2017 and has played an active role with the company's global portfolio of clients and strategic partners.

Harvey Snowling, Chief Operating Officer

Mr. Snowling is identified as the Chief Operating Officer at Borr Drilling.

Jehan Mawjee, Chief Accounting Officer

Ms. Mawjee serves as the Chief Accounting Officer at Borr Drilling.

The key risks to Borr Drilling's business are primarily its high leverage, the inherent volatility of the oil and gas industry, and geopolitical and operational risks associated with its market exposure, particularly in Mexico.

1. High Leverage and Financial Stability: Borr Drilling faces substantial financial risk due to its significant debt load. As of June 30, 2025, the company's total principal debt outstanding was $2,112.3 million. This high leverage is a key financial challenge, contributing to substantial financial expenses that weigh heavily on net profit. The company's net debt to equity ratio of 160.3% is considered high, and its debt is not well covered by operating cash flow (10%). Furthermore, interest payments on its debt are not well covered by its earnings before interest and taxes (EBIT), with a coverage ratio of 1.6x. Borr Drilling has significant debts coming due that it will need to repay or refinance, which could impact its flexibility for growth.
2. Reliance on Volatile Oil and Gas Industry Conditions: Borr Drilling's business is highly dependent on the cyclical and unpredictable nature of the global oil and gas market. A decline in oil prices could lead to reduced investments in exploration and production, directly jeopardizing Borr Drilling's forecasts and overall business activity. The offshore drilling industry experiences periods of boom and bust, and low demand can severely impact Borr Drilling's utilization rates and day rates. The company remains exposed to volatile end markets where capital expenditure on oil and gas is a primary driver.
3. Geopolitical and Operational Risks, particularly Market Exposure to Mexico: The company faces material operational and geopolitical risks, particularly due to its significant exposure to the Mexican market. This includes risks related to customer collections and potential sanctions-induced contract terminations in Mexico. Broader operational risks also encompass the ability to secure new contracts, convert letters of intent into firm agreements, and manage contract suspensions, which can affect its backlog and revenue potential.

• The global jack-up rigs market was valued at USD 115.29 billion in 2022 and is projected to grow to USD 175.60 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 5.4% from 2024 to 2035.
• Another estimate indicates the global jack-up rigs market was valued at USD 4.0 billion in 2022 and is projected to reach USD 6.8 billion by 2031, with a CAGR of 6.1% during the forecast period (2023-2031).
• Further data suggests the global jack-up rigs market is projected to reach USD 4.8 billion in 2024 and expand to approximately USD 6.2 billion by 2030, growing at an estimated CAGR of 4.4% during the forecast period.
• The jack-up rigs market was valued at USD 2.89 billion in 2023 and is poised to grow from USD 3.03 billion in 2024 to USD 4.48 billion by 2032, with a CAGR of 5.0% during the forecast period (2025-2032).
• The jack-up rig market size was USD 3.49 billion in 2024 and is expected to grow to USD 3.71 billion in 2025 at a CAGR of 6.1%, reaching USD 4.72 billion in 2029 at a CAGR of 6.2%.

Borr Drilling (BORR) is expected to drive future revenue growth over the next 2-3 years through several key factors:

1. Improved Day Rates: The company anticipates market tightening in the near to medium term, which is expected to support higher day rates for its jack-up rigs. Borr Drilling's 2025 fleet coverage has an average day rate of $145,000, with 2026 coverage at an average day rate of $140,000, including priced options.
2. High and Increasing Fleet Utilization: Borr Drilling consistently reports high technical and economic utilization rates across its fleet. The company expects improved utilization rates as the market continues to recover, indicating more of its rigs will be actively generating revenue.
3. Expansion and New Contract Wins in Key Markets: Borr Drilling has strategically expanded its market presence and secured new commitments. Recent contract extensions in Mexico and new awards in the U.S. Gulf of Mexico and Angola are significant. The company also highlights clear signs of demand inflection in major jack-up markets like Saudi Arabia and Mexico. Year-to-date in 2025, Borr Drilling was awarded 22 new contract commitments, representing over 4,820 days and approximately $625 million in potential contract revenue.
4. Modern Fleet Advantage: Borr Drilling's fleet of modern, high-quality jack-up rigs provides a competitive advantage. This allows them to secure premium day rates and is well-positioned to benefit from improving market conditions and increased demand for advanced drilling solutions.

Share Repurchases

• Borr Drilling's Board of Directors approved a $100 million share repurchase program on December 8, 2023.
• Under this authorization, the company committed to repurchasing $20 million worth of shares by year-end 2024, completing the first $10 million tranche by November 20, 2024.
• A second $10 million tranche began on December 13, 2024, and was to be completed by December 31, 2024, with purchases capped at $10 million and 4 million shares, at a maximum price of $5.00 per share. As of December 20, 2024, the company had purchased 2,279,305 shares for approximately $8.58 million under this tranche.

Share Issuance

• In July 2025, Borr Drilling announced and completed a public offering of 50 million common shares at $2.05 per share, raising total gross proceeds of $102.5 million.
• The offering was conducted in two tranches, with 30 million shares settled around July 7, 2025, and the remaining 20 million shares settled around August 7, 2025, following shareholder approval to increase authorized share capital.
• The net proceeds from the offering, approximately $96.9 million, were intended for general corporate purposes, including debt service, capital expenditures, and working capital.

Inbound Investments

• In July 2025, Borr Drilling secured commitments from commercial banks to increase its super senior revolving credit facility to $200 million and add a new $35 million senior secured revolving credit facility, contingent on a $100 million equity raise.
• These facility changes, combined with the equity raise, were expected to increase available liquidity by more than $200 million, strengthening the company's financial position.

Capital Expenditures

• Borr Drilling completed its newbuild program in November 2024 with the delivery of the final rig, "Var".
• Capital expenditures for 2025 are projected to be below $50 million, representing a significant reduction following the completion of the newbuild program.
• Net cash used in investing activities for the six months ended June 30, 2025, was $38.5 million, primarily for jack-up additions, activation costs, and capital additions for drilling equipment and long-term maintenance.