Borr Drilling (BORR) Q2 FY26 earnings call

Borr Drilling faced significant operational headwinds in Q2 FY26, primarily from delays in the Odin rig's deployment and elevated rig transition activity, which impacted adjusted EBITDA. Despite these challenges, the company executed a comprehensive debt refinancing, strengthening its liquidity and extending maturities. New contract commitments, particularly in Southeast Asia and Mexico, underscore continued demand, and management expects a significant improvement in Q3 adjusted EBITDA as transitioned rigs become fully operational.