Borr Drilling Limited (BORR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la perforación offshore, Borr Drilling Limited (Borr) surge como una potencia estratégica, navegando por el complejo panorama de energía marítima con destreza tecnológica y una visión comercial innovadora. Al aprovechar un sofisticado lienzo de modelo de negocio que abarca capacidades de perforación de vanguardia, asociaciones estratégicas y ofertas de servicios integrales, Borr se ha posicionado como un jugador crítico en el ecosistema de energía global en alta mar. Esta exploración presenta los intrincados mecanismos que impulsan la excelencia operativa de Borr Drilling, revelando cómo transforman los desafíos en oportunidades en el ámbito de alto riesgo de los servicios de perforación marítima.

Borr Drilling Limited (Borr) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de plataformas de perforación en alta mar

A partir de 2024, Borr Drilling tiene asociaciones estratégicas con fabricantes de plataformas clave:

Keppel Fels	6 plataformas de Jack-up fabricadas	Valor total del contrato: $ 840 millones
Marine sembcorp	4 plataformas de Jack-up construidas	Valor del contrato: $ 560 millones

Empresas de exploración de petróleo y gas

Las asociaciones de la compañía de exploración clave de Borr Drilling incluyen:

• Aker BP (Noruega): 3 contratos de plataforma a largo plazo
• Wintershall DEA: 2 acuerdos de plataforma de Jack-up
• Energías totales: 4 contratos de perforación en alta mar

Proveedores de servicios marítimos internacionales

Asociaciones de servicio marítimo a partir de 2024:

Servicio de suministro de Maersk	Soporte logístico	Valor anual del contrato: $ 12.5 millones
Schlumberger	Servicios técnicos	Duración del contrato: 5 años

Contratistas de mantenimiento y reparación de equipos

Asociaciones de mantenimiento crítico:

• Weatherford International: mantenimiento integral de la plataforma
• Baker Hughes: servicio de equipos técnicos
• Halliburton: contratos de reparación especializados

Instituciones financieras y empresas de arrendamiento

Detalles de la asociación financiera:

Banco DNB	Financiación de la deuda	Línea de crédito: $ 350 millones
Abn amro	Arreglos de arrendamiento	Valor de arrendamiento total: $ 250 millones
Banco Nordeo	Capital de explotación	Facilidad de crédito: $ 200 millones

Borr Drilling Limited (Borr) - Modelo de negocio: actividades clave

Servicios de perforación en alta mar y plataforma de licitación

A partir del cuarto trimestre de 2023, Borr Drilling Limited opera una flota de 32 plataformas de arranque y 3 plataformas de licitación. La flota comprende 15 plataformas de medidas de alta especificación y 17 plataformas estándar.

Tipo de plataforma	Flota Total	De alta especificación	Estándar
Plataformas	32	15	17
Plataformas tiernas	3	-	-

Construcción de plataformas y modernización de la flota

La inversión en la modernización de la flota totalizó $ 185 millones en 2023. La edad promedio actual de la flota es de aproximadamente 8,5 años.

• Gastos de capital total para mejoras de flota: $ 185 millones
• Edad de la flota promedio: 8.5 años
• Estrategia de modernización continua centrada en plataformas de alta especificación

Operaciones marinas y gestión técnica

La gestión técnica cubre 35 plataformas totales, con capacidades operativas de soporte y mantenimiento de 24/7.

Métrico de operaciones	Cantidad
Total de plataformas bajo administración	35
Tiempo de actividad operativo	94.3%

Negociación de contratos y gestión de relaciones con el cliente

La cartera de contratos a partir del cuarto trimestre de 2023 fue de $ 616 millones, con contratos que abarcan múltiples regiones geográficas.

• Total de contrato retraso: $ 616 millones
• Contratos activos en Medio Oriente, el sudeste asiático y África occidental
• Duración promedio del contrato: 18-24 meses

Optimización continua de la flota y actualizaciones tecnológicas

La inversión tecnológica se centró en la transformación digital y las mejoras de eficiencia operativa.

Área de inversión tecnológica	2023 Gastos
Transformación digital	$ 22 millones
Sistemas de eficiencia operativa	$ 15 millones

Borr Drilling Limited (Borr) - Modelo de negocio: recursos clave

Flota moderna de plataforma de perforación y tierna de perforación

A partir del cuarto trimestre de 2023, Borr Drilling Limited opera una flota de 33 plataformas de arranque, con la siguiente composición de la flota:

Tipo de plataforma	Plataformas totales	Estado operativo
Plataformas	33	26 comercializado, 7 en construcción
Edad de la plataforma promedio	6.4 años	Flota relativamente moderna

Personal marítimo y técnico calificado

Los recursos humanos de Borr Drilling incluyen:

• Fuerza laboral total: aproximadamente 1,200 empleados
• Personal de perforación especializado en alta mar
• Experiencia técnica en múltiples regiones marítimas

Tecnologías y equipos de perforación avanzada

Capacidades tecnológicas clave:

• Plataformas de sacudir de alta especificación capaces de operar en profundidades de agua de hasta 400 pies
• Capacidades de profundidad de perforación máxima de 30,000 pies
• Sistemas avanzados de monitoreo digital y control

Fuerte respaldo financiero y recursos de capital

Métrica financiera	Valor (USD)	Período
Activos totales	$ 2.38 mil millones	P4 2023
Deuda total	$ 1.62 mil millones	P4 2023
Capital de explotación	$ 156 millones	P4 2023

Red operativa global y presencia en el mercado

Las regiones operativas incluyen:

• Oriente Medio
• Sudeste de Asia
• África occidental
• Mar del Norte

Región	Contratos activos	Cuota de mercado
Oriente Medio	12 plataformas	35%
Sudeste de Asia	8 plataformas	25%
África occidental	6 plataformas	20%
Mar del Norte	4 plataformas	15%

Borr Drilling Limited (Borr) - Modelo de negocio: propuestas de valor

Plataformas de perforación de alta especificación, tecnológicamente avanzadas

Borr Drilling Limited opera una flota de 36 plataformas de arranque a partir del cuarto trimestre de 2023, con una plataforma promedio de 6.4 años. Las especificaciones de la plataforma de la compañía incluyen:

Especificación de plataforma	Detalle técnico
Plataformas totales Jack-Up	36 plataformas
Edad de la plataforma promedio	6.4 años
Profundidad máxima del agua	400 pies
Capacidad de perforación	30,000 pies

Soluciones de perforación en alta mar flexibles y adaptables

Borr Drilling ofrece servicios de perforación versátiles en alta mar en múltiples mercados geográficos.

• Regiones operativas activas: Medio Oriente, sudeste asiático, Mar del Norte
• Atrama de contrato a partir del cuarto trimestre 2023: $ 1.2 mil millones
• Duración promedio del contrato: 18-24 meses

Compromiso con la seguridad y la eficiencia operativa

Métricas de rendimiento de seguridad para perforación Borr en 2023:

Métrica de seguridad	Actuación
Tasa de incidentes total registrable	0.98 por millón de horas de trabajo
Frecuencia de incidentes de tiempo perdido	0.25 por millón de horas de trabajo

Tasas de día competitivas y términos del contrato

Estrategia de precios competitivos de Borr Drilling en 2023:

• Tasas de día promedio: $ 65,000 - $ 85,000 por día
• Tipos de contrato: plazo fijo, mercado spot, a largo plazo
• Tasa de utilización: 78% en el cuarto trimestre de 2023

Experiencia integral de marítimo y perforación

Desglose de experiencia para la perforación Borr en 2023:

Categoría de experiencia	Métrica cuantitativa
Total de empleados	1.200 personal
Años de experiencia en la industria	Promedio de 15 años por personal superior
Horas de capacitación técnica	52,000 horas en 2023

Borr Drilling Limited (Borr) - Modelo de negocio: relaciones con los clientes

Acuerdos contractuales a largo plazo

A partir de 2024, Borr Drilling Limited mantiene 35 plataformas de perforación con contratos a largo plazo con las principales compañías petroleras internacionales. La duración promedio del contrato es de 2.3 años, con una cartera de contratos total valorada en $ 1.2 mil millones.

Tipo de contrato	Número de plataformas	Duración promedio
Contratos fijos a largo plazo	22	2.5 años
Contratos de plazo flexible	13	1.8 años

Gestión de cuentas dedicada

Borr Drilling emplea a 12 gerentes de cuentas dedicados que sirven a clientes de primer nivel en los mercados de Medio Oriente y el sudeste asiático.

• Estrategia personalizada de participación del cliente
• Equipo especializado para cada segmento de clientes principales
• Canales de comunicación directa con la alta gerencia

Soluciones de servicio de perforación personalizadas

La compañía ofrece 5 paquetes de perforación personalizados distintos Administrado a requisitos específicos del cliente, con precios de $ 75,000 a $ 250,000 por día, dependiendo de la complejidad de la plataforma y las condiciones operativas.

Informes y comunicación de rendimiento regular

Los informes trimestrales de rendimiento proporcionados a los clientes incluyen:

Métrica de informes	Frecuencia	Nivel de detalle
Eficiencia operativa	Trimestral	Integral
Métricas de seguridad	Mensual	Detallado
Rendimiento técnico	Trimestral	En profundidad

Soporte técnico y resolución de problemas colaborativos

El equipo de soporte técnico consta de 87 ingenieros especializados en 4 centros de servicio globales, proporcionando soporte operativo 24/7 con un tiempo de respuesta promedio de 45 minutos.

• Capacidades de monitoreo en tiempo real
• Protocolos de mantenimiento predictivo
• Servicios de intervención técnica de emergencia

Borr Drilling Limited (Borr) - Modelo de negocio: canales

Equipo de ventas directo y desarrollo de negocios

A partir del cuarto trimestre de 2023, Borr Drilling Limited mantiene un equipo especializado de ventas directas dirigidas a contratistas de perforación en alta mar y grandes compañías de petróleo y gas. El equipo se centra en regiones clave que incluyen:

Región	Tamaño del equipo de ventas	Mercados objetivo
Oriente Medio	7 profesionales	Países del Consejo de Cooperación del Golfo
Mar del Norte	5 profesionales	Noruega, Sectores Offshore del Reino Unido
Sudeste de Asia	4 profesionales	Indonesia, Malasia, Vietnam

Conferencias de la industria y exposiciones marítimas

Borr Drilling participa en eventos clave de la industria con un enfoque enfocado:

• Conferencia de tecnología offshore (OTC) - Houston, EE. UU.
• Conferencia de Nor -Shipping - Oslo, Noruega
• Exposición internacional de petróleo de Abu Dhabi & Conferencia (ADIPEC)

Sitio web corporativo en línea y plataformas digitales

Métricas de canales digitales para perforación Borr a partir de 2024:

Plataforma digital	Métricas de compromiso
Sitio web corporativo	Visitantes mensuales promedio: 42,500
Página de la empresa de LinkedIn	Seguidores: 15,300
Portal de relaciones con los inversores	Visitantes únicos trimestrales: 8,750

Redes de corredor e intermediarios

Borr Drilling colabora con corredores de perforación marítimos especializados y en alta mar:

• Clarksons Platou en alta mar
• Valores árticos
• Mercados de DNB

Publicaciones y materiales de marketing de la industria marítima

Desglose del canal de marketing para 2024:

Publicación/medio	Presupuesto de publicidad anual	Alcanzar
Revista de ingenieros en alta mar	$275,000	Circulación global: 48,000
Revista World Oil	$210,000	Circulación global: 55,000
Campañas de marketing digital	$450,000	Profesionales de la industria dirigidos

Borr Drilling Limited (Borr) - Modelo de negocio: segmentos de clientes

Empresas internacionales de exploración de petróleo y gas

A partir de 2024, Borr Drilling atiende a las principales compañías de exploración internacional con especificaciones de flota específicas:

Tipo de cliente	Número de contratos activos	Valor de contrato promedio
Majas de petróleo internacional	12	$ 85.6 millones
Empresas de exploración independientes	8	$ 42.3 millones

Compañías petroleras nacionales

El compromiso de Borr Drilling con las compañías petroleras nacionales incluye:

• Compañías petroleras nacionales de Medio Oriente: 6 contratos activos
• Valor total del contrato: $ 215.4 millones
• Cobertura geográfica: región del Golfo, sudeste asiático

Empresas de desarrollo de energía en alta mar

Detalles especializados del segmento de clientes de desarrollo de energía en alta mar:

Segmento	Número de plataformas	Ingresos anuales
Empresas de desarrollo en alta mar	14 plataformas Jack-Up	$ 412.7 millones

Proyectos de infraestructura de energía renovable en alta mar

Participación emergente del segmento de clientes:

• Proyectos de infraestructura eólica en alta mar: 3 contratos
• Valor total del proyecto: $ 67.2 millones
• Enfoque geográfico: Mar del Norte, Mar Báltico

Mercados de servicios de perforación regional y global

Desglose del segmento de mercado:

Región de mercado	Cuota de mercado	Número de plataformas activas
Oriente Medio	42%	18 plataformas
Sudeste de Asia	28%	12 plataformas
Mar del Norte	20%	8 plataformas
África occidental	10%	4 plataformas

Borr Drilling Limited (Borr) - Modelo de negocio: Estructura de costos

CONSTRUCCIÓN DE LA RUG GASTOS DE MANTENIMIENTO

A partir del informe anual de 2023, los gastos totales de mantenimiento de la flota de Borr Drilling fueron de $ 127.3 millones. La compañía opera una flota de 32 plataformas de sacudir, con costos de mantenimiento que varían según la edad y la condición de la plataforma.

Categoría de gastos	Costo anual ($)
Mantenimiento de la plataforma	127,300,000
Revisiones importantes	42,500,000
Reparación y reemplazo	34,600,000

Salarios de personal y tripulación

Los gastos totales de personal para 2023 fueron de $ 98.6 millones, que cubren aproximadamente 1,200 empleados en roles operativos y administrativos.

• Salario promedio de la tripulación: $ 82,000 por año
• Compensación de gestión: $ 14.3 millones
• Salarios de personal en alta mar: $ 64.2 millones

Costos de logística operativa y combustible

La logística operativa y los gastos de combustible totalizaron $ 53.4 millones en 2023, con variaciones significativas basadas en las tasas de utilización de la plataforma.

Gasto logístico	Costo anual ($)
Consumo de combustible	32,700,000
Transporte	12,500,000
Operaciones de recipientes de soporte	8,200,000

Actualizaciones de tecnología y equipo

Los gastos de capital para tecnología y actualizaciones de equipos alcanzaron $ 76.5 millones en 2023, centrándose en la transformación digital y la eficiencia operativa.

• Inversiones de tecnología digital: $ 22.3 millones
• Modernización del equipo: $ 54.2 millones

Seguros y gastos relacionados con el cumplimiento

Los costos totales de seguro y cumplimiento fueron de $ 41.2 millones para el año fiscal 2023.

Categoría de cumplimiento	Costo anual ($)
Seguro marino	18,600,000
Cumplimiento regulatorio	12,400,000
Certificaciones de seguridad	10,200,000

Borr Drilling Limited (Borr) - Modelo de negocio: flujos de ingresos

Ingresos del contrato de perforación de tarifa diurna

Para el año fiscal 2023, Borr Drilling Limited reportó ingresos por contratos totales de $ 370.4 millones. La tasa de día promedio para las plataformas de arranque fue de aproximadamente $ 64,900 por día.

Tipo de plataforma	Tasa de día promedio	Ingresos por contrato totales
Plataformas	$64,900	$ 370.4 millones

Acuerdos de arrendamiento de plataformas a largo plazo

A partir del cuarto trimestre de 2023, Borr Drilling mantuvo una flota de 33 plataformas de sacudida con una cartera de pedidos contratada valorada en $ 760 millones.

• Total de acumulación contratada: $ 760 millones
• Número de plataformas Jack-Up: 33
• Duración promedio del contrato: 18-24 meses

Tarifas de movilización y desmovilización

Las tarifas de movilización para 2023 generaron aproximadamente $ 22.5 millones en ingresos adicionales.

Soporte técnico y servicios de gestión

Soporte técnico y servicios de gestión contribuyó con $ 45.3 millones a los ingresos de la compañía en 2023.

Ingresos del servicio marítimo auxiliar

Los servicios marítimos auxiliares generaron $ 18.7 millones en ingresos complementarios para el año fiscal 2023.

Flujo de ingresos	2023 ingresos
Contratos de perforación de tarifa diurna	$ 370.4 millones
Tarifas de movilización/desmovilización	$ 22.5 millones
Servicios de soporte técnico	$ 45.3 millones
Servicios marítimos auxiliares	$ 18.7 millones

Borr Drilling Limited (BORR) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Borr Drilling Limited, which really boils down to having top-tier equipment that works almost all the time, and securing that work with solid agreements.

The value proposition centers on a premium, young jack-up fleet, which offers superior efficiency and reliability compared to older assets in the market. While the exact average age isn't in the latest reports, the focus on a premium fleet underpins their high operational metrics.

Operational performance is a clear differentiator. Borr Drilling Limited demonstrated high operational performance, achieving a technical utilization of 97.9% and an economic utilization of 97.4% across the active fleet in Q3 2025. This follows an even higher technical utilization of 99.6% in Q2 2025. With 23 of their 24 rigs active during Q3 2025, the company is maximizing asset deployment.

Borr Drilling Limited maintains flexibility to operate in key shallow-water markets. They are actively securing work and expanding their presence in regions like Mexico, West Africa, and the Gulf of America.

The customer-centric approach is evidenced by securing long-term contract extensions, often with improved terms. Following Q3 2025, Borr Drilling Limited announced three contract extensions in Mexico for the Galar, Gersemi, and Njord rigs, all featuring improved commercial and payment terms. This focus on better terms also helped restart collections, with approximately $19 million received in September and October 2025 from Mexico.

The success in securing new work, like the recent awards expanding into the Gulf of America and Angola, positions Borr Drilling Limited to capture incremental drilling activity as the market tightens. This is reflected in the financial metrics showing strong forward visibility.

Here's a look at the recent operational and commercial strength that backs these value propositions:

Metric	Value (as of Q3 2025 or YTD 2025)	Context
Total Fleet Size	24 rigs	Active rigs in Q3 2025 were 23.
Technical Utilization (Q3 2025)	97.9%	Operational execution remained robust.
Economic Utilization (Q3 2025)	97.4%	Reflecting continued efficiency.
YTD 2025 New Contract Commitments	22	Representing more than 4,820 days and $625 million of potential revenue.
Total Contract Backlog (Sept 30, 2025)	$1.11 billion	Excluding unexercised options.
2026 Contract Coverage	62%	At an average dayrate of $140,000, including priced options.
Estimated Full Year 2025 Adj. EBITDA	$455 million to $470 million	Management guidance as of November 2025.

The success in converting commercial interest into firm work is clear:

• Secured a $58 million contract for the 'Norve' rig in West Africa, estimated to start in Q3 2025.
• New commitments for 'Odin' and 'Grid' expanded footprint into the Gulf of America and Angola.
• Mexico contract extensions included improved payment terms, such as a 45-day O&M reimbursement and a 180-day cap on variable charter, materially reducing working capital risk.

You can see the focus on high-quality, long-term revenue visibility. Finance: draft 13-week cash view by Friday.

Borr Drilling Limited (BORR) - Canvas Business Model: Customer Relationships

You're looking at how Borr Drilling Limited manages the people who pay for their high-specification jack-up rigs. The relationships are clearly tied to performance and securing future work, which you see reflected in their backlog and utilization figures.

Borr Drilling Limited fosters relationships through demonstrated operational excellence. This focus translates directly into securing high-value contracts, which is why their total contract revenue backlog stood at a solid $1.25 billion as of the end of Q3 2025. The market is defintely rewarding this focus on reliable service delivery.

The commitment to superior operational performance is quantified by their Q3 2025 fleet metrics:

• Technical utilization across the active fleet reached 97.9%.
• Economic utilization across the active fleet reached 97.4%.
• The rig 'Arabia II' contract in the Middle East includes an additional performance-based incentive.
• The company received PTTEP's CEO SSHE Excellence Award for the second consecutive year.

Direct negotiation is evident in securing extensions and new work. Following Q3 2025, Borr Drilling Limited announced three contract extensions in Mexico, including the 'Galar' and 'Gersemi' rigs, each receiving a two-year firm extension at improved commercial and payment terms. Furthermore, new commitments were announced for the 'Odin' and 'Grid' rigs, expanding footprint into the Gulf of America and Angola.

Operational transparency and customer centricity are core focuses, especially in challenging markets. For instance, collections in Mexico restarted in September 2025, with approximately $19 million received in September and October, building confidence in payment normalization.

The relationship with key insiders is cemented by their participation in the July 2025 equity offering, which raised gross proceeds of $102.5 million through the issuance of approximately 50 million shares at $2.05 per share. Key insiders committed a total of $11.3 million in this offering:

Insider	Investment Amount (July 2025 Offering)
Tor Olav Trøim	$10 million
Patrick Schorn	$1 million
Bruno Morand	$300,000

The company's ability to secure new work is the clearest evidence of client satisfaction and perceived efficiency. Year-to-date 2025, Borr Drilling Limited was awarded 22 new contract commitments, representing more than 4,820 days and $625 million of potential contract revenue.

Here's a quick look at the forward visibility achieved through these customer relationships as of the Q3 2025 report:

• Total Contract Revenue Backlog (as of report date): $1.25 billion.
• 2025 Contract Coverage: 62% (following Q3 awards) with an average dayrate of $140,000 (including priced options for 2026 awards).
• Year-to-Date 2025 New Commitments: 22 contracts.

Borr Drilling Limited (BORR) - Canvas Business Model: Channels

You're looking at how Borr Drilling Limited gets its high-spec jack-up rigs in front of customers and secures the contracts that drive revenue. The channels here are all about direct engagement and demonstrating operational superiority, which translates directly into firm commitments.

Direct sales force and commercial team for contract negotiation are the engine behind securing the backlog. The commercial strength is evident in the results: Year to Date (YTD) 2025, Borr Drilling Limited secured 22 new contract commitments, adding $625 million to its backlog. This commercial success is underpinned by fleet readiness; for instance, in Q3 2025, the company had 23 of its 24 rigs active. The team is clearly effective at converting market interest into revenue visibility.

The success in negotiation is also seen in extensions and improved terms. Following Q3 2025, the Galar and Gersemi rigs in Mexico each received a two-year firm extension at improved commercial and payment terms. The focus on high-value work is clear when you look at the average dayrate for contracted work.

Direct tender participation with National Oil Companies (NOCs) and International Oil Companies (IOCs) is how Borr Drilling Limited lands these major deals. The customer base is actively diversifying, expanding into the Gulf of America and Angola to minimize idle time. Recent awards show direct engagement with various operators:

• Secured work with Dana Petroleum and ONE-Dyas in the North Sea.
• Contract with New Age in Congo, West Africa.
• Award from Vietsovpetro in Vietnam, Southeast Asia.
• Continued work with Pemex in Mexico, with collections restarting in September 2025, totaling approximately $19 million received in September and October.

The results of these tender wins are best summarized by the contract metrics achieved through these direct sales efforts:

Metric	Value/Rate	Period/Context
2025 Contract Coverage (Target)	80% to 85%	Full Year 2025
2025 Average Dayrate (Current Coverage)	$144,000	As of July 2025 awards
2026 Average Dayrate (Priced Options)	$140,000	As of Q3 2025 coverage
Contract Revenue Secured YTD 2025	$625 million	New commitments YTD Q3 2025
Q3 2025 Adjusted EBITDA Margin	48.9%	Q3 2025 Results

Corporate website and investor relations for market communication serve as the primary hub for official updates. You can find the earnings report, webcast, and accompanying presentation on the Investor Relations section of its website, www.borrdrilling.com. The company communicated its Q3 2025 results via a webcast and conference call on November 6, 2025. This channel is crucial for managing expectations, especially given the anticipated full year 2025 Adjusted EBITDA guidance is between $455 million and $470 million.

Industry conferences and trade shows to showcase fleet and operational track record are supported by the company's leading operational metrics. The track record being showcased is one of high efficiency. In Q3 2025, Borr Drilling Limited reported industry-leading operational execution with:

• Technical utilization at 97.9%.
• Economic utilization at 97.4% across the active fleet.

This high utilization, with 23 of 24 rigs running, is the concrete proof point used in commercial discussions to justify premium dayrates. Finance: draft 13-week cash view by Friday.

Borr Drilling Limited (BORR) - Canvas Business Model: Customer Segments

Borr Drilling Limited's customer base is comprised of oil and gas exploration and production companies, including integrated oil companies, state-owned national oil companies, and independent oil and gas companies.

As of the report date of November 5, 2025, Borr Drilling Limited had a total contract revenue backlog of $1.25 billion, which followed a backlog of $1.11 billion as of September 30, 2025. Year to date 2025, the company was awarded 22 new contract commitments, representing more than 4,820 days and $625 million of potential contract revenue.

The fleet status as of November 5, 2025, showed 23 of 24 modern jack-up rigs either contracted or committed.

• Fleet distribution by location as of November 5, 2025: six in Southeast Asia, three in the Middle East, five in Africa, seven in Mexico, one in the North Sea, and one in South America.
• Contract coverage for 2026 stands at 62% with an average dayrate of $140,000, including priced options.
• Contract coverage for 2025 reached 84% at an average day rate of $145,000 as of the second quarter of 2025.

Global National Oil Companies (NOCs) like Saudi Aramco and PEMEX

Borr Drilling Limited secures long-term commitments with major NOCs. For example, the rig Arabia III is operating for Saudi Aramco in Saudi Arabia with a commitment extending to September 2028. The Galar and Gersemi rigs are operating for PEMEX in Mexico, with commitments extending to April 2026 and May 2026, respectively.

Major International Oil Companies (IOCs) like Petrobras and Eni

The customer base includes IOCs operating across various regions. The rig Arabia I is operating for Petrobras in Brazil, with an option to extend past April 2029. The rig Ran has a contract extension with Eni in Mexico running until January 2026.

Independent oil and gas exploration and production (E&P) companies

Independent E&P companies contribute to contract awards, such as the new commitment for the rig Norve in West Africa with a repeat customer, adding $58 million in contract revenue backlog. Also, in Mexico, the Company entered into a Letter of Intent (LOI) with an independent oil company for a drilling program commencing in 2025.

Customers operating in shallow-water basins across Latin America, West Africa, and Asia

The geographic spread of operations targets shallow-water basins. In Latin America, Petrobras operates in Brazil, and Mexico has seven contracted rigs as of November 2025. West Africa accounts for five rigs as of November 2025, with specific contracts in Benin (Lime Petroleum) and Ivory Coast (Foxtrot International). Asia includes commitments in Southeast Asia, with six rigs located there as of November 2025, including contracts in Thailand (PTTEP customer mentioned previously) and Vietnam.

Customer Type/Name Example	Region Example	Rig Example	Contract End Date Example
National Oil Company (Saudi Aramco)	Saudi Arabia	Arabia III	September 2028
National Oil Company (PEMEX)	Mexico	Galar, Gersemi	April/May 2026
Major IOC (Petrobras)	Latin America (Brazil)	Arabia I	April 2029
Major IOC (Eni)	Mexico	Ran	January 2026
Independent E&P (Repeat Customer)	West Africa	Norve	Estimated 320 days from Q3 2025

Borr Drilling Limited (BORR) - Canvas Business Model: Cost Structure

You're looking at the core expenditures for Borr Drilling Limited as of late 2025. The cost structure is heavily weighted toward keeping those modern jack-up rigs running and servicing the debt taken on for their construction.

Rig operating and maintenance expenses represent a significant chunk of the day-to-day costs. For the third quarter of 2025, these expenses totaled $128.5 million. This figure reflects the costs associated with keeping the active fleet-which saw 23 of 24 rigs active during the quarter-in top operational shape.

Financing the fleet means high total financial expenses, net, are a constant drain. For Q3 2025, the net financial expense, which includes interest expense, was reported at $58.6 million. This is a direct consequence of debt service obligations, such as interest expense of $56.4 million recorded in that same quarter.

General and administrative (G&A) expenses are managed tightly, though they still contribute to the overall cost base. For the third quarter of 2025, Borr Drilling Limited reported G&A expenses of $12.8 million. This contrasts with the first quarter of 2025, where G&A was $11.1 million for the three months ended March 31, 2025.

When you look at the major cost components for the third quarter of 2025, here's how the key operating and financial expenses stack up:

Expense Category	Q3 2025 Amount (US$ millions)	Source Reference
Rig operating and maintenance expenses	128.5
Total financial expense, net	58.6
General and administrative expenses	12.8
Interest expense (component of financial expense)	56.4

Regarding crew and personnel costs, these are embedded within the operating expenses and G&A. For instance, in Q1 2025, the G&A decrease was partially driven by a $2.8 million reduction in personnel and associated personnel tax expense compared to the prior year period. Management has noted that the business may experience inflationary pressure impacting costs, including personnel costs.

For Capital expenditures (CapEx), the focus has shifted now that the newbuild program is largely complete. The most recent concrete data point on investing activities is for the first six months of 2025, where net cash used in investing activities was $25.1 million. While you mentioned a projection of below $50 million for the full year 2025 after newbuild completion, the specific, final CapEx figure for the full year 2025 isn't explicitly detailed in these latest filings, so we rely on the cash flow activity as the closest proxy for investment spending.

You should track the following cost drivers closely:

• Sustaining the active fleet's operational readiness.
• The impact of interest rate movements on debt service costs.
• Inflationary effects on crew wages and supplies.
• Any further capital deployment for maintenance or upgrades.

Finance: draft 13-week cash view by Friday.

Borr Drilling Limited (BORR) - Canvas Business Model: Revenue Streams

You're looking at how Borr Drilling Limited brings in the cash flow, which is key for any capital-intensive operation like offshore drilling. The revenue streams are heavily weighted toward the day-to-day operation of the premium jack-up fleet, but other components add important layers to the total top line.

For the third quarter of 2025, Borr Drilling Limited reported total operating revenues of $277.1 million. This figure represents a 4% increase compared to the second quarter of 2025. Honestly, seeing that quarter-over-quarter growth is a good sign of commercial strength.

The primary source of income comes from the rigs working under contract. Here's the quick math on how that Q3 2025 revenue broke down:

Revenue Component	Q3 2025 Amount (USD Millions)
Dayrate Revenue from Contract Drilling Services	$241.0 million
Bareboat Charter Revenue	$26.7 million
Management Contract Revenue	$9.4 million

It's defintely worth noting that the dayrate revenue makes up the vast majority of the total. Also, within those total operating revenues, there was $21.2 million in reimbursable revenues recognized for the third quarter of 2025, which was an increase of $4.2 million compared to the prior quarter.

Beyond the recurring operational revenue, Borr Drilling Limited captures lump-sum fees related to getting rigs to work. For example, following the commencement of long-term contracts for the rigs Arabia I and the newbuild Vali, the company was set to invoice approximately $48 million in lump-sum mobilization revenues.

Looking at the forward-looking contract pipeline as of the end of Q3 2025, the company secured 22 new contract commitments year-to-date. These commitments represent more than 4,820 operating days and carry a potential contract revenue value of $625 million.

You can see the other ways revenue is generated through these specific activities:

• Dayrate Revenue from Contract Drilling Services
• Bareboat Charter Revenue
• Management Contract Revenue
• Lump-sum mobilization and demobilization fees

Finance: draft 13-week cash view by Friday.