Borr Drilling Limited (BORR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da perfuração offshore, a Borr Drilling Limited (BORR) surge como uma potência estratégica, navegando no complexo cenário de energia marítima com proezas tecnológicas e perspicácia inovadora. Ao alavancar uma sofisticada tela de modelo de negócios que abrange recursos de perfuração de ponta, parcerias estratégicas e ofertas abrangentes de serviços, o Borr se posicionou como um participante crítico no ecossistema de energia offshore global. Essa exploração revela os intrincados mecanismos que levam a excelência operacional da Borr Drilling, revelando como eles transformam desafios em oportunidades no campo de alto risco de serviços de perfuração marítima.

Borr Drilling Limited (BORR) - Modelo de negócios: Parcerias -chave

Fabricantes e fornecedores de plataformas de perfuração offshore

A partir de 2024, a Borr Drilling possui parcerias estratégicas com os principais fabricantes de plataformas:

Keppel Fels	6 plataformas de jack-up fabricadas	Valor total do contrato: US $ 840 milhões
Sembcorp Marine	4 plataformas de jack-up construídas	Valor do contrato: US $ 560 milhões

Empresas de exploração de petróleo e gás

As principais parcerias da empresa de exploração da Borr Drilling incluem:

• Aker BP (Noruega): 3 contratos de plataforma de longo prazo
• Wintershall DEA: 2 acordos de equipamento de Jack-Up
• Energias totais: 4 contratos de perfuração offshore

Provedores de serviços marítimos internacionais

Parcerias de serviço marítimo a partir de 2024:

Serviço de suprimento da Maersk	Suporte logístico	Valor anual do contrato: US $ 12,5 milhões
Schlumberger	Serviços técnicos	Duração do contrato: 5 anos

Empreiteiros de manutenção e reparo de equipamentos

Parcerias críticas de manutenção:

• Weatherford International: manutenção abrangente de plataforma
• Baker Hughes: manutenção de equipamentos técnicos
• Halliburton: contratos de reparo especializados

Instituições financeiras e empresas de leasing

Detalhes da parceria financeira:

DNB BANK	Financiamento da dívida	Linha de crédito: US $ 350 milhões
ABN AMRO	Arranjos de leasing	Valor total de arrendamento: US $ 250 milhões
Nordea Bank	Capital de giro	Linha de crédito: US $ 200 milhões

Borr Drilling Limited (BORR) - Modelo de negócios: Atividades -chave

Serviços offshore de jack-up e plataforma de concurso

A partir do quarto trimestre 2023, a Borr Drilling Limited opera uma frota de 32 plataformas de jack-up e 3 plataformas de concurso. A frota compreende 15 plataformas de alta especificação e 17 plataformas padrão.

Tipo de equipamento	Frota total	Alta especificação	Padrão
Ratações de jack-up	32	15	17
Platas de concurso	3	-	-

Construção de plataformas e modernização da frota

O investimento na modernização da frota totalizou US $ 185 milhões em 2023. A idade média da frota atual é de aproximadamente 8,5 anos.

• Despesas totais de capital para atualizações de frota: US $ 185 milhões
• Idade média da frota: 8,5 anos
• Estratégia de modernização em andamento com foco em plataformas de alta especificação

Operações marinhas e gerenciamento técnico

O Gerenciamento Técnico abrange 35 plataformas totais, com recursos operacionais de suporte e manutenção 24/7.

Métrica de operações	Quantidade
Total de plataformas sob gerenciamento	35
Tempo de atividade operacional	94.3%

Negociação do contrato e gerenciamento de relacionamento com o cliente

O backlog do contrato a partir do quarto trimestre 2023 foi de US $ 616 milhões, com contratos abrangendo várias regiões geográficas.

• Backlog total do contrato: US $ 616 milhões
• Contratos ativos no Oriente Médio, Sudeste Asiático e África Ocidental
• Duração média do contrato: 18-24 meses

Otimização de frota contínua e atualizações tecnológicas

O investimento em tecnologia se concentrou nas melhorias de transformação digital e eficiência operacional.

Área de investimento tecnológico	2023 Despesas
Transformação digital	US $ 22 milhões
Sistemas de eficiência operacional	US $ 15 milhões

Borr Drilling Limited (BORR) - Modelo de negócios: Recursos -chave

Jack-up moderno e frota de perfuração tenra

A partir do quarto trimestre 2023, a Borr Drilling Limited opera uma frota de 33 plataformas de jack-up, com a seguinte composição da frota:

Tipo de equipamento	Total de plataformas	Status operacional
Ratações de jack-up	33	26 comercializado, 7 em construção
Idade média da plataforma	6,4 anos	Frota relativamente moderna

Pessoal marítimo e técnico qualificado

Os recursos humanos da Borr Drilling incluem:

• Força de trabalho total: aproximadamente 1.200 funcionários
• Pessoal especializado em perfuração offshore
• Experiência técnica em várias regiões marítimas

Tecnologias e equipamentos avançados de perfuração

Capacidades tecnológicas -chave:

• Ratazes Jack-up de alta especificação capazes de operar em profundidades de água até 400 pés
• Capacidades máximas de profundidade de perfuração de 30.000 pés
• Sistemas avançados de monitoramento e controle digitais

Forte apoio financeiro e recursos de capital

Métrica financeira	Valor (USD)	Período
Total de ativos	US $ 2,38 bilhões	Q4 2023
Dívida total	US $ 1,62 bilhão	Q4 2023
Capital de giro	US $ 156 milhões	Q4 2023

Rede operacional global e presença de mercado

As regiões operacionais incluem:

• Médio Oriente
• Sudeste Asiático
• África Ocidental
• Mar do Norte

Região	Contratos ativos	Quota de mercado
Médio Oriente	12 plataformas	35%
Sudeste Asiático	8 plataformas	25%
África Ocidental	6 plataformas	20%
Mar do Norte	4 plataformas	15%

Borr Drilling Limited (BORR) - Modelo de negócios: proposições de valor

Platas de perfuração de alta especificação, tecnologicamente avançadas

A Borr Drilling Limited opera uma frota de 36 plataformas de jack-up a partir do quarto trimestre 2023, com uma idade média da plataforma de 6,4 anos. As especificações da plataforma da empresa incluem:

Especificação da plataforma	Detalhes técnicos
Total de plataformas de jack-up	36 plataformas
Idade média da plataforma	6,4 anos
Profundidade máxima da água	400 pés
Capacidade de perfuração	30.000 pés

Soluções de perfuração offshore flexíveis e adaptáveis

A Borr Drilling fornece serviços versáteis de perfuração offshore em vários mercados geográficos.

• Regiões operacionais ativas: Oriente Médio, Sudeste Asiático, Mar do Norte
• Backlog de contrato a partir do quarto trimestre 2023: US $ 1,2 bilhão
• Duração média do contrato: 18-24 meses

Compromisso com a segurança e a eficiência operacional

Métricas de desempenho de segurança para perfuração do Borr em 2023:

Métrica de segurança	Desempenho
Taxa de incidente total recordável	0,98 por milhão de horas de trabalho
Frequência de incidentes de tempo perdido	0,25 por milhão de horas de trabalho

Taxas diárias competitivas e termos de contrato

A estratégia de preços competitivos da Borr Drilling em 2023:

• Taxas médias do dia: US $ 65.000 - US $ 85.000 por dia
• Tipos de contrato: mercado de termo, mercado spot, de longo prazo
• Taxa de utilização: 78% no quarto trimestre 2023

Experiência marítima e de perfuração abrangente

Aparecimento de especialistas para a perfuração do Borr em 2023:

Categoria de especialização	Métrica quantitativa
Total de funcionários	1.200 pessoal
Anos de experiência no setor	Média de 15 anos por equipe sênior
Horário de treinamento técnico	52.000 horas em 2023

Borr Drilling Limited (BORR) - Modelo de Negócios: Relacionamentos do Cliente

Acordos contratuais de longo prazo

A partir de 2024, a Borr Drilling Limited mantém 35 plataformas de perfuração Jack-up sob contratos de longo prazo com grandes empresas internacionais de petróleo. A duração média do contrato é de 2,3 anos, com o atraso total do contrato no valor de US $ 1,2 bilhão.

Tipo de contrato	Número de plataformas	Duração média
Contratos fixos de longo prazo	22	2,5 anos
Contratos de prazo flexíveis	13	1,8 anos

Gerenciamento de conta dedicado

A Borr Drilling emprega 12 gerentes de contas dedicados que atendem a clientes de primeira linha nos mercados do Oriente Médio e do Sudeste Asiático.

• Estratégia personalizada de engajamento do cliente
• Equipe especializada para cada grande segmento de clientes
• Canais de comunicação direta com a gerência sênior

Soluções de serviço de perfuração personalizadas

A empresa oferece 5 pacotes de perfuração personalizados distintos AD à medida dos requisitos específicos do cliente, com preços varia de US $ 75.000 a US $ 250.000 por dia, dependendo da complexidade da plataforma e das condições operacionais.

Relatórios de desempenho regulares e comunicação

Os relatórios trimestrais de desempenho fornecidos aos clientes incluem:

Métrica de relatório	Freqüência	Nível de detalhe
Eficiência operacional	Trimestral	Abrangente
Métricas de segurança	Mensal	Detalhado
Desempenho técnico	Trimestral	Aprofundado

Suporte técnico e resolução de problemas colaborativos

A equipe de suporte técnico consiste em 87 engenheiros especializados em 4 centros de serviços globais, fornecendo suporte operacional 24/7 com tempo médio de resposta de 45 minutos.

• Recursos de monitoramento em tempo real
• Protocolos de manutenção preditivos
• Serviços de intervenção técnica de emergência

Borr Drilling Limited (BORR) - Modelo de Negócios: Canais

Equipe direta de vendas e desenvolvimento de negócios

A partir do quarto trimestre 2023, a Borr Drilling Limited mantém uma equipe de vendas direta especializada, direcionada a empreiteiros de perfuração offshore e grandes empresas de petróleo e gás. A equipe se concentra nas principais regiões, incluindo:

Região	Tamanho da equipe de vendas	Mercados -alvo
Médio Oriente	7 profissionais	Países do Conselho de Cooperação do Golfo
Mar do Norte	5 profissionais	Noruega, setores offshore do Reino Unido
Sudeste Asiático	4 profissionais	Indonésia, Malásia, Vietnã

Conferências da indústria e exposições marítimas

A Borr Drilling participa de eventos importantes do setor com uma abordagem focada:

• Conferência de Tecnologia Offshore (OTC) - Houston, EUA
• Conferência Nor -Ripping - Oslo, Noruega
• Exposição Internacional de Petróleo de Abu Dhabi & Conferência (adipec)

Site corporativo on -line e plataformas digitais

Métricas de canal digital para perfuração do Borr em 2024:

Plataforma digital	Métricas de engajamento
Site corporativo	Visitantes mensais médios: 42.500
Página da empresa do LinkedIn	Seguidores: 15.300
Portal de Relações com Investidores	Visitantes únicos trimestrais: 8.750

Corretor e redes intermediárias

A Borr Drilling colabora com corretores marítimos e de perfuração especializados no mar:

• Clarksons Platou Offshore
• Títulos do Ártico
• Mercados DNB

Publicações da indústria marítima e materiais de marketing

Repartição do canal de marketing para 2024:

Publicação/Média	Orçamento anual de publicidade	Alcançar
Revista de Engenheiro Offshore	$275,000	Circulação global: 48.000
Revista World Oil	$210,000	Circulação global: 55.000
Campanhas de marketing digital	$450,000	Profissionais direcionados do setor

Borr Drilling Limited (BORR) - Modelo de negócios: segmentos de clientes

Empresas internacionais de exploração de petróleo e gás

A partir de 2024, a Borr Drilling serve as principais empresas internacionais de exploração com especificações de frota específicas:

Tipo de cliente	Número de contratos ativos	Valor médio do contrato
Majores de petróleo internacionais	12	US $ 85,6 milhões
Empresas de exploração independentes	8	US $ 42,3 milhões

Empresas nacionais de petróleo

O envolvimento de Borr Drilling com as empresas nacionais de petróleo inclui:

• Empresas de petróleo nacional do Oriente Médio: 6 contratos ativos
• Valor total do contrato: US $ 215,4 milhões
• Cobertura geográfica: Região do Golfo, Sudeste Asiático

Empresas de desenvolvimento de energia offshore

Detalhes especializados do segmento de cliente de desenvolvimento de energia offshore:

Segmento	Número de plataformas	Receita anual
Empresas de desenvolvimento offshore	14 plataformas de jack-up	US $ 412,7 milhões

Projetos de infraestrutura offshore de energia renovável

Envolvimento emergente do segmento de clientes:

• Projetos de infraestrutura eólica offshore: 3 contratos
• Valor total do projeto: US $ 67,2 milhões
• Foco geográfico: Mar do Norte, Mar Báltico

Mercados de serviços de perfuração regional e global

Redução do segmento de mercado:

Região de mercado	Quota de mercado	Número de plataformas ativas
Médio Oriente	42%	18 plataformas
Sudeste Asiático	28%	12 plataformas
Mar do Norte	20%	8 plataformas
África Ocidental	10%	4 plataformas

Borr Drilling Limited (BORR) - Modelo de negócios: estrutura de custos

Despesas de construção e manutenção da frota

A partir de 2023, o relatório anual, as despesas totais de manutenção da frota da Borr Drilling foram de US $ 127,3 milhões. A empresa opera uma frota de 32 plataformas de jack-up, com custos de manutenção variando por idade e condição da plataforma.

Categoria de despesa	Custo anual ($)
Manutenção da plataforma	127,300,000
Grandes revisões	42,500,000
Reparo e substituição	34,600,000

Salários de pessoal e tripulação

As despesas totais de pessoal para 2023 foram de US $ 98,6 milhões, cobrindo aproximadamente 1.200 funcionários em funções operacionais e administrativas.

• Salário médio da tripulação: US $ 82.000 por ano
• Compensação de gerenciamento: US $ 14,3 milhões
• Salários de pessoal offshore: US $ 64,2 milhões

Custos de logística de combustível e operacional

A logística operacional e as despesas de combustível totalizaram US $ 53,4 milhões em 2023, com variações significativas com base nas taxas de utilização da plataforma.

Despesa de logística	Custo anual ($)
Consumo de combustível	32,700,000
Transporte	12,500,000
Suporte operações de embarcações	8,200,000

Atualizações de tecnologia e equipamentos

As despesas de capital para atualizações de tecnologia e equipamentos atingiram US $ 76,5 milhões em 2023, com foco na transformação digital e na eficiência operacional.

• Investimentos de tecnologia digital: US $ 22,3 milhões
• Modernização do equipamento: US $ 54,2 milhões

Seguros e despesas relacionadas à conformidade

Os custos totais de seguro e conformidade foram de US $ 41,2 milhões para o ano fiscal de 2023.

Categoria de conformidade	Custo anual ($)
Seguro marítimo	18,600,000
Conformidade regulatória	12,400,000
Certificações de segurança	10,200,000

Borr Drilling Limited (BORR) - Modelo de negócios: fluxos de receita

Receita de contrato de perfuração de taxas diárias

Para o ano fiscal de 2023, a Borr Drilling Limited registrou receitas totais de contrato de US $ 370,4 milhões. A taxa de taxa média para as plataformas de jack-up foi de aproximadamente US $ 64.900 por dia.

Tipo de equipamento	Taxa do dia médio	Receita total do contrato
Ratações de jack-up	$64,900	US $ 370,4 milhões

Acordos de leasing de longo prazo

A partir do quarto trimestre de 2023, a Borr Drilling manteve uma frota de 33 plataformas de jack-up com atraso contratado no valor de US $ 760 milhões.

• Backlog total contratado: US $ 760 milhões
• Número de plataformas de jack-up: 33
• Duração média do contrato: 18-24 meses

Taxas de mobilização e desmobilização

As taxas de mobilização para 2023 geraram aproximadamente US $ 22,5 milhões em receita adicional.

Serviços de Suporte e Gerenciamento Técnicos

Os serviços técnicos de suporte e gerenciamento contribuíram com US $ 45,3 milhões para a receita da empresa em 2023.

Renda do serviço marítimo auxiliar

Os serviços marítimos auxiliares geraram US $ 18,7 milhões em receita suplementar para o ano fiscal de 2023.

Fluxo de receita	2023 Receita
Contratos de perfuração de taxas diurnos	US $ 370,4 milhões
Taxas de mobilização/desmobilização	US $ 22,5 milhões
Serviços de suporte técnico	US $ 45,3 milhões
Serviços marítimos auxiliares	US $ 18,7 milhões

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.