Borr Drilling Business Summary

Borr Drilling Ltd (BORR) operates as a leading pure-play offshore drilling contractor specializing in high-specification, modern jack-up rigs for the shallow-water oil and gas industry. The company generates revenue through a single reportable segment—contract drilling services—which is diversified into three primary streams: dayrate revenue from rig and crew rentals (accounting for approximately 87% of turnover), bareboat charter agreements, and management contract fees. By maintaining the industry's youngest fleet of premium jack-ups, Borr targets high-efficiency exploration and development projects in key regions including the Middle East, Southeast Asia, and West Africa. It competes directly with diversified offshore drillers such as Noble Corporation, Valaris Limited, Seadrill, and Shelf Drilling, distinguishing itself as a specialized, high-utilization operator with a strategic focus on shallow-water assets rather than deepwater floaters. The company was founded by industry veteran Tor Olav Trøim, who continues to serve as a Director and influential strategist. The leadership team is led by CEO Bruno Morand, a 20-year offshore drilling veteran who assumed the role in September 2025, supported by CFO Magnus Vaaler and COO Harvey Snowling. Executive Chairman Patrick Schorn, formerly the CEO of Borr and a long-time senior executive at Schlumberger (SLB), provides deep operational oversight and continuity. The board is further strengthened by Lead Independent Director Dan Rabun, the former CEO of Ensco, and Thiago Mordehachvili, founder of Granular Capital, which holds a significant stake exceeding 19%. Other notable institutional backers include BlackRock and DnB Asset Management, reflecting strong capital market confidence in the firm's modern asset base and aggressive contracting strategy.