Earnings call transcript: Borr Drilling Q2 2026 miss sparks 10% stock drop

Borr Drilling missed earnings expectations in Q2 2026, resulting in a 10% stock drop. The company reported a wider-than-expected loss of $241.4 million, with adjusted earnings per share at negative $0.79, significantly below the negative $0.10 analysts anticipated. Revenue fell to $232.3 million, missing the $249.19 million consensus estimate.

The decline was attributed to higher rig preparation costs, transition expenses, and a $176.3 million loss on debt extinguishment. Despite strong technical and economic utilization of 98.4% and 96.4% respectively, operating expenses rose to $232.1 million. Management expects improved results in the third quarter as the Odin rig begins work and transition costs ease.