Borr Drilling is an offshore drilling contractor that owns and operates a fleet of 29 jack-up rigs, providing drilling services to oil and gas companies in shallow water. Jack-up rigs are mobile, self-elevating platforms that lower their legs to the seabed and jack their hull above the water to drill. Borr's customers — including IOCs like Eni, NOCs like Saudi Aramco and PEMEX, and independent producers — primarily use these rigs for development drilling in known fields. Borr earns revenue almost entirely on a dayrate basis, where customers pay a fixed daily fee while the rig is operating. Key earnings drivers are utilization, dayrates, and fleet size. Average dayrates were around $140,000-$145,000/day in 2025, with economic utilization of ~97-98% on the active fleet. Borr operates across five regions: the Americas (primarily Mexico), Southeast Asia, West Africa, the Middle East and North Africa, and Europe. Borr's fleet, all built in 2008 or later with an average age of ~9.4 years, is one of the youngest in the market, and the largely standardized KFELS and PPL rig designs allow Borr to pursue multiple contracts simultaneously and achieve procurement and operational efficiencies. Borr's cost base is primarily rig operating and maintenance expenses, with management targeting ~$50M/year in maintenance CapEx. Capital allocation priorities are focused on deleveraging — Borr carries significant debt due in 2028 and 2030 — and selective fleet M&A, as demonstrated by the January 2026 acquisition of five rigs from Noble for $360M.