BORR 6-K 2025 - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

November 2025

Commission File Number 001-39007

Borr Drilling Limited

S. E. Pearman Building

2nd Floor 9 Par-la-Ville Road

Hamilton HM11

Bermuda

(Address of principal executive office)

    Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Exhibits

99.1	Press Release
99.2	Borr Drilling Limited Q3 2025 Earnings Release
99.3	Borr Drilling Limited Fleet Status Report 5 November 2025

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BORR DRILLING LIMITED
Date: November 5, 2025	By:	/s/ Mi Hong Yoon
	Name:	Mi Hong Yoon
	Title:	Director

Exhibit 99.1

Borr Drilling Limited Announces Third Quarter 2025 Results

Hamilton, Bermuda, November 5, 2025: Borr Drilling Limited (NYSE: BORR) (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the nine months ended September 30, 2025.

Highlights

•	Total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second<br><br> quarter of 2025
•	Net income of $27.8 million, a decrease of $7.3 million or 21% compared to the second quarter<br> of 2025
---	---
•	Adjusted EBITDA of $135.6 million, an increase of $2.4 million or 2% compared to the second quarter of 2025
---	---
•	YTD 2025, the company was awarded 22 new contract commitments, representing more than 4,820 days and $625 million of potential contract revenue
---	---

CEO, Bruno Morand commented:

“Our third quarter results were strong, extending the rebound delivered in the second-quarter. With 23 of our 24 rigs active during the quarter, we demonstrated disciplined execution and commercial strength in contracting rigs despite a dynamic market. Revenue increased by $9.4 million this quarter over the second quarter and Adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the quality of our earnings. Operational execution remained robust, with technical utilization of 97.9% and economic utilization of 97.4% across the active fleet, reflecting the continued strength and efficiency of our operations.

Following quarter end, we announced three contract extensions in Mexico. The Galar and Gersemi each received a two-year firm extension at improved commercial and payment terms. A third rig, the Njord, also received an extension. Mexico remains an important market for us. Collections restarted in September, with approximately $19 million received in September and October. These inflows, together with recent government actions to strengthen Pemex finances, are the basis for our confidence in the continued normalization of payments.

Today we also announced new commitments for our rigs Odin and Grid, expanding Borr Drilling’s footprint into the Gulf of America and Angola. These awards reflect our focused commercial strategy, deep customer relationships, and disciplined fleet management. They further diversify our customer and market portfolio, underscore our ability to navigate evolving conditions, and minimize idle time across the fleet. Following these awards, our 2026 coverage stands at 62% with an average dayrate of $140,000, including priced options.

We expect fourth quarter 2025 results to reflect fewer operating days, due to several rigs transitioning between contracts and the recent impact of sanctions-induced contract terminations in Mexico. Despite this, we anticipate full year 2025 Adjusted EBITDA in the range of $455 million to $470 million.

In recent quarters, we have experienced incremental jack-up demand across several international markets, absorbing available capacity and providing gradual relief to the headwinds from 2024. While near-term volatility may persist, clear signs of demand inflection in Saudi Arabia and Mexico - two of the world’s largest jack-up markets - together with incremental activity in other areas, provide us with confidence that the market is now past the trough. We foresee a tightening market in the near to medium term that we expect should support higher utilization and dayrates.

In closing, the Borr Drilling platform - built on operational excellence, customer centricity, and our premium jack-up fleet - remains our defining competitive advantage placing us uniquely to benefit from improving market conditions.”

Conference Call

A conference call and webcast are scheduled for 10:00 AM New York time (16:00 CET) on Thursday, 6 November 2025 and participants are encouraged to dial in 10 minutes before the start of the call.

In order to listen to the live presentation, participants may do one of the following:

a)	Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/cnew3tt2

b)	Conference Call

Please use the below link to register for the conference call: https://register-conf.media-server.com/register/BI3e96a12fb9a64883b3d8e2fb87e2511c

Participants will then receive dial-in details on screen and via email and may choose to dial in with their unique pin or select “Call me” and provide telephone details for the system to link them automatically.

Questions should be directed to: Magnus Vaaler: CFO, +44 1224 289208

Exhibit 99.2

Borr Drilling Limited Announces Third Quarter 2025 Results

Highlights

•	Total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second quarter of 2025
•	Net income of $27.8 million, a decrease of $7.3 million or 21% compared to the second quarter of 2025
---	---
•	Adjusted EBITDA^1^ of $135.6 million, an increase of $2.4<br> million or 2% compared to the second quarter of 2025
---	---
•	YTD 2025, the company was awarded 22 new contract commitments, representing more than 4,820 days and $625 million of potential contract revenue
---	---

CEO, Bruno Morand commented:

^1^ The Company presents Adjusted EBITDA, which is a financial measure calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP). Adjusted EBITDA represents our periodic net income/(loss) adjusted for: depreciation of non-current assets, loss from equity method investments, total financial expense net and income tax expense. Adjusted EBITDA is presented here because the Company believes that the measure provides useful information regarding the Company’s operational performance. For a reconciliation of Adjusted EBITDA to Net income/(loss), please see the last page of this report.

^2^Excludes unexercised options, includes bareboat charter contracts adjusted to a gross dayrate-equivalent basis

Management Discussion and Analysis

The discussion below compares the unaudited results for the third quarter of 2025 to the unaudited results of the second quarter of 2025.

In $ million
Total operating revenues	277.1		267.7			4	%
Total operating expenses	(178.9	)	(171.2	)	)	4	%
Operating income	98.0		96.5			2	%
Total financial expenses, net	(58.6	)	(56.4	)	)	4	%
Income tax expense	(11.3	)	(4.8	)	)	135	%
Net income	27.8		35.1		)	(21	)%
Adjusted EBITDA	135.6		133.2			2	%

All values are in US Dollars.

Cash and cash equivalents	227.8	92.4	135.4	147	%
Total equity	1,140.1	1,012.6	127.5	13	%

Three months ended September 30, 2025 compared to three months ended June 30, 2025

Total operating revenues were $277.1 million for the third quarter of 2025, an increase of $9.4 million or 4% compared to the second quarter of 2025. Total operating revenues consisted of $241.0 million in dayrate revenue, $26.7 million in bareboat charter revenue and $9.4 million in management contract revenue.

The overall increase in total operating revenue is primarily a result of the $2.5 million increase in dayrate revenue and the $6.4 million increase in bareboat charter revenue, in comparison to the prior quarter. The increase in dayrate revenue is primarily due to an increase in the number of operating days and dayrate for the rigs Ran and Thor, an increase in the number of operating days for the rigs Arabia II and Odin (in the previous quarter the Odin was earning bareboat charter revenue), and an increase in reimbursable revenue for the rig Gerd, offset by a decrease in dayrate revenue for the Prospector 1 due to a decrease in the number of operating days.

The increase in bareboat charter revenue is primarily due to the rigs Galar, Grid and Gersemi, which recommenced operations part way through the prior quarter, offset by the decrease in bareboat charter revenue for the Odin, which following its contract termination, commenced earning dayrate revenue under its new contract.

Total operating expenses for the third quarter of 2025 were $178.9 million, an increase of $7.7 million compared to the second quarter of 2025, primarily due to a $6.3 million increase in rig operating and maintenance expenses, an $0.9 million increase in depreciation and an $0.5 million increase in general and administrative expenses. The $6.3 million increase in rig operating and maintenance expenses is primarily due to the increase in reimbursable expenses for the rig Gerd.

Included in total operating revenues for the third quarter of 2025 is $21.2 million in reimbursable revenues, an increase of $4.2 million in comparison to the prior quarter. Included in total operating expenses is $15.2 million in reimbursable expenses, an increase of $4.7 million compared to the second quarter of 2025.

Total financial expenses, net, for the third quarter of 2025 were $58.6 million, an increase of $2.2

    million compared to the second quarter of 2025. The overall increase is primarily due to a $3.8 million increase in foreign exchange losses as in the current quarter we recognized a foreign exchange
  loss of $2.4 million versus a foreign exchange gain of $1.4 million in the prior quarter.

Income tax expense for the third quarter of 2025 was $11.3 million, an increase of $6.5 million compared to the second quarter of 2025. The overall increase is primarily due to a $5.7 million one-off deferred tax asset recognized during in the prior quarter with no comparable in the current quarter.

Net income for the third quarter of 2025 was $27.8 million, a decrease of $7.3 million compared to $35.1 million in the second quarter of 2025.

Adjusted EBITDA for the third quarter of 2025 was $135.6 million, an increase of $2.4 million, or 2%, compared to the second quarter of 2025.

Liquidity and Cash Flows

The Company’s cash and cash equivalents as of September 30, 2025 were $227.8 million, compared to $92.4 million as of June 30,2025. In addition, the Company had $234.0 million of undrawn revolving credit facilities, resulting in total liquidity of $461.8 million at the end of the quarter.

Net cash provided by operating activities was $72.1 million, which includes $6.0 million of semi-annual cash interest payments on our Convertible Bonds and $13.2 million of income taxes paid. Operating cash flow for the quarter was impacted by a build-up of working capital, primarily driven by an approximately $42.0 million increase in trade receivables in Mexico and a $13.0 million increase in trade receivables relating to the Vali, compared to the previous quarter. In October, the Company received approximately $17.0 million related to the trade receivables in Mexico and $10 million related to the Vali.

Net cash used in investing activities was $33.9 million and is comprised of jack-up additions, primarily a result of activation costs, capital additions for drilling equipment and long-term maintenance costs.

Net cash provided by financing activities was $97.2 million mainly explained by $96.9 million in proceeds, net of issuance costs, from the Company’s July 2025 equity offering.

Financing and corporate developments

Debt

As of September 30, 2025, we had principal debt outstanding of $2,112.3 million, consisting of $1,229.1 million aggregate principal amount of senior secured notes due in 2028, $643.8 million aggregate principal amounts of senior secured notes due in 2030 and $239.4 million aggregate principal amount of unsecured Convertible Bonds due in 2028.

During the quarter, the Company amended and restated the existing Super Senior Revolving Facility Agreement to, among other things, upsize the super-senior revolving credit facility to $200.0 million (the “SSRCF”). Additionally, the Company entered into a new $34.0 million Senior Secured Revolving Facility Agreement (the “SRCF”). As of September 30, 2025, the SSRCF and the SRCF were undrawn, with total available borrowings of $234.0 million.

The Company also has a $45.0 million senior secured guarantee facility, under which we had $37.5 million utilized as of September 30, 2025.

Equity

In the third quarter of 2025, the Company issued 50,000,000 new shares at an offer price of $2.05 per share for total gross proceeds of $102.5 million.

The Company’s issued share capital as of September 30, 2025 was $29,440,000 divided into 294,400,000 shares with a par value of $0.10 per share.

During the quarter ended March 31, 2025, the Company cancelled 19,680,391 shares out of the 25,000,000 shares which the Company had made available pursuant to a share lending agreement (“SLA”) for the purposes of facilitating investors’ hedging activities in connection with the $250 million Convertible Bonds due in 2028. The remaining 5,319,609 loan shares will be cancelled upon redelivery, whether at repayment of the Convertible Bonds or upon decrease in the demand for hedging shares for other reasons, or upon expiry of the SLA. The number of issued shares excluding the loan shares available was 289,080,391 at September 30, 2025.

The Company’s authorized number of shares is 365,000,000 and the authorized share capital is $36,500,000.00.

CEO Transition

Pursuant to a multi-year succession planning process, the Company’s Board of Directors reached a unanimous decision to appoint Chief Commercial Officer Bruno Morand as successor to Chief Executive Officer Patrick Schorn, effective September 1, 2025. Upon Mr. Morand’s transition, Mr. Schorn became Executive Chair of the Company’s Board of Directors, while then-Chairman Tor Olav Trøim transitioned to serve as a Director of the Board. Additionally, existing Director Dan Rabun became Lead Independent Director.

Fleet, Operations and Contracts

The Company’s fleet consists of 24 modern jack-up rigs, all built after 2010. Since the publication of our second quarter 2025 report, the Company has secured new contract commitments for the rigs Odin, Natt, Prospector 1, Galar, Gersemi, Njord and Grid.

As of the date of this report, 23 of our 24 rigs are either contracted or committed: 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.

Year to date 2025, the company has been awarded 22 new contract commitments, representing more than 4,820 days and $625 million of potential contract revenue. In October 2025, the Company announced that it had issued termination notices for the contracts for rigs Odin and Hild in Mexico (originally contracted to November 2025 and March 2026, respectively), following the recent implementation of international sanctions affecting a counterparty, and expects an adverse financial impact on the Company’s revenue backlog of approximately $20 million.

The Company’s total contract revenue backlog (excluding unexercised options, and including bareboat charter contracts adjusted to a gross dayrate-equivalent basis) at September 30, 2025 was $1.11 billion and is $1.25 billion as of the date of this report.

For more details on our rig contracting, please refer to our Fleet Status report issued in connection with this report.

The technical utilization for our working rigs was 97.9% in the third quarter of 2025, and the economic utilization was 97.4%.

Market

According to Petrodata by S&P Global, the marketed utilization for jack-up rigs globally stood at 91.33% in September 2025, a decrease of 0.6 percentage points from June 2025. The marketed utilization for the modern jack-up fleet (rigs built after year 2000) was 93.1% at the end of September 2025, and currently stands at 93.2%.

Currently, there are 301 modern jack-ups contracted, representing a decrease of approximately 10 units as compared to the peak high in early 2024.

As of the date of this report, 11 newbuild rigs remain under construction and they account for 2.5% of the global marketed jack-up fleet. However, we expect that few of these rigs will join the marketed fleet in the near future due to many being in the early stages of construction and the ongoing supply chain challenges.

Risks and uncertainties^^^2^

Borr Drilling is exposed to a number of risks related to the Company’s financial position, operations and the industry in which it operates.

In the third quarter of 2025, energy commodity prices remained relatively stable compared to the second quarter of 2025. Brent oil prices in the third quarter of 2025 averaged approximately $69 per barrel, compared to $68 per barrel in the second quarter of 2025. Uncertainty persists in the market and oil benchmark prices are expected to remain volatile, in light of, among other factors, the implementation of tariffs and potential further tariffs, incremental oversupply and the current global economic uncertainty and geopolitical events affecting supply and demand. The geopolitical unrest, including in the Middle East, and any expansion or increase of trade tensions, may result in oil supply disruptions and cause further volatility in commodity prices. We remain subject to risks relating to the volatility of our industry and the risk that demand and dayrates could decline further.

Our business may experience supply chain constraints and inflationary pressure, which may impact the cost base in our industry, including personnel costs, and the prices of goods and services required to operate rigs. Demand for jack-up rigs may not remain at current levels, and may decline. In 2025, we received noticed of temporary suspensions for certain rigs, and while most of the suspended rigs have since recommenced operations, any future suspensions or decline in demand for services of jack-up rigs could have a negative effect on the Company. We took delivery of the newbuildings Vali and Var in the fourth quarter of 2024. The Var has yet to be contracted with a customer. The delivery of the new rigs Vali and Var in the fourth quarter of 2024 has increased the size of fleet and the risks we face including the risk of a decline in demand.

We have outstanding $1,229.1 million aggregate principal amount of 10% senior secured notes due 2028, $643.8 million aggregate principal amount of 10.375% senior secured notes due 2030, and $239.4 million aggregate principal amount of unsecured Convertible Bonds due 2028.

We are subject to risks relating to our indebtedness, including risks relating to our ability to meet the financial covenants in our revolving credit facilities, risks relating to covenant limitations and the interest and other payments due on our senior secured and convertible notes, including amortization and cash sweep requirements under our secured notes and other risks relating to our significant levels of indebtedness, including the risk that we may not be able to refinance our debt as it matures.

Conference call

A conference call and webcast is scheduled for 10:00 AM New York Time (16:00 CET) on Thursday November 6, 2025 and participants are encouraged to dial in 10 minutes before the start of the call. Further details can be found in the Investor Relations section on the Company’s website, www.borrdrilling.com.

^2^ This Risks and uncertainties section is not a complete discussion of the risks the Company faces. See “Risk Factors” in the Company’s most recent Annual Report Form 20-F; this discussion does not and does not purport to update that section of the annual report.

Forward looking statements

This announcement and related discussions include forward looking statements made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will”, “likely”, “aim”, “plan”, “guidance” and similar expressions and include statements regarding industry trends and market outlook, supply/demand expectations, statements about expected activity and state of the market and expectations of a rebound in the near to medium term, expected activity levels in the jack-up rig and oil industry, contract revenue backlog and potential contract revenue, contracts and contract commitments, contract start dates and rates, options, contract commitments, LOIs and LOAs, contract coverage, potential revenue, including rates that may be achieved, guidance on results of operations including expected 2025 Adjusted EBITDA, expected trends in dayrates, market conditions, statements about the global jack-up fleet, including the number of rigs contracted and available and expected to be available and expected trends in the global fleet including expected new deliveries and the number of rigs under construction and expectations as to when such rigs will join the global fleet, statements about the expected normalizing of payment of receivables to us from our Mexico operations, and statements made under “Market” and “Risk and uncertainties” above, and other non-historical statements. These forward-looking statements are based upon current expectations and various assumptions, which are, by their nature, uncertain and are subject to significant known and unknown risks, contingencies and other important factors which are difficult or impossible to predict and are beyond our control. Such risks, uncertainties, contingencies and other factors could cause our actual results, level of activity, performance, financial results or position, liquidity or achievements to differ materially from those expressed or implied by these forward-looking statements, including risks relating to our industry and industry conditions, business, the risk that our actual results of operations in current or future periods differ materially from expected results or guidance discussed herein, the actual timing of payments to us and the risk of delays in payments or receivables to our JVs and payments from our JVs to us, the risk that our customers do not comply with their contractual obligations, the risk of customers becoming subject to sanctions, risks relating to geopolitical events and inflation, risks relating to global economic uncertainty and energy commodity prices, risks relating to contracting, including our ability to convert commitments, LOIs and LOAs into contracts, the risk of contract suspension or termination, the risk that options will not be exercised, the risk that contract revenue backlog and potential contract revenue will not materialize as expected, risks relating to the operations of our rigs and ability to achieve expected dates of operation and delivery of rigs and contract commencement dates, risks relating to dayrates and duration of contracts and the terms of contracts and the risk that we may not enter into contracts or that contracts are not performed as expected, risks relating to contracting our most recently delivered rigs and other available rigs, risks relating to market trends, including tender activity, risks relating to customer demand and contracting activity and suspension or termination of operations, including as a result of customers becoming subject to sanctions, risks relating to our liquidity and cash flows, risks relating to our indebtedness including risks relating to our ability to repay or refinance our debt at maturity, including our secured notes maturing in 2028 and 2030, our convertible bonds due 2028, and debt under our revolving credit facilities and risks relating to our other payment obligations on these debt instruments including interest, amortization and cash sweeps, risks relating to our ability to comply with covenants under our revolving credit facilities and other debt instruments and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to pay cash distributions and repurchase shares including the risk that we may not have available liquidity or distributable reserves or the ability under our debt instruments to pay such cash distributions or repurchase shares and the risk that we may not complete our share repurchase program in full, and risks relating to the amount and timing of any cash distributions we declare, risks relating to future financings including the risk that future financings may not be completed when required and risks relating to the terms of any refinancing, including risks related to dilution from any future offering of shares or convertible bonds, risks related to climate change, including climate-change or greenhouse gas related legislation or regulations and the impact on our business from physical climate-change related to changes in weather patterns, and the potential impact of new regulations relating to climate change and the potential impact on the demand for oil and gas, risk relating to military actions including in Ukraine and the Middle East and their impact on our business and industry, and other risks factors set forth under “Risk Factors” in our most recent annual report on Form 20-F and other filings with and submissions to the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date of this document. We undertake no (and expressly disclaim any) obligation to update any forward-looking statements after the date of this report or to conform such statements to actual results or revised expectations, except as required by law.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 under the ticker “BORR”. The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Please visit our website at: www.borrdrilling.com

November 5, 2025

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Magnus Vaaler: CFO, +44 1224 289208

UNAUDITED NON GAAP MEASURES AND RECONCILIATION

Set forth below is a reconciliation of the Company’s Unaudited Net Income to Adjusted EBITDA.

(in US$ millions)
Net income	27.8	35.1
Depreciation of non-current assets	37.6	36.7
Loss from equity method investments	0.3	0.2
Total financial expense, net	58.6	56.4
Income tax expense	11.3	4.8
Adjusted EBITDA	135.6	133.2

Borr Drilling Limited

Unaudited Condensed Consolidated Statements of Operations

(In $ millions except share and per share data)


Operating revenues
Dayrate revenue	241.0		202.1		681.7		623.4
Bareboat charter revenue	26.7		27.4		54.6		65.3
Management contract revenue	9.4		12.1		25.1		23.8
Related party revenue	—		—		—		35.0
Total operating revenues	277.1		241.6		761.4		747.5
(Loss) / gain on disposals	(0.2	)	0.2		0.2		0.6
Operating expenses
Rig operating and maintenance expenses	(128.5	)	(114.3	)	(360.5	)	(342.4	)
Depreciation of non-current assets	(37.6	)	(31.8	)	(110.2	)	(95.5	)
General and administrative expenses	(12.8	)	(12.0	)	(36.2	)	(37.0	)
Total operating expenses	(178.9	)	(158.1	)	(506.9	)	(474.9	)
Operating income	98.0		83.7		254.7		273.2
(Loss) / income from equity method investments	(0.3	)	(1.6	)	(2.3	)	1.3
Financial income (expenses), net
Interest income	1.1		1.6		2.2		5.4
Interest expense	(56.4	)	(53.5	)	(171.7	)	(154.5	)
Other financial expenses, net	(3.3	)	(5.0	)	(8.2	)	(21.0	)
Total financial expenses, net	(58.6	)	(56.9	)	(177.7	)	(170.1	)
Income before income taxes	39.1		25.2		74.7		104.4
Income tax expense	(11.3	)	(15.5	)	(28.7	)	(48.6	)
Net income attributable to shareholders of Borr Drilling Limited	27.8		9.7		46.0		55.8
Total comprehensive income attributable to shareholders of Borr Drilling Limited	27.8		9.7		46.0		55.8
Basic income per share	0.10		0.04		0.18		0.22
Diluted income per share	0.10		0.04		0.18		0.22
Weighted-average shares outstanding - basic	275,460,333		250,974,773		252,702,038		251,625,161
Weighted-average shares outstanding - diluted	311,607,780		254,890,897		254,020,757		255,576,088

Borr Drilling Limited

Unaudited Condensed Consolidated Balance Sheets

(In $ millions except share data)

	September 30, 2025			December 31, 2024
ASSETS		Unaudited			Audited
Current assets
Cash and cash equivalents			227.8			61.6
Restricted cash			1.0			0.9
Trade receivables, net			224.0			184.3
Prepaid expenses			12.8			8.4
Deferred mobilization and contract preparation costs			31.2			40.6
Accrued revenue			125.8			107.7
Due from related parties			10.2			85.1
Other current assets			32.6			28.0
Total current assets			665.4			516.6
Non-current assets
Property, plant and equipment			2.0			2.8
Jack-up drilling rigs, net			2,770.3			2,823.2
Equity method investments			12.2			14.5
Other non-current assets			72.1			62.5
Total non-current assets			2,856.6			2,903.0
Total assets			3,522.0			3,419.6
LIABILITIES AND EQUITY
Current liabilities
Trade accounts payables			58.4			81.6
Accrued expenses			71.7			68.0
Short-term accrued interest and other items			75.8			30.6
Short-term debt			118.1			118.1
Short-term deferred mobilization, demobilization and other revenue			34.2			27.1
Other current liabilities			51.0			84.2
Total current liabilities			409.2			409.6
Non-current liabilities
Long-term debt			1,937.6			1,992.5
Long-term deferred mobilization, demobilization and other revenue			33.5			21.0
Other non-current liabilities			1.6			3.2
Total non-current liabilities			1,972.7			2,016.7
Total liabilities			2,381.9			2,426.3
Shareholders’ Equity
---	---	---	---	---
Common shares of par value $0.10 per share: authorized 365,000,000 (2024:315,000,000) shares, issued 294,400,000 (2024: 264,080,391) shares and outstanding 285,872,798<br> (2024: 244,926,821) shares	29.5		26.5
Treasury shares	(19.5	)	(20.9	)
Additional paid in capital	441.9		340.8
Contributed surplus	1,919.0		1,923.7
Accumulated deficit	(1,230.8	)	(1,276.8	)
Total equity	1,140.1		993.3
Total liabilities and equity	3,522.0		3,419.6

Borr Drilling Limited

Unaudited Condensed Consolidated Statements of Cash Flows

(In $ millions)

	Three months<br><br> <br>ended September<br><br> <br>30, 2025			Three months<br><br> <br>ended September<br><br> <br>30, 2024			Nine months<br><br> <br>ended September<br><br> <br>30, 2025
Cash flows from operating activities
Net income		27.8			9.7			46.0		55.8
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash compensation expense related to share based employee and directors’ compensation		2.5			2.5			8.5		6.1
Depreciation of non-current assets		37.6			31.8			110.2		95.5
Amortization of deferred mobilization and contract preparation costs		10.4			13.3			35.1		45.1
Amortization of deferred mobilization, demobilization and other revenue		(13.1	)		(10.4	)		(35.2	)	(79.1	)
Loss / (gain) on disposal of assets		0.2			(0.2	)		(0.2	)	(0.6	)
Amortization of debt discount		1.7			1.7			5.1		5.1
Amortization of debt premium		(0.7	)		(0.4	)		(2.1	)	(0.7	)
Amortization of deferred finance charges		3.3			3.1			9.7		8.6
Bank commitment, guarantee and other fees		—			—			4.4		—
Change in fair value of financial instruments		—			0.3			—		—
Loss / (income) from equity method investments		0.3			1.6			2.3		(1.3	)
Deferred income tax		0.9			3.0			(5.1	)	7.4
Change in assets and liabilities:
Amounts due from related parties		(3.8	)		0.1			71.5		10.8
Accrued expenses		3.6			2.1			6.8		(9.9	)
Accrued interest		46.1			39.7			48.6		37.5
Other current and non-current assets		(43.0	)		(55.8	)		(85.2	)	(136.4	)
Other current and non-current liabilities		(1.7	)		6.3			(3.3	)	44.4
Net cash provided by operating activities		72.1			48.4			217.1		88.3
Cash flows from investing activities
Additions to jack-up drilling rigs		(33.9	)		(14.1	)		(72.3	)	(36.1	)
Purchase of property, plant and equipment		—			—			(0.1	)	(0.4	)
Additions to newbuildings		—			(173.3	)		—		(183.0	)
Net cash used in investing activities		(33.9	)		(187.4	)		(72.4	)	(219.5	)
Cash flows from financing activities
Proceeds from share issuance, net of issuance cost		96.9			—			96.9		—
Repayment of debt^(1)^		—			(85.0	)		(70.7	)	(162.8	)
Cash distributions paid		—			(23.9	)		(4.7	)	(71.6	)
Debt proceeds, gross of premium / (net of discount) and issuance costs		—			239.4			—		447.7
Purchase of treasury shares		—			—			(0.2	)	—
Proceeds from exercise of share options		0.3			0.6			0.3		1.9
Net cash provided by financing activities		97.2			131.1			21.6		215.2
Net increase / (decrease) in cash, cash equivalents and restricted cash		135.4			(7.9	)		166.3		84.0
Cash, cash equivalents and restricted cash at the beginning of the period		93.4			194.5			62.5		102.6
Cash, cash equivalents and restricted cash at the end of the period		228.8			186.6			228.8		186.6
Supplementary disclosure of cash flow information
---	---	---	---	---	---	---	---	---
Interest paid	(6.0	)	(6.0	)	(110.4	)	(97.3	)
Income taxes paid	(13.2	)	(9.7	)	(50.9	)	(39.7	)
Non-cash offset of other current and non-current assets and jack-up rigs	(0.4	)	—		(9.5	)	—

^(1)^ Included in repayment of debt is the redemption premium on our Senior Secured Notes due in 2028 and 2030

Borr Drilling Limited

Unaudited Condensed Consolidated Statements of Cash Flows

(In $ millions)

(In $ millions)
Cash and cash equivalents	227.8	61.6
Restricted cash	1.0	0.9
Total cash and cash equivalents and restricted cash	228.8	62.5

Borr Drilling Limited

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity

(In $ millions except share data)

	Number of<br><br> <br>outstanding<br><br> <br>shares			Common<br><br> <br>shares		Treasury<br><br> <br>shares			Additional<br><br> <br>paid in<br><br> <br>capital		Contributed<br><br> <br>Surplus			Accumulated<br><br> <br>deficit			Total equity
Balance as at December 31, 2023		252,582,036			26.5		(8.9	)		337.2		1,988.1			(1,358.9	)		984.0
Movement in treasury shares		3,067			—		—			—		—			—			—
Share-based compensation		411,336			—		0.1			3.0		—			—			3.1
Distribution to shareholders		—			—		—			—		(11.9	)		—			(11.9	)
Total comprehensive income		—			—		—			—		—			14.4			14.4
Balance as at March 31, 2024		252,996,439			26.5		(8.8	)		340.2		1,976.2			(1,344.5	)		989.6
Movement in treasury shares		(2,364,437	)		—		(0.3	)		0.3		—			—			—
Share-based compensation		—			—		—			1.8		—			—			1.8
Distribution to shareholders		—			—		—			—		(23.9	)		—			(23.9	)
Total comprehensive income		—			—		—			—		—			31.7			31.7
Balance as at June 30, 2024		250,632,002			26.5		(9.1	)		342.3		1,952.3			(1,312.8	)		999.2
Movement in treasury shares		250,000			—		—			—		—			—			—
Share-based compensation		293,369			—		0.1			3.1		—			—			3.2
Distribution to shareholders		—			—		—			—		(23.9	)		—			(23.9	)
Total comprehensive income		—			—		—			—		—			9.7			9.7
Balance as at September 30, 2024		251,175,371			26.5		(9.0	)		345.4		1,928.4			(1,303.1	)		988.2
	Number of<br><br> <br>outstanding<br><br> <br>shares			Common<br><br> <br>shares			Treasury<br><br> <br>shares			Additional<br><br> <br>paid in<br><br> <br>capital		Contributed<br><br> <br>Surplus			Accumulated<br><br> <br>deficit			Total equity
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Balance as at December 31, 2024		244,926,821			26.5			(20.9	)		340.8		1,923.7			(1,276.8	)		993.3
Cancellation of treasury shares		—			(2.0	)		2.0			—		—			—			—
Repurchase of treasury shares		(50,000	)		—			(0.2	)		—		—			—			(0.2	)
Movement in treasury shares		(5,568,265	)		—			(0.6	)		0.6		—			—			—
Share based compensation		—			—			—			3.4		—			—			3.4
Distribution to shareholders		—			—			—			—		(4.7	)		—			(4.7	)
Total comprehensive loss		—			—			—			—		—			(16.9	)		(16.9	)
Balance as at March 31, 2025		239,308,556			24.5			(19.7	)		344.8		1,919.0			(1,293.7	)		974.9
Movement in treasury shares		(3,083,690	)		—			(0.3	)		0.3		—			—			—
Share based compensation		—			—			—			2.6		—			—			2.6
Total comprehensive income		—			—			—			—		—			35.1			35.1
Balance as at June 30, 2025		236,224,866			24.5			(20.0	)		347.7		1,919.0			(1,258.6	)		1,012.6
Issue of common shares		50,000,000			5.0			—			91.9		—			—			96.9
Movement in treasury shares		(508,734	)		—			(0.1	)		0.1		—			—			—
Share based compensation		156,666			—			0.6			2.2		—			—			2.8
Total comprehensive income		—			—			—			—		—			27.8			27.8
Balance as at September 30, 2025		285,872,798			29.5			(19.5	)		441.9		1,919.0			(1,230.8	)		1,140.1

Exhibit 99.3

Borr Drilling<br><br> <br><br><br> <br>Fleet Status Report - 05 November 2025
New Contracts / Extensions / Amendments
---	---
	Prospector 1
	• Contract (from LOA): November 2025, Dana Petroleum<br> (Netherlands)
	Prospector 1
	• Contract (from LOA): December 2025 to June 2026, ONE-Dyas<br> (Netherlands)
Letters of Award / Letters of Intent / Negotiations
	Galar
	• LOA: May 2026 to May 2028, PEMEX (Mexico)
	Gersemi
	• LOA: May 2026 to May 2028, PEMEX (Mexico)
	Njord
	• LOA: January 2026 to April 2026, PEMEX (Mexico)
	Odin
	• LOA: January 2026 to July 2026, Undisclosed (USA)
	Grid
	• LOA: February 2026 to August 2026, Undisclosed (Angola)
Other Developments
	Natt
	• Continues with Eni in Congo through Q4 2025<br><br> <br>• Previously disclosed contract with SNEPCO in Nigeria now expected to commence in April 2026
	Skald
	• Concluded operations with PTTEP in Thailand in late September 2025 and commenced operations with Medco Energi in Thailand in late October 2025
	Arabia II
	• Commenced operations with Bunduq in United Arab Emirates in mid September 2025
	Gunnlod
	• Concluded operations with ExxonMobil in Malaysia in early October 2025 and commenced operations with HLHV JOC in Vietnam in mid October 2025
	Thor
	• Concluded operations with an undisclosed customer in Vietnam in late October 2025 and will commence operations with HLHV JOC in Vietnam in November 2025
	Prospector 1
	• Commenced special standby rate with ONE-Dyas in Netherlands in mid October 2025<br><br> <br>• Commenced operations with Dana Petroleum in Netherlands in early November 2025
	Grid
	• Operations with PEMEX in Mexico expected to conclude in November 2025<br><br> <br>• Previously disclosed contract with New Age is now reassigned from the Natt to the Grid and is expected to commence in January 2026
	Odin and Hild
	• Issued contract termination notices following the recent implemetation of international sanctions affecting a counterparty. Operations will conclude in November 2025

Borr Drilling<br><br> <br><br><br> <br>Fleet Status Report - 05 November 2025
Rig Name	Rig Design	Rig Water<br><br> <br>Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
---	---	---	---	---	---	---	---	---
Contracted Rigs
Arabia I	KFELS B Class	400 ft	2020	Petrobras ^3^	April - 2025	April - 2029	Brazil	Operating with option to extend
Arabia II	KFELS B Class	400 ft	2019	Bunduq	September - 2025	January - 2027	United Arab Emirates	Operating with option to extend
Arabia III ^1^	KFELS Super A Class	400 ft	2013	Saudi Aramco	September - 2023	September - 2028	Saudi Arabia	Operating with option to extend
Galar	PPL Pacific Class 400	400 ft	2017	PEMEX ^2^	April - 2024	May - 2026	Mexico	Operating
					May - 2026	May - 2028	Mexico	LOA
Gerd	PPL Pacific Class 400	400 ft	2018	Lime Petroleum	July - 2025	December - 2025	Benin	Operating
				Foxtrot International	December - 2025	November - 2026	Ivory Coast	Committed with option to extend
Gersemi	PPL Pacific Class 400	400 ft	2018	PEMEX ^2^	January - 2024	May - 2026	Mexico	Operating
					May - 2026	May - 2028	Mexico	LOA
Grid	PPL Pacific Class 400	400 ft	2018	PEMEX ^2^	January - 2024	November - 2025	Mexico	Operating
				New Age	January - 2026	February - 2026	Congo	Committed
				Undisclosed	February - 2026	August - 2026	Angola	LOA
Groa	PPL Pacific Class 400	400 ft	2018	Qatar Energy	April - 2022	April - 2026	Qatar	Operating
Gunnlod	PPL Pacific Class 400	400ft	2018	HLHV JOC	October - 2025	February - 2026	Vietnam	Operating with option to extend
Hild	KFELS Super B Class	400 ft	2020	Fieldwood Energy	October - 2023	November - 2025	Mexico	Operating
Idun	KFELS Super B Bigfoot Class	350 ft	2013	PTTEP	February - 2024	February - 2026	Thailand	Operating
Mist	KFELS Super B Bigfoot Class	350 ft	2013	Valeura Energy	December - 2023	August - 2026	Thailand	Operating with option to extend
Natt	PPL Pacific Class 400	400 ft	2018	Eni	August - 2024	December - 2025	Congo	Operating
				SNEPCO	April - 2026	February - 2027	Nigeria	Committed with option to extend
Njord	PPL Pacific Class 400	400 ft	2019	PEMEX ^2^	April - 2024	December - 2025	Mexico	Operating
					January - 2026	April - 2026	Mexico	LOA
Norve	PPL Pacific Class 400	400 ft	2011	Marathon Oil	April - 2025	November - 2025	Equatorial Guinea	Operating
				Vaalco Energy	November - 2025	October - 2026	Gabon	Committed with option to extend
Odin	KFELS Super B Bigfoot Class	350 ft	2013	Fieldwood Energy	August - 2025	November - 2025	Mexico	Operating
				Undisclosed	January - 2026	July - 2026	USA	LOA
Prospector 1 ^1^	F&G, JU2000E	400 ft	2013	ONE-Dyas	October - 2025	October - 2025	Netherlands	Standby
				Dana Petroleum	November - 2025	November - 2025	Netherlands	Operating
				ONE-Dyas	December - 2025	June - 2026	Netherlands	Committed with option to extend
Prospector 5 ^1^	F&G, JU2000E	400 ft	2014	Eni	April - 2024	May - 2026	Congo	Operating
Ran ^1^	KFELS Super A Class	400 ft	2013	Eni	May - 2025	January - 2026	Mexico	Operating with option to extend
Saga	KFELS Super B Bigfoot Class	400 ft	2018	Brunei Shell Petroleum	November - 2022	November - 2026	Brunei	Operating with option to extend
Skald	KFELS Super B Bigfoot Class	400 ft	2018	Medco Energi	October - 2025	April - 2026	Thailand	Operating with option to extend
Thor	KFELS Super B Bigfoot Class	400 ft	2019	HLHV JOC	November - 2025	June - 2026	Vietnam	Committed with option to extend
Vali	KFELS Super B Bigfoot Class	400 ft	2024	Mellitah Oil and Gas	March - 2025	July - 2026	Libya	Operating with option to extend
Available Rigs
Var	KFELS Super B Bigfoot Class	400 ft	2024		December - 2024		Singapore	Warm Stacked

1 - HD/HE Capability

2 - Rigs provided by Borr Drilling through a bareboat charter arrangement and services provided by our Mexican Joint Venture or by Borr Drilling, with ultimate customer being PEMEX

3 - Rig provided by Borr Drilling through a charter arrangement, with ultimate customer being Petrobras

		Operating / Committed	Available	Cold Stacked
Total Fleet	24	23	1	0

Borr Drilling<br><br> <br><br><br> <br>Fleet Status Report - 05 November 2025
Additional information regarding this Fleet Status Report
---	---
	This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.
	Forward Looking Statements:<br><br> <br><br><br> <br>The statements described in this status report that are not historical facts are “Forward Looking Statements”.<br><br> <br><br><br> <br>Forward Looking Statements reflect management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the<br> expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying<br> assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to<br> the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.<br><br> <br><br><br> <br>No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.<br><br> <br>We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.