Shares of Borr Drilling Ltd (BORR) plummeted 13.43% in pre-market trading on Thursday, following the release of disappointing first-quarter 2026 financial results that significantly missed analyst expectations.

The offshore drilling contractor reported a quarterly loss of $0.09 per share, which was 200% worse than the consensus estimate of a $0.03 loss. Revenue of $247 million also fell short of the $252.387 million forecast. The company's net loss widened substantially to $29 million from just $1 million in the previous quarter, while Adjusted EBITDA declined 16% to $88.5 million.

Management attributed the weaker performance to operational challenges including the delayed contract start-up of the Odin rig and an $8.4 million credit loss provision. These results triggered negative investor sentiment during the pre-market session as the market reacted to the earnings disappointment.