Borr Drilling Ltd's stock experienced a 6.15% plunge in post-market trading on Wednesday.

The sharp decline followed the release of the company's first-quarter financial results, which showed revenue falling 5% sequentially to $247 million and the net loss widening significantly to $29 million from $1 million in the prior quarter. Adjusted EBITDA dropped 16% to $88.5 million, with management citing the delayed contract start-up of the Odin rig and an $8.4 million credit loss provision as primary factors.

Investor sentiment was also likely impacted by the company's concurrent announcement that its shares will commence trading on Euronext Oslo Børs on May 21, 2026, adding a layer of corporate event uncertainty to the after-hours session.