Stock Track | Borr Drilling Plunges 5.34% in Pre-Market After Weak Q1 Earnings Miss Estimates

Stock Track
05/21

Borr Drilling Ltd's stock experienced a 5.34% plunge in pre-market trading on Thursday, following the release of its first-quarter 2026 financial results.

The offshore drilling contractor reported quarterly results that fell short of analyst expectations, with an EPS loss of $(0.09) missing the $(0.03) consensus estimate by 200%. Revenue of $247 million also came in below the $252.387 million estimate. The company's net loss widened significantly to $29 million from a $1 million loss in the prior quarter, while Adjusted EBITDA dropped 16% to $88.5 million.

Management attributed the weaker performance to the delayed contract start-up of the Odin rig and an $8.4 million credit loss provision. The company also announced that its shares will commence trading on Euronext Oslo Børs, adding corporate event uncertainty that may have contributed to the pre-market volatility.

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