Borr Drilling Limited reported unaudited results for the three and six months ended June 30, 2026, with second-quarter operating revenue of $232.3 million, down 6% from the first quarter, and a net loss of $241.4 million versus a $29.0 million loss in Q1. The deeper loss was primarily driven by a $176.3 million debt extinguishment charge tied to the refinancing of senior secured notes due 2028 and 2030 and convertible bonds due 2028. Adjusted EBITDA fell to $43.8 million from the prior quarter as the average number of operating rigs declined, the Odin incurred higher preparation and regulatory approval costs ahead of its U.S. contract, six rigs transitioned between contracts, Middle East conflict lifted insurance and fuel expenses, and the company booked $10.8 million of credit losses related to a former customer in West Africa. The company said it refinanced substantially all existing debt through new senior secured notes due 2032 and 2034 and convertible notes due 2033, while also amending its super senior revolving credit facility (RCF, a backup borrowing line) to $250.0 million with lower margin and extended maturity. After quarter end, a new 50/50 joint venture completed the $287 million purchase of five premium jack-up rigs from Fontis. Borr said it has won 21 contract commitments so far in 2026, representing about 4,350 days and $541 million of Dayrate Equivalent Backlog, and expects third-quarter activity and Adjusted EBITDA to improve as more rigs return to work.