Key Highlights

  • Borr Drilling shares are trading 6.60% higher at $4.36 on Wednesday, October 28, 2026.
  • The stock closed at $3.96 on Monday, October 26, 2026, down 10.00% on the day.
  • Second-quarter revenue was $232.3 million and adjusted EBITDA $43.8 million, with a $241.4 million net loss.
  • Contract coverage for 2026 stood at 73% at an average of about $134,000 per day.
  • Short interest was 34,360,350 shares for the settlement date of October 15, 2026.

Borr Drilling Rebound: Why Is the Stock Rising After Monday's 10% Slide?

Borr Drilling (NYSE:BORR) shares are trading 6.60% higher at $4.36 on Wednesday, October 28, 2026, making the offshore driller one of the most active penny stocks of the session. The implied prior close is about $4.09 (calculated), and the stock had closed at $3.96 on Monday, October 26, 2026, down 10.00% on the day.

No dated company release accompanied today's move. Shares had gapped lower on Monday, October 19, 2026, opening at $4.37 after a $4.54 prior close, and the chief operating officer bought 300,000 shares on October 14, 2026 at an average of $4.91.

Borr Drilling operates a fleet of jack-up rigs for offshore oil and gas customers. At $4.36 and about 308.51 million shares outstanding, the market value is roughly $1.35 billion (calculated).

Borr Drilling Second-Quarter Results: How Large Was the Loss Behind the Refinancing?

In results released on August 11, 2026, revenue was $232.3 million, down $14.7 million, or 6%, from the first quarter. Adjusted EBITDA fell 51% to $43.8 million, and the net loss widened to $241.4 million from $29.0 million, driven mainly by a $176.3 million debt extinguishment charge.

Technical utilization was 98.4% and economic utilization 96.4%, while average rigs operating slipped to 21.2 from 22.4.

First-quarter revenue had been $247.0 million with adjusted EBITDA of $88.5 million, per the May 20, 2026 release.

Borr Drilling Refinancing and Backlog: What Changed on the Balance Sheet?

Substantially all existing debt was refinanced with $2.035 billion of senior secured notes due 2032 and 2034 and $300 million of convertible notes due 2033, while the super senior revolving credit facility was raised to $250 million. Total debt was about $2.49 billion against cash of roughly $223.6 million in the latest balance sheet figures.

Year to date, the company had 21 contract commitments covering about 4,350 days and $541 million of dayrate equivalent backlog. Coverage for 2026 was 73% at an average of about $134,000 per day.

In January 2026, the company completed the purchase of five jack-up rigs for $360 million from Noble (NYSE:NE). After quarter end it also bought five premium jack-ups through a 50/50 joint venture for $287 million in total, of which three are contracted and two are operating.

Borr Drilling Short Interest: How Many Shares Are Sold Short?

Short-interest data for the settlement date of October 15, 2026 shows 34,360,350 shares sold short, a slight dip from 34,507,380 at the September 30, 2026 settlement. That equals about 11.1% of shares outstanding (calculated), with roughly 3.3 days to cover.

A sizable short position can magnify moves in either direction, though the data does not explain today's gain on its own.

What to Watch Next: Third-Quarter Results and the Promised EBITDA Rebound

Management expects about 23 active rigs on average in the third quarter and said adjusted EBITDA should improve significantly from the second quarter. Third-quarter results are projected for Wednesday, November 18, 2026, after the close. The consensus rating is Hold, with an average research-firm price target of $5.27.