• Borr Drilling Limited recently announced new contract commitments for its Ran and Odin jack-up rigs, extending work in Mexico through March 2026 and securing a multi-well campaign in the United States starting in mid-2026.
• These contracts add visibility to Borr Drilling's future workload and highlight continued customer demand for its premium shallow-water fleet in the Americas.
• Next, we’ll examine how this added contract visibility for the Ran and Odin rigs influences Borr Drilling’s broader investment narrative.

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Borr Drilling Investment Narrative Recap

To own Borr Drilling, you need to believe in a sustained need for modern jack up rigs and the company’s ability to keep its fleet busy at solid dayrates. The Ran and Odin contracts improve short term revenue visibility, but they do not remove key risks such as earnings volatility, relatively low return on equity, and the company’s still meaningful interest burden.

The recent Citi update, lifting its Borr Drilling price target to US$4.60 while maintaining a Neutral rating, is the clearest external check on how these new contracts are being absorbed into expectations. It sits alongside existing contracts and a growing backlog as a supportive catalyst, but also underlines that professional views on upside remain measured, even as the company secures extra work for its premium rigs.

Yet behind the growing backlog, investors still need to be aware of...

Borr Drilling's narrative projects $1.0 billion revenue and $3.4 million earnings by 2028. This implies earnings increasing by about $3.4 million from today’s level to reach the analysts’ 2028 consensus.

Uncover how Borr Drilling's forecasts yield a $4.25 fair value, a 6% downside to its current price.

Exploring Other Perspectives

Six members of the Simply Wall St Community currently value Borr Drilling between US$4 and about US$40.81, highlighting how far views can stretch. Set this against the reliance on strong shallow water demand to support rig utilization and consider how different assumptions about that demand shape these wide opinions.

Explore 6 other fair value estimates on Borr Drilling - why the stock might be worth over 9x more than the current price!

Build Your Own Borr Drilling Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Borr Drilling research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.
• Our free Borr Drilling research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Borr Drilling's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.