We upgrade our recommendation on Borr Drilling from Hold to Buy, supported by sustained momentum in the jackup market and strengthening fundamentals that we expect will drive a recovery in dayrates. The accretive acquisition announced yesterday of five rigs from Noble further enhances Borr’s positioning to capitalize on an improving market. With utilization at 92% and tendering activity at the highest levels in years, we raise our 2027 dayrate assumption from USD 120kpd to USD 145kpd, implying a ....
