In FY2025, Borr Drilling reported a 1% revenue increase to $1.02 billion driven by stable jack-up rig utilization in tight offshore markets. Operating income declined 13.9% to $322 million due to dayrate pressure and rising operational expenses. Net income fell 45.2% to $45 million, with a return on equity of approximately 4.3%. Operating cash flow rebounded strongly to $252 million, highlighting improved cash generation. Starting in 2026, the Bermuda Corporate Income Tax Act introduces a 15% tax for qualifying multinational groups, marking a significant shift from prior tax exemption. The company's debt is fully fixed-rate at year-end 2025, but undrawn credit lines expose it to interest rate risk if drawn. Foreign currency exposure relates mainly to operating expenses in multiple currencies managed partly via contract structuring. Capital returns were conservative with minimal buybacks and dividends sharply reduced from prior levels. Key risks include offshore market cyclicality, taxation changes, currency volatility, and refinancing considerations [F1][S1][S4][S7].