Leading international jackup drilling contractor Borr Drilling remains upbeat on more Middle East work despite current issues facing the region.

In the company’s Q1 2026 results, Bruno Morand, CEO, painted a positive picture overall with revenues reaching US$247mn and strong operational performance with technical utilisation of 99.4%.

As well as updates from other regions, such as the USA and Mexico, Morand outlined his thoughts on the state of play in the Middle East and its potential impact for work around the world.

“While the Middle East conflict has created near-term uncertainty, key tenders in the region continue to progress, with some modest delays,” he noted.

“More broadly, in our view, recent events have strengthened the longer-term outlook for the sector providing for a higher oil price and a renewed focus on energy security.”

He added that shallow-water basins “continue to represent an attractive resource, offering low-cost, short-cycle barrels that enable our customers to respond rapidly to the market backdrop.”

Due to the planning and budgeting processes of its customers, the company expects that improved activity and day rates will lag the oil price development by 6 to 12 months, as evidenced after the military invasion of Ukraine, when day rates strongly increased.

As such, Morand said the company is “increasingly confident” about its prospects for 2027 and 2028, adding that he expects the disruptions from the conflict in the Middle East to be both substantial and long lasting.

Reflecting this confidence, Borr Drilling completed the acquisition of five jack-up rigs from Noble Corporation in January 2026 for US$360mn and entered into agreements to acquire five further jack-up rigs via a new joint venture for a further US$287mn.

“With this backdrop, Borr Drilling's expanded fleet is well placed to support our customers’ demand and deliver long-term shareholder value as the cycle develops.”