This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Borr Drilling is a pure-play offshore jack-up drilling contractor operating a fleet of 29 modern rigs (all built after 2010), with 25 actively deployed across the Middle East, Southeast Asia, West Africa, and the North Sea. Full-year 2025 revenue reached US$1.02 billion with adjusted EBITDA of US$470 million. Per Borr's Q4 2025 earnings release, the company expanded its fleet by acquiring five premium jack-up rigs from Noble Corporation for US$360 million in January 2026, and maintains a contract backlog of approximately US$963 million. 100% of revenue derives from providing drilling services to oil and gas producers.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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