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Borr Drilling vs Transocean: revenue, profit, margins and growth compared

Borr Drilling brought in $1B of revenue in fiscal 2025, Transocean $4B in fiscal 2025. Revenue changed by +1.0% at Borr Drilling and +12.5% at Transocean on the year before, so Transocean grew faster. Borr Drilling kept 4.4% of its revenue as net profit, Transocean -73.5%.

Side by side, latest fiscal year

BORRRIG
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1B$4B
Revenue growth+1.0%+12.5%
Net income$45M-$2.9B
Net margin4.4%-73.5%
Free cash flown/a$626M
Free cash flow marginn/a15.8%
Earnings per share (diluted)$0.17-$3.04
Cash$379.7M$620M
Debt$2B$5.7B
Price to earningsn/an/a
Market value$1.3B$6B
Dividend yieldn/an/a
Rank by revenue in sector#80 of 129 · Energy#36 of 129 · Energy

Over the years

Revenue
BORR FY2019: $164.9MBORR FY2019: $334.1MBORR FY2020: $307.5MBORR FY2021: $245.3MBORR FY2022: $443.8MBORR FY2023: $771.6MBORR FY2024: $1BBORR FY2025: $1BRIG FY2018: $3BRIG FY2019: $3.1BRIG FY2020: $3.2BRIG FY2021: $2.6BRIG FY2022: $2.6BRIG FY2023: $2.8BRIG FY2024: $3.5BRIG FY2025: $4BFY18FY19FY20FY21FY22FY23FY24FY25
BORR $1BRIG $4B
Net income
BORR FY2019: -$190.5MBORR FY2019: -$297.6MBORR FY2020: -$317.6MBORR FY2021: -$193MBORR FY2022: -$292.8MBORR FY2023: $22.1MBORR FY2024: $82.1MBORR FY2025: $45MRIG FY2018: -$2BRIG FY2019: -$1.3BRIG FY2020: -$567MRIG FY2021: -$592MRIG FY2022: -$621MRIG FY2023: -$954MRIG FY2024: -$512MRIG FY2025: -$2.9BFY18FY19FY20FY21FY22FY23FY24FY25
BORR $45MRIG -$2.9B
Net margin
BORR FY2019: -115.5%BORR FY2019: -89.1%BORR FY2020: -103.3%BORR FY2021: -78.7%BORR FY2022: -66.0%BORR FY2023: 2.9%BORR FY2024: 8.1%BORR FY2025: 4.4%RIG FY2018: -66.1%RIG FY2019: -40.6%RIG FY2020: -18.0%RIG FY2021: -23.2%RIG FY2022: -24.1%RIG FY2023: -33.7%RIG FY2024: -14.5%RIG FY2025: -73.5%FY18FY19FY20FY21FY22FY23FY24FY25
BORR 4.4%RIG -73.5%
Revenue growth
BORR FY2019: +102.6%BORR FY2020: -8.0%BORR FY2021: -20.2%BORR FY2022: +80.9%BORR FY2023: +73.9%BORR FY2024: +31.0%BORR FY2025: +1.0%RIG FY2019: +2.3%RIG FY2020: +2.1%RIG FY2021: -18.9%RIG FY2022: +0.7%RIG FY2023: +10.0%RIG FY2024: +24.4%RIG FY2025: +12.5%FY19FY20FY21FY22FY23FY24FY25
BORR +1.0%RIG +12.5%
Free cash flow
RIG FY2018: $374MRIG FY2019: -$47MRIG FY2020: $133MRIG FY2021: $367MRIG FY2022: -$269MRIG FY2023: -$263MRIG FY2024: $193MRIG FY2025: $626MFY18FY19FY20FY21FY22FY23FY24FY25
BORRRIG $626M

Fiscal years as each company reports them; the two may end in different months.

Questions about Borr Drilling and Transocean

Which is bigger by revenue, Borr Drilling or Transocean?

Transocean is bigger by revenue: $4B in fiscal 2025, against $1B for Borr Drilling in fiscal 2025.

Which keeps more of its revenue as profit, Borr Drilling or Transocean?

Borr Drilling had a net margin of 4.4% in fiscal 2025; Transocean had -73.5% in fiscal 2025.

Which grew revenue faster, Borr Drilling or Transocean?

In their latest fiscal years revenue changed by +1.0% at Borr Drilling and +12.5% at Transocean.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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