Operator
Good day and thank you for standing by. Welcome to the Borr Drilling Limited Q3 2025 Results Presentation Webcast and Conference Call.
[Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, Mr. Bruno Morand, CEO. Please go ahead.
Bruno Morand
Chief Executive Officer
Good morning, and thank you for participating in Borr Drilling third quarter earnings call. I’m Bruno Morand, and with me here today in Bermuda is Magnus Vaaler, our Chief Financial Officer.
First, covering the required disclaimers, I would like to remind all participants that some of the statements will be forward-looking. These matters involve risks and uncertainties that could cause actual results to differ materially from those projected in these statements. I, therefore, refer you to our latest public filings.
For today’s call, I’ll start with a review of Q3 and highlight key developments since quarter end. Magnus will then review our quarterly financial results. I’ll follow with a deeper look in the market and our commercial execution, and we’ll conclude with your questions.
Let’s get started. Our third quarter results were strong, extending the rebound delivery in the second quarter. With 23 of our 24 rigs active, our commercial team continues to execute at the highest levels, delivering strategically and timely contract despite a volatile and dynamic market. Revenue increased by $9.4 million quarter-over-quarter and adjusted EBITDA rose 2% to $135.6 million with a margin of 48.9%, confirming the
