
Per Common Share | Total | |||||
Public offering price | $ | $ | ||||
Underwriting discounts and commissions | $ | $ | ||||
Proceeds, before expenses, to us | $ | $ | ||||
DNB Carnegie | Clarksons Securities | ||
Citigroup | Goldman Sachs & Co. LLC | ||
Per Common Share | Total | |||||
Public offering price | $ | $ | ||||
Underwriting discounts and commissions | $ | $ | ||||
Proceeds, before expenses, to us | $ | $ | ||||
DNB Carnegie | Clarksons Securities | ||
Citigroup | Goldman Sachs & Co. LLC | ||
Page | |||
Page | |||
• | plans, objectives, goals, strategies, |
• | the planned use of proceeds of this offering, |
• | outlook, prospects, future events or performance and underlying assumptions, |
• | the commitments received by the Company from lenders to increase its revolving credit facility and reallocate its guarantee facility and amend certain covenants in the facility and provide a new revolving credit facility, including the conditions to the foregoing and terms thereof and the expected increase in available liquidity and strengthening of the Company’s financial position, |
• | expected industry trends, including the attractiveness of shallow water drilling and activity levels in the jack-up rig and oil industry, |
• | day rates, market outlook, contract backlog, expected coverage, contracting and operation of our jack-up rigs, |
• | drilling contracts and contract terms as well as contract commitments, LOIs and LOAs and the terms thereof, |
• | our ability to convert contract commitments, LOIs and LOAs into contracts, |
• | demand for and expected utilization of rigs, and tender activity and new tenders, |
• | oil and gas price trends, |
• | plans regarding rig deployment, |
• | expected commencement date and duration of new contracts, |
• | our fleet and its prospects, |
• | expected financial results and performance and other non-historical statements, |
• | dividend policy, |
• | our share repurchase program, |
• | our joint ventures, including plans and strategy and expected payments from our joint ventures’ customers, |
• | climate change matters and energy transition and our commitment to safety and the environment, |
• | competitive advantages and business strategy, including strengthening of our drilling industry relationships, our aim to establish ourselves as the preferred provider in the industry, |
• | compliance with laws and regulations, |
• | expected sources of liquidity and funding, statements about funding requirements, |
• | factors affecting results of operations, |
• | the changes and updates in management and the Board discussed herein, including the expected timing of such changes, |
• | expected adoption of new accounting standards and their expected impact, |
• | the statements in the sections entitled “Item 4.B. Business Overview—Industry Overview” and “Item 5.D. Trend Information,” of our Form 20-F for the year ended December 31, 2024 (the “2024 Form 20-F”), |
• | forward-looking statements contained in any document that is filed with or furnished to the SEC and incorporated by reference herein after the date hereof, and |
• | other non-historical statements, which are other than statements of historical or present facts or conditions. |
Commencement of public marketing | July 2, 2025 | ||
Announcement of offer price | July 3, 2025 | ||
Conditional allocation of common shares | July 3, 2025 | ||
First Settlement | July 7, 2025 | ||
SGM | August 6, 2025 | ||
Second Settlement | August 7, 2025 | ||
• | our operating and financial performance; |
• | quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues; |
• | the public reaction to our press releases, our other public announcements and our filings and submissions with the SEC; |
• | strategic actions by our competitors; |
• | a failure to meet guidance or revenue or earnings estimates or expectations by research analysts or other investors; |
• | changes in revenue or earnings estimates, or changes in recommendations or withdrawal of research coverage, by equity research analysts; |
• | speculation in the press or investment community; |
• | the failure of research analysts to cover our common shares; |
• | sales of our common shares by us or shareholders, or the perception that such sales may occur; |
• | changes in accounting principles, policies, guidance, interpretations or standards; |
• | additions or departures of key management personnel; |
• | actions by our shareholders; |
• | general market conditions, including fluctuations in oil and gas prices; |
• | economic, legal and regulatory factors unrelated to our performance; and |
• | the realization of any risks described in the section “Risk Factors” in our 2024 Form 20-F and reports on Form 6-K that we incorporate by reference herein. |
• | a preliminary basis; and |
• | an as adjusted basis to give effect to our sale of 50,000,000 common shares in this offering (assuming the SGM Condition is satisfied). |
($ in millions) | March 31, 2025 unaudited | As Adjusted | ||||
Cash and Cash Equivalents | ||||||
Cash and cash equivalents | $170.0 | |||||
Current Liabilities | ||||||
Short-term debt | $118.1 | |||||
Non-Current Liabilities | ||||||
Long-term debt | $1,996.6 | |||||
Shareholders’ Equity | ||||||
Common shares (par value 0.10 per share)(1) | $24.5 | |||||
Additional paid-in capital | $344.8 | |||||
Treasury shares | $(19.7) | |||||
Contributed surplus | $1,919.0 | |||||
Accumulated deficit | $(1,293.7) | |||||
Total Equity | $974.9 | |||||
Total Capitalization(2) | $3,089.6 | |||||
(1) | As adjusted amount assumes the planned increase in the authorized capital to be approved at the Company’s SGM which the shareholders will be asked to approve. |
(2) | Reflects the aggregate sum of Short-term debt, Long-term debt and Total Equity. |
Underwriters | Number of shares | ||
DNB Markets, Inc. | |||
Clarksons Securities Inc. | |||
Citigroup Global Markets Inc. | |||
Goldman Sachs & Co. LLC | |||
Total | |||
(a) | to any legal entity which is a “qualified investor” as defined in the Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than “qualified investors” as defined in the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or |
(c) | in any other circumstances falling within Article 1(4) of the Prospectus Regulation; |
(a) | to any legal entity which is a “qualified investor” as defined under the UK Prospectus Regulation; |
(b) | to fewer than 150 natural or legal persons (other than “qualified investors” as defined under the UK Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or |
(c) | in any other circumstances falling within section 86 of the Financial Services and Markets Act 2000 (as amended, “FSMA”); |
SEC filing fee | $ | ||
Legal fees and expenses | $ | ||
Accounting fees and expenses | $250,000 | ||
Printing costs | $ | ||
Total | $ | ||
• | our annual report on Form 20-F for the fiscal year ended December 31, 2024; |
• | the description of our common shares contained in Exhibit 2.1 of our Annual Report on Form 20-F for the year ended December 31, 2024; |
• | our Reports of Foreign Private Issuer on Form 6-K furnished to the SEC on April 8, 2025 (Contracting and Fleet Updates), May 21, 2025 (AGM Results Notification), May 21, 2025 (Unaudited Interim Financial Report) and July 2, 2025 (Contracting Update); and |
• | any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus, to the extent that information in such reports is identified as being incorporated by reference in this prospectus and prior to the termination of the offering of the securities offered by this prospectus supplement. |
• | our annual report on Form 20-F for the fiscal year ended December 31, 2024, or the 2024 Annual Report; |
• | the description of our common shares contained in Exhibit 2.1 of our Annual Report on Form 20-F for the year ended December 31, 2021; |
• | any future annual reports on Form 20-F filed with the SEC after the date of this prospectus and prior to the termination of the offering of the securities offered by this prospectus or the expiration of this registration statement; |
• | our Reports of Foreign Private Issuer on Form 6-K furnished to the SEC on April 8, 2025; and |
• | any future reports on Form 6-K that we furnish to the SEC after the date of this prospectus, to the extent that information in such reports is identified as being incorporated by reference in this prospectus and prior to the termination of the offering of the securities offered by this prospectus. |
• | plans, objectives, goals, strategies, |
• | outlook, prospects, future events or performance and underlying assumptions, |
• | expected industry trends, including activity levels in the jack-up rig and oil industry, |
• | day rates, market outlook, contract backlog, expected contracting and operation of our jack-up rigs, |
• | drilling contracts and contract terms, |
• | demand for and expected utilization of rigs, and tender activity and new tenders, |
• | oil and gas price trends, |
• | plans regarding rig deployment, |
• | expected commencement date and duration of new contracts, |
• | our fleet and its prospects, |
• | expected financial results and performance, |
• | dividend policy, |
• | our share repurchase program, |
• | our JVs, including plans and strategy and expected payments from our JVs’ customers, |
• | climate change matters and energy transition and our commitment to safety and the environment, |
• | competitive advantages and business strategy, including our growing industry footprint, strengthening of our drilling industry relationships, our aim to establish ourselves as the preferred provider in the industry, |
• | compliance with laws and regulations, |
• | expected sources of liquidity and funding, statements about funding requirements, |
• | factors affecting results of operations, |
• | expected adoption of new accounting standards and their expected impact, |
• | the statements in the sections entitled “Item 4.B. Business Overview—Industry Overview” and “Item 5.D. Trend Information,” of our most recent report on Form 20-F, |
• | forward-looking statements contained in any document that is filed with or furnished to the SEC and incorporated by reference herein after the date hereof, and |
• | other non-historical statements, which are other than statements of historical or present facts or conditions. |
• | risks relating to our industry and business, including risks relating to industry conditions, supply and demand, tendering activity, and day rates, |
• | risks relating to customer drilling programs including potential suspensions or delays, |
• | the impact of new or reactivated rigs on the market, contract awards, rig mobilization and contract backlog, |
• | costs of maintenance and the impact of special periodic surveys on the performance of our drilling rigs, |
• | risks relating to our liquidity, including the risk that we may not be able to meet our liquidity requirements from cash flows from operations, and through issuance of additional debt or equity or sale of assets, |
• | risks relating to our debt instruments or our ability to obtain adequate financing for our business and debt service and other liquidity requirements, including risks relating to our ability to comply with covenants and obtain any necessary waivers and the risk of cross defaults, risks relating to our ability to meet or refinance our significant debt obligations including debt maturities and our other obligations as they fall due, risks relating to our convertible bonds maturing in 2028 and our notes maturing in 2028 and 2030, risks relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue our operations or to operate as a going concern, |
• | fluctuations in oil prices, |
• | changes in governmental regulations that affect us or the operations of our fleet, |
• | fluctuations in interest rates or exchange rates, |
• | changes in tax laws, treaties and regulation, tax assessments and liabilities for tax issues, legal and regulatory matters in the jurisdictions in which we operate, |
• | competition in the offshore drilling industry and regulation by competent authorities, |
• | risks related to climate change, including climate change or greenhouse gas related legislation or regulations and the impact on our business from climate change related physical changes or changes in weather patterns, and the potential impact of new regulations relating to climate change and the potential impact on the demand for oil and gas, |
• | the impact of global economic and financial market conditions and inflation, |
• | the impact of the recent executive orders signed by the Trump administration imposing additional tariffs on certain imports, |
• | global health threats, pandemics and epidemics, |
• | risks relating to the military actions in Ukraine and the Middle East, and related sanctions, and any impact on our business, |
• | our ability to successfully complete and realize the intended benefits of any mergers, acquisitions or divestitures, |
• | the risk of delays in payments to our JVs and consequent payments to us, |
• | risks relating to delay in payment from customers or the risk that our customers do not comply with their contractual obligations, |
• | our ability to maintain relationships with suppliers, customers, employees and third parties, the cancellation of drilling contracts currently included in reported contract backlog, losses on impairment of long-lived fixed assets, shipyard works and other delays, limitations on insurance coverage, our ability to attract and retain skilled personnel on commercially reasonable terms, |
• | the occurrence of cybersecurity incidents or other breaches to our information technology systems including our rig operating systems, and |
• | other risks described in “Item 3.D. Risk Factors” of our most recent report on Form 20-F and future annual reports on Form 20-F and in the “Risk Factors” section of any other document that is filed with or furnished to the SEC that is incorporated by reference herein. |
• | the risks described in our most recent Annual Report on Form 20-F, which is incorporated by reference into this prospectus; and |
• | other risks and other information that may be contained in, or incorporated by reference from, other documents that we file with and furnish to the SEC which are incorporated by reference herein. |
• | we will not be able to pay our liabilities as they fall due; or |
• | the realizable value of our assets is less than our liabilities. |
• | the number of shares constituting that series and the distinctive designation of that series; |
• | the dividend rate on the shares of that series, if any, whether dividends will be cumulative and, if so, from which date or dates, and the relative rights of priority, if any, of payment of dividends on shares of that series; |
• | the voting rights for shares of the series, if any, in addition to the voting rights provided by law, and the terms of those voting rights; |
• | the conversion or exchange privileges for shares of the series, if any (including, conversion into common shares), and the terms and conditions of such conversion or exchange, including provisions for adjustment of the conversion or exchange rate in those events as the Board will determine; |
• | whether or not the shares of that series will be redeemable and, if so, the terms and conditions of the redemption, including the manner of selecting shares for redemption if less than all shares are to be redeemed, the date or dates upon or after which they will be redeemable, and the amount per share payable in case of redemption, which amount may vary under different conditions and at different redemption dates; |
• | any sinking fund for the redemption or purchase of shares of that series and the terms and amount of the sinking fund; |
• | the right of the shares of that series to the benefit of conditions and restrictions upon the creation of indebtedness by us or any of our subsidiaries, upon the issue of any additional shares (including additional shares of such series or any other series) and upon the payment of dividends or the making of other distributions on, and the purchase, redemption or other acquisition by us or any of our subsidiaries of, any of our issued and outstanding shares; |
• | the rights of the shares of that series in the event of our voluntary or involuntary liquidation, dissolution or winding up, and the relative rights of priority, if any, of payment of shares of that series; and |
• | any other relevant participating, optional or other special rights, qualifications, limitations or restrictions of that series. |
• | the title of the debt securities and whether they are subordinated debt securities or senior debt securities; |
• | any applicable limits on the ability to issue additional debt securities of the same series; |
• | the price or prices at which we will sell the debt securities; |
• | the maturity date or dates of the debt securities on which principal will be payable; |
• | the rate or rates of interest, if any, which may be fixed or variable, at which the debt securities will bear interest, or the method of determining such rate or rates, if any; |
• | the date or dates from which any interest will accrue or the method by which such date or dates will be determined; |
• | the right, if any, to extend the interest payment periods and the duration of any such deferral period, including the maximum consecutive period during which interest payment periods may be extended; |
• | whether the amount of payments of principal of (and premium, if any) or interest on the debt securities may be determined with reference to any index, formula or other method; |
• | currencies, commodities, equity indices or other indices, and the manner of determining the amount of such payments; |
• | the guarantors, if any, of the debt securities of the series; |
• | whether the debt securities of such series are to be secured and the terms of such security; |
• | any restriction on the transferability of the debt securities of such series; |
• | the dates on which we are required to pay interest on the debt securities and the regular record date for determining who is entitled to the interest payable on any interest payment date; |
• | the place or places where the principal of (and premium, if any) and interest on the debt securities will be payable, where any securities may be surrendered for registration of transfer, exchange or conversion, as applicable, and notices and demands may be delivered to or upon us pursuant to the indenture; |
• | if we possess the option to do so, the periods within which and the prices at which we may redeem the debt securities, in whole or in part, pursuant to optional redemption provisions, and the other terms and conditions of any such provisions; |
• | our obligation, if any, to redeem, repay or purchase debt securities by making periodic payments to a sinking fund or amortization provision or through an analogous provision or at the option of holders of the debt securities, and the period or periods within which and the price or prices at which we will redeem, repay or purchase the debt securities, in whole or in part, pursuant to such obligation, and the other terms and conditions of such obligation; |
• | the denominations in which the debt securities will be issued, if other than denominations of $1,000 and integral multiples of $1,000; |
• | the currency, currencies or currency unit in which we will pay the principal of (and premium, if any) or interest, if any, on the debt securities, if not United States dollars; |
• | provisions, if any, granting special rights to holders of the debt securities upon the occurrence of specified events; |
• | any deletions from, modifications of or additions to the events of default or our covenants with respect to the applicable series of debt securities as compared to those set forth in the indenture, and whether or not such events of default or covenants are consistent with those contained in the applicable indenture; |
• | any limitation on our ability to incur debt, pay dividends, redeem shares, sell our assets or other restrictions; |
• | the application, if any, of the terms of the indenture relating to legal defeasance and covenant defeasance (which terms are described below) to the debt securities; |
• | any subordination provisions that will apply to the debt securities; |
• | the terms, if any, upon which the holders may convert or exchange the debt securities into or for our common shares or other securities or property; |
• | whether any of the debt securities will be issued in global form and, if so, the terms and conditions upon which global debt securities may be exchanged for certificated debt securities; |
• | any change in the right of the trustee or the requisite holders of debt securities to declare the principal amount thereof due and payable because of an event of default; |
• | the depository for global or certificated debt securities; |
• | any tax consequences applicable to the debt securities, including any debt securities denominated and made payable, as described in the prospectus supplements, in foreign currencies, or units based on or related to foreign currencies; |
• | any trustees, authenticating or paying agents, transfer agents or registrars, or other agents with respect to the debt securities; |
• | any other terms of the debt securities not inconsistent with the provisions of the indenture, as amended or supplemented; |
• | if the principal of or any premium or interest on any debt securities of the series is to be payable in one or more currencies or currency units other than as stated, the currency, currencies or currency units in which it shall be paid and the periods within and terms and conditions upon which such election is to be made and the amounts payable (or the manner in which such amount shall be determined); and |
• | the portion of the principal amount of any securities of the series which shall be payable upon declaration of acceleration of the maturity of the debt securities pursuant to the applicable indenture if other than the entire principal amount. |
• | we default for 30 consecutive days in the payment when due of interest on the debt securities; |
• | we default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the debt securities; |
• | our failure to observe or perform any other of our covenants or agreements with respect to such debt securities for 60 days after we receive notice of such failure; |
• | certain events of bankruptcy, insolvency or reorganization of the Company; or |
• | other events of default provided with respect to securities of that series. |
• | reduce the principal of or change the fixed maturity of any debt security or, except as provided in any prospectus supplement, alter or waive any of the provisions with respect to the redemption of the debt securities; |
• | reduce the rate of or change the time for payment of interest, including default interest, on any debt security; |
• | waive a default or event of default in the payment of principal of or interest or premium, if any, on, the debt securities (except a rescission of acceleration of the debt securities by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities and a waiver of the payment default that resulted from such acceleration); |
• | make any debt security payable in money other than that stated in the applicable indenture or supplemental indenture; |
• | make any change in the provisions of the applicable indenture relating to waivers of past defaults or the rights of holders of the debt securities to receive payments of principal of, or interest or premium, if any, on, the debt securities; |
• | waive a redemption payment with respect to any debt security (except as otherwise provided in the applicable prospectus supplement); |
• | make any change to the subordination or ranking provisions of the indenture or the related definitions that adversely affect the rights of any holder; or |
• | make any change in the preceding amendment and waiver provisions. |
• | we deliver to the trustee notice from DTC that it is unwilling or unable to continue to act as depository or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor depositary is not appointed by us within 120 days after the date of such notice from DTC; |
• | we in our sole discretion determine that the debt securities (in whole but not in part) should be exchanged for definitive debt securities and deliver a written notice to such effect to the trustee; or |
• | there has occurred and is continuing a default or event of default with respect to the debt securities. |
• | the offering price and aggregate number of warrants offered; |
• | the currency for which the warrants may be purchased, if not United States dollars; |
• | if applicable, the designation and terms of the securities with which the warrants are issued and the number of warrants issued with each such security or each principal amount of such security; |
• | if applicable, the date on and after which the warrants and the related securities will be separately transferable; |
• | in the case of warrants to purchase debt securities, the principal amount of debt securities purchasable upon exercise of one warrant and the price at, and currency, if not United States dollars, in which, such principal amount of debt securities may be purchased upon such exercise; |
• | in the case of warrants to purchase common shares or preference shares, the number of shares of common shares or preference shares purchasable upon the exercise of one warrant and the price at which these shares may be purchased upon such exercise; |
• | the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreement and the warrants; |
• | the terms of any rights to redeem or call the warrants; |
• | any provisions for changes to or adjustments in the exercise price or number of securities issuable upon exercise of the warrants; |
• | the dates on which the right to exercise the warrants will commence and expire; |
• | the manner in which the warrant agreement and warrants may be modified; |
• | federal income tax consequences of holding or exercising the warrants; |
• | the terms of the securities issuable upon exercise of the warrants; and |
• | any other specific terms, preferences, rights or limitations of or restrictions on the warrants. |
• | in the case of warrants to purchase debt securities, the right to receive payments of principal of, or premium, if any, or interest on, the debt securities purchasable upon exercise or to enforce covenants in the applicable indenture; or |
• | in the case of warrants to purchase common shares or preference shares, the right to receive dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights, if any. |
• | Under the warrant agreements, unless an accompanying prospectus supplement states otherwise, we may supplement the warrant agreements for certain purposes, including to make any amendments, supplements and other changes that would not adversely affect the warrant holders, such as adding security, covenants or additional events of default. |
• | the date of determining the securityholders entitled to the rights distribution; |
• | the aggregate number of rights issued and the aggregate number of common shares or preference shares or aggregate principal amount of debt securities purchasable upon exercise of the rights; |
• | the exercise price; |
• | the conditions to completion of the rights offering; |
• | the date on which the right to exercise the rights will commence and the date on which the rights will expire; and |
• | applicable tax considerations. |
• | the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
• | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and |
• | whether the units will be issued in fully registered or global form. |
• | through agents; |
• | to dealers or underwriters for resale; |
• | directly to investors, including our affiliates; |
• | in “at-the-market offerings,” within the meaning of Rule 415(a)(4) of the Securities Act, to or through a market maker or into an existing trading market, on an exchange or otherwise; |
• | through a combination of any of these methods of sale; or |
• | through any other method permitted pursuant to applicable law. |
• | the name or names of any agents, dealers or underwriters; |
• | the purchase price of the securities being offered and the proceeds we will receive from the sale; |
• | any over-allotment options under which underwriters may purchase additional securities from us; |
• | any agency fees or underwriting discounts and other items constituting agents’ or underwriters’ compensation; |
• | the public offering price; |
• | any discounts or concessions allowed or reallowed or paid to dealers; |
• | any securities exchanges on which such securities may be listed; and |
• | any delayed delivery arrangements. |
SEC registration fee | $ 0* | ||
FINRA filing fees | $** | ||
Legal fees and expenses | $** | ||
NYSE Supplemental Listing Fee | $** | ||
Transfer agent and registrar fee | $** | ||
Indenture trustee fees and expenses | $** | ||
Accounting fees and expenses | $** | ||
Rating agency fees | $** | ||
Printing costs and other | $** | ||
Miscellaneous | $** | ||
Total | $** | ||
* | The Registrant is registering an indeterminate amount of securities under the registration statement and in accordance with Rules 456(b) and 457(r), the registrant is deferring payment of any registration fee until the time the securities are sold under the registration statement pursuant to a prospectus supplement. |
** | To be provided by a prospectus supplement or as an exhibit to a Report on Form 6-K that is incorporated by reference into this prospectus, as applicable. |
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Date | Price Target | Rating | Analyst |
---|---|---|---|
9/13/2024 | $9.00 | In-line → Outperform | Evercore ISI |
1/6/2023 | Neutral → Buy | BTIG Research |
Evercore ISI upgraded Borr Drilling from In-line to Outperform and set a new price target of $9.00
BTIG Research upgraded Borr Drilling from Neutral to Buy
HAMILTON, Bermuda, July 3, 2025 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE:BORR) announces today that it has priced its previously announced offering of 50 million common shares at a price of $2.05 per share for total gross proceeds of $102.5 million. The Company plans to use the proceeds from the offering for general corporate purposes, which may include debt service, capital expenditures and funding of working capital. It is expected that delivery of the common shares offered in the offering will be made against payment therefore on or about (i) for 30 million shares to be issued in the first settlement, on or around July 7, 2025, and (ii) for the remaining 20 million sh
Highlights Borr financing package to increase liquidity by $200 million, strengthening balance sheet for continued growthBruno Morand to become CEO effective September 1, 2025, following a thorough succession planning processPatrick Schorn to transition from CEO to Executive Chairman of the Board of Directors, providing continuity and expanded leadership bandwidth, with the current Chairman to remain as a DirectorHAMILTON, Bermuda, July 2, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR, ", Borr", , ", Borr Drilling", or the ", Company", )) has announced today that the Company has received commitments from certain commercial banks to: 1) increase existing super senior RCF (SSRCF) to $2
HAMILTON, Bermuda, July 2, 2025 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE:BORR) announces today its plans for a public offering seeking to raise $100 million in gross proceeds though an offering of approximately 50 million shares. The Company plans to use the proceeds from the offering for general corporate purposes, which may include debt service, capital expenditures and funding of working capital. DNB Carnegie, Clarksons Securities, Citigroup and Goldman Sachs & Co. LLC are joint bookrunners for the offering. The offering will be made pursuant to an effective shelf registration statement which has been filed by the Company with the Securities and Exchange Commission ("S
6-K - Borr Drilling Ltd (0001715497) (Filer)
6-K - Borr Drilling Ltd (0001715497) (Filer)
424B5 - Borr Drilling Ltd (0001715497) (Filer)
Highlights Borr financing package to increase liquidity by $200 million, strengthening balance sheet for continued growthBruno Morand to become CEO effective September 1, 2025, following a thorough succession planning processPatrick Schorn to transition from CEO to Executive Chairman of the Board of Directors, providing continuity and expanded leadership bandwidth, with the current Chairman to remain as a DirectorHAMILTON, Bermuda, July 2, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR, ", Borr", , ", Borr Drilling", or the ", Company", )) has announced today that the Company has received commitments from certain commercial banks to: 1) increase existing super senior RCF (SSRCF) to $2
HAMILTON, Bermuda, April 25, 2023 /PRNewswire/ -- Borr Drilling Limited (the "Company") (OSE: BORR) (NYSE:BORR) today announced that Mr Daniel Rabun has been appointed as a Director of the Company by the Board to fill an existing vacancy with effect from 25th April 2023. Mr. Rabun brings extensive industry experience in the energy services sector to the Company, including service as Chairman of the Board, President and Chief Executive Officer of Ensco plc, an offshore drilling services company from 2007 until his retirement in May 2015. Prior to joining Ensco, Mr. Rabun was a partner with the international law firm of Baker & McKenzie LLP, where he provided legal advice to oil and gas compa
HAMILTON, Bermuda, Jan. 2, 2021 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) advises that the Company will hold a Special General Meeting on January 8, 2021. The Board of Directors has fixed the close of business on January 4, 2021, as the record date for the determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof. A copy of the Notice of Special General Meeting and Form of Proxy (the "Notice") and associated information can be found on the Company's website at http://www.borrdrilling.com and attached to this press release. The Notice and associated information will also be distributed to sha
HAMILTON, Bermuda, April 24, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR) plans to release its financial results for the first quarter 2025 after the close of the New York Stock Exchange on Wednesday 21 May, 2025. A conference call and webcast is scheduled for 9:00 AM New York Time (15:00 CET) on Thursday 22 May, 2025 and participants are encouraged to dial in 10 minutes before the start of the call. The earnings report, webcast and accompanying presentation will be available from the Investor Relations section on www.borrdrilling.com. In order to listen to the presentation, you may also do one of the following: a) Webcast To access the webcast, please go to the following li
HAMILTON, Bermuda, Feb. 19, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR) today announces that the Company's Board of Directors has approved a cash distribution of paid-in capital of US$0.02 per share for the fourth quarter of 2024 to shareholders of record on March 3, 2025. For the shares traded on NYSE, the ex-date is March 3, 2025, and payment date will be on or about March 19, 2025. For shareholders registered in Euronext VPS, the Norwegian Central Security Depository, the ex-date will be February 28, 2025 and payment date is expected to be on or about March 24, 2025. CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208 This information was brought to
HAMILTON, Bermuda, Jan. 21, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE:BORR) plans to release its financial results for the fourth quarter 2024 after the close of the New York Stock Exchange on Wednesday 19 February, 2025. A conference call and webcast is scheduled for 15:00 CEST (9:00 AM New York Time) on Thursday 20 February, 2025 and participants are encouraged to dial in 10 minutes before the start of the call. The earnings report, webcast and accompanying presentation will be available from the Investor Relations section on www.borrdrilling.com. In order to listen to the presentation, you may also do one of the following: a) WebcastTo access the webcast, please go to the follow
SC 13G/A - Borr Drilling Ltd (0001715497) (Subject)
SC 13G/A - Borr Drilling Ltd (0001715497) (Subject)
SC 13G/A - Borr Drilling Ltd (0001715497) (Subject)