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Borr Drilling Limited (NYSE: BORR; OSE: BORR) is a premier international drilling contractor in the oil and gas industry. Specializing in acquiring and operating modern jack-up drilling rigs, Borr Drilling aims to capitalize on the changing dynamics of the industry by uniting low asset prices with a proficient operational team. The company maintains a fleet of 16 high-specification jack-up rigs, delivering safe and quality drilling operations to clients worldwide.
Headquartered in Hamilton, Bermuda, Borr Drilling is strategically positioned to seize opportunities in the rapidly evolving oil and gas sector. Through its operational base in Norway, the company provides cutting-edge drilling services, ensuring high operational efficiency and safety standards. Their recent achievements include several contract extensions and new commitments, enhancing their operational backlog and financial stability.
Borr Drilling's recent activities demonstrate its robust market presence and strategic growth. The company secured new contract commitments totaling 495 days and $82.2 million in revenue for three premium rigs. Additionally, Borr Drilling received a binding Letter of Award for its
Borr Drilling (NYSE: BORR) has reached an agreement with its major Mexican customer for a payment settlement of approximately $125 million for outstanding receivables. The payment, expected in the first half of February 2025, represents over 75% of the outstanding receivables with this customer as of December 31st, 2024. The collections will include a financing fee in the mid-single digit percentage range.
CEO Patrick Schorn noted that the Mexican government and PEMEX administration's commitment to establishing a sustainable supplier payment mechanism could positively impact future offshore drilling opportunities in Mexico.
Borr Drilling (NYSE: BORR) has announced it will release its Q4 2024 financial results after the NYSE market close on Wednesday, February 19, 2025. The company will host a conference call and webcast on Thursday, February 20, 2025, at 15:00 CEST (9:00 AM New York Time).
Participants are advised to join 10 minutes before the call start time. The earnings report, webcast, and presentation materials will be accessible through the Investor Relations section of www.borrdrilling.com. The company has provided multiple access options including a webcast link and a conference call registration system that offers both dial-in and 'Call me' features. A replay stream will be available after the call.
Borr Drilling (NYSE: BORR) has announced a temporary suspension of operations for three of its rigs - Galar, Gersemi, and Grid - in Mexico. The suspension period extends until March 31, 2025. Based on discussions with their customer, the company indicates that some or all of these rigs may resume operations before the end of the suspension period.
Borr Drilling (NYSE: BORR) has announced its participation in the Fearnley Securities' Annual Offshore Drilling Seminar, scheduled for January 15 and 16, 2025, in New York and London respectively. The company has made the presentation materials publicly available on their official website at www.borrdrilling.com.
Interested parties can direct their questions to CFO Magnus Vaaler at +44 1224 289208. The presentation documents are also available for download through the provided Cision link, featuring the 'Borr Drilling - Fearnleys 2025 presentation'.
Borr Drilling (NYSE: BORR) has provided an update on its share repurchase program initiated on December 13, 2024. The company has purchased 2,279,305 shares at an average price of $3.763 per share, totaling $8.58 million through December 20, 2024. This represents the First Tranche of a larger $10 million repurchase program, which is part of the Board's authorized $20 million share buyback commitment for 2024. Following these transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued shares.
Borr Drilling (NYSE: BORR) has initiated the Second Tranche of its share repurchase program, partnering with DNB Markets to purchase the remaining $10 million worth of shares by December 31, 2024. This follows the completion of the First Tranche ($10 million) announced on November 20, 2024, under the previously authorized $20 million commitment.
The Second Tranche purchases will begin on December 13, 2024, with a cap of 4 million shares and a maximum price of $5.00 per share. The program aims to reduce share capital and benefit shareholders. DNB will execute trades independently, following Market Abuse Regulation guidelines, though Borr reserves the right to suspend purchases without notice.
Borr Drilling has secured a new contract for its premium jack-up rig 'Norve' with a returning customer in West Africa. The contract, scheduled to begin in Q3 2025 following the completion of the Marathon Oil contract, includes five firm wells with an estimated duration of 320 days. The agreement also includes options for up to five additional wells at mutually agreed prices. This new commitment will add $58 million to Borr's contract revenue backlog, excluding options, mobilization, and demobilization compensation.
Borr Drilling (NYSE: BORR) has completed the First Tranche of its share repurchase program, buying back 2,466,281 shares at an average price of $4.055 per share, totaling $9.99 million. This represents approximately 0.93% of the company's total issued shares. The repurchase was executed between November 12-18, 2024, through DNB Markets. This initiative is part of a larger $20 million share buyback commitment authorized by the Board to be completed by the end of 2024.
Borr Drilling (NYSE: BORR) has received a notice of temporary suspension of operation for its rig 'Arabia II' in Saudi Arabia. The suspension period will last up to 12 months. The customer has yet to confirm the exact commencement date of the suspension.
Borr Drilling (NYSE and OSE: BORR) has announced details of its share repurchase program. Following the November 6 announcement of a $20 million share buyback commitment, the company has authorized a First Tranche of up to $10 million to be executed by November 30, 2024. DNB Markets will conduct open market transactions on OSE and NYSE, with purchases capped at $10 million and 3 million shares, at a maximum price of $5 per share. The program aims to reduce share capital and benefit shareholders. The company retains the right to suspend or discontinue repurchases at any time.
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