BORR DRILLING LTD Stock Price, News & Analysis

Borr Drilling (NYSE:BORR) has announced a comprehensive financial strengthening package and leadership transition plan. The company has secured commitments to increase its liquidity by over $200 million, including an expanded $200 million super senior RCF, reallocation of a $45 million Guarantee Facility, and a new $35 million senior secured RCF, subject to a $100 million equity raise.

In a major leadership change, Bruno Morand will succeed Patrick Schorn as CEO effective September 1, 2025. Schorn will transition to Executive Chairman, while current Chairman Tor Olav Trøim will remain as Director. The company also plans to nominate Thiago Mordehachvili, representing a 19% shareholding through Granular Capital Ltd., to the Board following a Special General Meeting on August 6, 2025.

Borr Drilling (NYSE: BORR) has announced a public offering aiming to raise $100 million through the issuance of approximately 50 million shares. The offering will be executed in two settlements: 30 million shares expected around July 7, 2025, and 20 million shares around August 7, 2025, subject to shareholder approval at a special general meeting.

Key company insiders have indicated their intention to participate, including Tor Olav Trøim ($10 million), Patrick Schorn ($1 million), and Bruno Morand ($300,000). The proceeds will be used for general corporate purposes, including debt service, capital expenditures, and working capital funding.

Borr Drilling Limited (NYSE: BORR) has announced new contract commitments for four of its premium jack-up rigs, bringing its total contracted fleet to 23 out of 24 rigs. The new contracts represent approximately 1,300 days of work with an estimated revenue of over $129 million.

The company has secured multiple regional contracts: In the Middle East, the 'Arabia II' received a 500-day contract starting September 2025 with a 200-day option. In Southeast Asia, the 'Thor' and 'Gunnlod' rigs secured contracts for 240 days and 100 days respectively, starting in late 2025. In Mexico, the 'Odin' rig received a 60-day accommodation program with additional drilling options through Q2 2026.

Year-to-date 2025, Borr Drilling has secured 13 new commitments totaling 3,010 potential contract days and $366 million in potential revenues. The company's contract coverage stands at 84% for 2025 with an average dayrate of $144,000, and 45% for 2026 at an average dayrate of $141,000.

Borr Drilling (NYSE: BORR) has announced it will release its Q1 2025 financial results after the NYSE market close on Wednesday, May 21, 2025. The company will host a conference call and webcast to discuss the results on Thursday, May 22, 2025, at 9:00 AM New York Time (15:00 CET).

Participants are advised to join 10 minutes before the call starts. 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 webcast link and conference call registration, with replay streaming available after the event.

Borr Drilling (NYSE: BORR) has announced significant contract updates for its premium jack-up rigs. The company has secured new awards for rigs 'Thor', 'Gerd', and 'Norve' with a combined duration of 774 days and estimated contract revenues of $120 million, excluding mobilization fees.

Three previously suspended rigs in Mexico ('Galar', 'Grid', and 'Gersemi') have received re-mobilization notices and will resume operations in Q2 2025. Additionally, rigs 'Arabia I' and 'Vali' have commenced their long-term contracts, enabling the company to invoice approximately $48 million in lump-sum mobilization revenues.

With these developments, six rigs that were idle during Q1 2025 will resume operations, positioning the company for improved utilization, revenue, and EBITDA starting Q2 2025.

Borr Drilling (NYSE: BORR) has announced the filing of its Annual Report on Form 20-F for the Year Ended December 31, 2024 with the SEC on March 25, 2025. The 2024 Annual Report is now accessible through multiple channels:

• SEC's website (www.sec.gov)
• Company's website (www.borrdrilling.com)

For inquiries, stakeholders can contact CFO Magnus Vaaler at +44 1224 289208.

Borr Drilling (NYSE: BORR) has announced its upcoming Annual General Meeting scheduled for Wednesday, May 21, 2025. The company has established March 6, 2025, as the record date for determining shareholders eligible to receive notice, attend, and vote at the meeting or any adjournment.

The Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders through normal channels. Shareholders can access additional information, including the Company's Annual Report, on the corporate website at www.borrdrilling.com.

Borr Drilling (NYSE: BORR) has announced a cash distribution of $0.02 per share for the fourth quarter of 2024. The distribution was approved by the Company's Board of Directors and will be paid to shareholders of record on March 3, 2025. For NYSE-traded shares, the ex-date is March 3, 2025, with payment expected around March 19, 2025.

For shareholders registered in Euronext VPS (Norwegian Central Security Depository), the ex-date is set for February 28, 2025, with payment expected around March 24, 2025.

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.