Borr Drilling Limited - BORR STOCK NEWS

Borr Drilling Limited (NYSE: BORR) will announce its fourth quarter 2020 financial results on February 26, 2021. A conference call and webcast will take place at 15:00 CET (9:00 AM New York Time). Interested parties can access the earnings report and presentation via the Investor Relations section of the company's website.

Listeners can join the call using a conference ID of 317683. A Q&A session will follow the presentation, with a recording available until March 28, 2021.

Borr Drilling has announced an increase in its equity offering to USD 46 million due to high demand, up from the initially planned USD 40 million. The company will issue 54,117,647 new depository receipts at a subscription price of USD 0.85 each. Following this issuance, Borr Drilling's total share capital will rise by USD 2.7 million to USD 13.7 million, totaling 274,436,351 common shares. The expected settlement date for the Offer Shares is around January 26, 2021.

Borr Drilling Limited (NYSE: BORR) announced plans for a USD 40 million equity offering to enhance liquidity. The offering will involve new depository receipts linked to the company's common shares, with a subscription price determined via accelerated bookbuilding. Key investors have pre-committed to the full offering amount, including USD 3 million from the Board and executive management. Proceeds will fortify working capital and support corporate needs. Settlement is slated for January 26, 2021, pending regulatory approval. The offering is private and restricted outside the US.

Borr Drilling Limited (NYSE: BORR) has addressed a recent article in the Norwegian newspaper 'Dagens Næringsliv' discussing an alternative plan involving two creditors. The Board is confident in executing its announced liquidity improvement plan and equity raise first disclosed on December 24, 2020. Ongoing collaboration with lenders aims to secure optimal outcomes for stakeholders. The announcement includes forward-looking statements, highlighting uncertainties and risks surrounding liquidity, financing, and potential dilution from future equity raises.

Borr Drilling Limited (NYSE: BORR) announced a significant boost to its backlog, adding USD 35.1 million through new contracts and letters of award (LOA) over approximately 480 days. The conversion of a Letter of Intent for the Norve will see operations in Gabon commence in April 2021. In Asia, the Idun is set to operate for up to 12 months, expanding the company’s active rig count to four. Additionally, the Prospector 1 is awarded options for seven months in the North Sea. With 13 contracted rigs, the company expresses optimism for the shallow water drilling market.

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on January 8, 2021, in Hamilton, Bermuda. The meeting resulted in the approval of a significant increase in the company's authorized share capital, raising it from US$11,932,692.30 to US$14,500,000.00. This change includes the authorization of an additional 51,346,154 common shares, maintaining the par value of US$0.05 per share. This strategic move aims to enhance the company's financial flexibility and support future business initiatives.

Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for January 8, 2021, with a record date of January 4, 2021. Only shareholders on record as of this date will be eligible to attend and vote at the meeting. Shareholders can find the Notice of Special General Meeting and Form of Proxy on the Company's website. This notice is part of the Company's compliance with the Norwegian Securities Trading Act.

Borr Drilling Limited (NYSE: BORR) has appointed Magnus Vaaler as the new Chief Financial Officer, effective December 28, 2020, succeeding Christoph Bausch. Vaaler, who has been with the company since 2018, aims to ensure continuity during the company's financial restructuring and improve liquidity. CEO Patrick Schorn expressed confidence in Vaaler's capabilities, highlighting his extensive experience in finance. Vaaler previously held roles at Frontline Ltd. and Offshore Merchant Partners, bringing valuable industry experience to his new role.

Borr Drilling Limited has successfully completed a subsequent offering of 10,000,000 new shares on the Oslo Stock Exchange at a subscription price of USD 0.53 per share. The settlement occurred on November 27, 2020, leading to an increase in the company's issued share capital by USD 500,000, resulting in a total capital of USD 11,015,935.20. The company now has 220,318,704 common shares with a nominal value of USD 0.05 each. These shares are not registered under the U.S. Securities Act and cannot be sold in the U.S. without appropriate exemptions.