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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 Limited has announced a conditional subsequent offering of up to 10,000,000 new shares at a subscription price of US$0.53 each. This follows a previous US$27.5 million equity offering concluded in September 2020. The subscription period begins on November 16 and ends on November 23, 2020. The offering is directed at eligible shareholders listed on Oslo Børs as of September 22, 2020, who will receive non-tradable subscription rights.
Borr Drilling Limited (BORR) has announced an agreement to sell its cold stacked jack-up drilling rig 'Atla' to an independent operator, with completion expected in Q4 2020. This sale follows the earlier sale of the rig 'Eir' in October, collectively generating cash proceeds of USD 13 million. With these sales, Borr Drilling is executing its fleet strategy to divest inactive rigs while focusing on its modern fleet, now comprising 28 assets built after 2011, with one remaining cold stacked rig likely to be sold soon.
Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting to be held on November 11, 2020. The record date for shareholders eligible to attend and vote is set for October 23, 2020. Detailed information regarding the meeting, including the Notice and Form of Proxy, is available on the Company's website and will be distributed via standard methods. This announcement complies with the Norwegian Securities Trading Act's disclosure requirements.
Borr Drilling Limited (NYSE: BORR) announced the appointment of Christoph Bausch as its new Chief Financial Officer, effective November 1, 2020, replacing Francis Millet. CEO Patrick Schorn praised Bausch's extensive financial background and industry expertise, which are expected to aid Borr's strategic plans in a challenging environment. Bausch has held significant roles in oilfield service companies, including Executive Vice President at Weatherford and Archer Limited, and has a rich background from his 20-year career with Schlumberger.
Borr Drilling Limited announced a successful equity offering on September 30, 2020, raising USD 27.5 million through the subscription of 51,886,793 new depositary receipts. Each share was offered at USD 0.53, equivalent to NOK 5.01. Key insiders participated in the offering, including Chairman Paal Kibsgaard with 120,000 shares, Vice Chairman Tor Olav Trøim with 4,579,377 shares, and CEO Patrick Schorn with 981,000 shares. Borr Drilling's shares will be listed on the Oslo Stock Exchange.
Borr Drilling Limited (NYSE: BORR) announced a further extension of the application period for its equity offering, now set to close on September 30, 2020, at 08:00 CET. The offering aims to raise between USD 40-50 million through new depository receipts. The company is engaged in discussions with lenders and is confident about securing necessary concessions before the deadline. This extension follows a previous announcement about the offering and reflects Borr's proactive measures in its financial strategy.
Borr Drilling Limited (NYSE: BORR) announced an extension of the application period for its contemplated equity offering, initially set for USD 40-50 million. The new deadline is 08:00 CET on September 29, 2020. The Company is currently engaged in discussions with its lenders to improve concessions previously announced. This announcement is not an offer to sell or buy any securities and is subject to various legal restrictions in several jurisdictions including Canada and the United States.
Borr Drilling Limited (NYSE: BORR) announced plans for an Equity Offering to raise USD 40-50 million through new depository receipts at a subscription price of USD 0.70. Approximately USD 30 million is pre-committed by certain investors, including USD 3 million from the Board and executive management. The funds will strengthen working capital and may be used to repurchase bonds from a USD 350 million convertible bond loan. The application period runs from 22 September 2020 to 25 September 2020, with settlement expected on 29 September 2020.
Borr Drilling Limited (NYSE: BORR) has secured agreement with bank syndicates and Hayfin to extend loan facilities worth USD595m to January 2023, easing the minimum liquidity covenant to USD5m. The company plans to raise equity to enhance liquidity, potentially exceeding USD700m over two years. In Mexico, Borr has received USD103m from Pemex, improving its working capital position. CEO Patrick Schorn emphasizes the positive liquidity outlook and aims for a long-term solution amid industry consolidation.
Borr Drilling Limited (NYSE: BORR) received a notice from the NYSE regarding non-compliance with the minimum share price requirement, as its average share price fell below $1.00 for 30 consecutive trading days. The company has until February 25, 2021 to meet the compliance standards by maintaining a share price of at least $1.00 on the last trading day of any month during the corrective period. Borr has confirmed its intent to regain compliance while continuing to trade on the NYSE.
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