Borr Drilling Limited - BORR STOCK NEWS

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.

Borr Drilling Limited (NYSE: BORR) has announced a significant corporate governance change. With the transition to a new CEO, Patrick Schorn will resign from the Company's board of directors effective September 8, 2020. This decision is part of the company's adherence to its governance policies. The disclosure is mandated by the Norwegian Securities Trading Act, ensuring transparency for shareholders and the market.

Borr Drilling Limited (NYSE: BORR) reported its Q2 2020 results, revealing total operating revenues of $84.0 million and a net loss of $109.6 million. Adjusted EBITDA was $(1.9 million), impacted by $12 million in non-recurring costs. The company's Mexican JVs saw a significant improvement with a combined Adjusted EBITDA of $30.1 million. Key actions included the sale of two drilling rigs for $15.8 million and an equity offering raising $30 million. Liquidity was enhanced through amendments to loan facilities resulting in the deferral of over $315 million in payments until 2022.

Borr Drilling Limited held its Annual General Meeting on August 10, 2020, in Hamilton, Bermuda. Key resolutions included the re-election of directors Pål Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Patrick Arnold Henk Schorn, Georgina E. Sousa, and Neil J. Glass. Additionally, the company approved an increase in authorized share capital from US$9.18 million to US$11.18 million by issuing an additional 40 million shares. PricewaterhouseCoopers LLP was appointed as auditors, and the Board of Directors' remuneration was capped at US$950,000 for the year ending December 31, 2020.

Borr Drilling Limited (NYSE: BORR) announced the appointment of Patrick Schorn as the new CEO, effective September 8, 2020. Schorn, a Director since January 2018, succeeds Svend Anton Maier, who will transition to Special Advisor. Chairman Paal Kibsgaard expressed confidence in Schorn's extensive industry experience to lead the company through current challenges. Schorn emphasized the opportunity within the adversity faced by the oil and gas sector and highlighted Borr Drilling's distinct competitive advantage with its young jack-up fleet and skilled team.