Borr Drilling Limited - BORR STOCK NEWS

Borr Drilling has announced its voluntary delisting from the Euronext Oslo Stock Exchange (OSE), effective December 31, 2024, following shareholder approval at October's Special General Meeting. The last trading day on OSE will be December 30, 2024. The company will maintain its NYSE listing exclusively.

Shareholders with OSE-traded shares can either sell through open market transactions or transfer their holdings to the US Depository Trust Company for NYSE trading. The company will maintain VPS share registration for at least 12 months post-delisting, allowing shareholders to continue trading via Norwegian brokers or migrate to DTC.

Borr Drilling (NYSE: BORR) announced that its subsidiary Borr IHC has priced an offering of additional 10.375% senior secured notes due 2030 for gross proceeds of $175 million. These Additional Notes will share identical terms with the existing $515 million senior secured notes due 2030.

The proceeds will fund the acquisition and activation costs of the newbuild rig 'Var', expected for delivery on November 15, 2024. The company opted for this financing instead of previously secured yard financing due to more favorable terms. Settlement is expected around November 8, 2024, subject to customary closing conditions.

Borr Drilling (NYSE: BORR) has released preliminary Q3 2024 results, expecting total operating revenues of $242 million, operating income of $84 million, and Adjusted EBITDA of $116 million. The company reports $186 million in cash and cash equivalents, with $150 million undrawn credit facility. Operating income decreased by $21 million compared to Q2 2024, primarily due to one-off impacts. The company expects FY 2024 adjusted EBITDA at the lower end of the $500-$550 million guidance range. Future positive EBITDA impacts are anticipated from dayrate increases and new contract start-ups, though offset by expiring contracts.

Borr Drilling (NYSE: BORR) (OSE: BORR) held a Special General Meeting on October 1, 2024, in Hamilton, Bermuda. The company's shareholders approved the delisting of Borr Drilling's common shares from the Oslo Stock Exchange. The Board of Directors has been authorized to take necessary steps to implement the delisting, including filing an application with the Oslo Stock Exchange on behalf of the company. This decision marks a significant change in Borr Drilling's listing status, potentially impacting its market presence and investor accessibility in the Norwegian market.

Borr Drilling (NYSE: BORR) (OSE: BORR) has announced plans to release its Q3 2024 financial results after the New York Stock Exchange closes on Wednesday, November 6, 2024. The company will host a conference call and webcast on Thursday, November 7, 2024, at 15:00 CEST (9:00 AM New York Time) to discuss the results.

Participants can access the webcast via a provided link or register for the conference call using another link. Both options will be available on the Investor Relations section of Borr Drilling's website. A replay of the call will be accessible through a separate link after the event. For any questions, interested parties can contact Magnus Vaaler, CFO, at +44 1224 289208.

Borr Drilling (NYSE: BORR, OSE: BORR) is set to participate in the Pareto Securities' 31st Annual Energy Conference in Oslo, Norway. CEO Patrick Schorn will present on September 11, 2024, at 1:50 pm CET. The presentation materials are available on the company's website and attached to the press release.

This event provides an opportunity for Borr Drilling to showcase its operations and strategy to investors and industry professionals. The conference is a significant platform for energy sector companies to network and share insights. Interested parties can access the presentation on Borr Drilling's website at www.borrdrilling.com.

Borr Drilling (NYSE: BORR) (OSE: BORR) has announced a Special General Meeting on October 1st, 2024 to approve the delisting of its common shares from the Oslo Stock Exchange. The meeting will also authorize the Board of Directors to implement the delisting process. The record date for shareholder participation is set for September 10th, 2024 at 5:00 p.m. Bermuda time. Shareholders will receive the Notice of Special General Meeting and Form of Proxy through normal distribution methods, and these documents will also be available on the company's website. This announcement complies with the disclosure requirements of the Norwegian Securities Trading Act.

Borr Drilling (NYSE: BORR) (OSE: BORR) has announced a cash distribution of $0.10 per share for Q2 2024. This distribution of paid-in capital was approved by the company's Board of Directors on August 14, 2024. Due to the implementation of the Central Securities Depository Regulation (CSDR) in Norway and different settlement periods between NYSE (T+1) and OSE (T+2), there will be different ex-dividend dates for the two exchanges. The ex-date for OSE is August 21, 2024, while for NYSE it's August 22, 2024. The record date is August 22, 2024, with payment expected around September 6, 2024. Shareholders registered with Euronext VPS will receive the distribution in NOK, with an expected payment date of September 11, 2024.

Borr Drilling reported Q2 2024 results with total operating revenues of $271.9 million, up 16% from Q1 2024. Net income was $31.7 million, a 120% increase. Adjusted EBITDA reached $136.4 million, a 17% rise. Year-to-date, Borr secured fourteen new contracts, totaling 3,537 days and $651 million in potential revenue. In August, Borr raised $150 million in debt for the delivery of the newbuild "Vali." A cash dividend of $0.10 per share for Q2 2024 was declared, payable on September 6, 2024.

The company saw a strong operational performance with technical utilization at 99.2% and economic utilization at 98.4%. Borr plans to meet its FY 2024 Adjusted EBITDA guidance of $500-$550 million. Borr's newbuild "Vali" is set for delivery soon, and the final newbuild "Var" is on schedule for Q4 2024. Financially, Borr is stable with $200 million in cash and undrawn credit facilities.