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Borr Drilling Ltd (BORR) delivers modern offshore drilling solutions through its fleet of high-specification jack-up rigs. This news hub provides investors and industry professionals with timely updates on operational milestones, contract awards, and strategic developments shaping the company’s position in the global energy sector.
Access consolidated coverage of earnings reports, rig deployments, and safety achievements. Our repository ensures you stay informed about BORR’s progress in securing long-term drilling commitments and managing its premium asset portfolio across key offshore regions.
Discover updates on fleet expansions, partnership agreements, and operational efficiency initiatives. All content is curated to help stakeholders track the company’s performance in competitive markets while maintaining compliance with industry regulations.
Bookmark this page for streamlined access to Borr Drilling’s latest press releases and market-moving announcements. Check regularly for authoritative reporting on operational excellence in challenging offshore environments.
Borr Drilling (NYSE: BORR) has initiated the Second Tranche of its share repurchase program, partnering with DNB Markets to purchase the remaining $10 million worth of shares by December 31, 2024. This follows the completion of the First Tranche ($10 million) announced on November 20, 2024, under the previously authorized $20 million commitment.
The Second Tranche purchases will begin on December 13, 2024, with a cap of 4 million shares and a maximum price of $5.00 per share. The program aims to reduce share capital and benefit shareholders. DNB will execute trades independently, following Market Abuse Regulation guidelines, though Borr reserves the right to suspend purchases without notice.
Borr Drilling has secured a new contract for its premium jack-up rig 'Norve' with a returning customer in West Africa. The contract, scheduled to begin in Q3 2025 following the completion of the Marathon Oil contract, includes five firm wells with an estimated duration of 320 days. The agreement also includes options for up to five additional wells at mutually agreed prices. This new commitment will add $58 million to Borr's contract revenue backlog, excluding options, mobilization, and demobilization compensation.
Borr Drilling (NYSE: BORR) has completed the First Tranche of its share repurchase program, buying back 2,466,281 shares at an average price of $4.055 per share, totaling $9.99 million. This represents approximately 0.93% of the company's total issued shares. The repurchase was executed between November 12-18, 2024, through DNB Markets. This initiative is part of a larger $20 million share buyback commitment authorized by the Board to be completed by the end of 2024.
Borr Drilling (NYSE: BORR) has received a notice of temporary suspension of operation for its rig 'Arabia II' in Saudi Arabia. The suspension period will last up to 12 months. The customer has yet to confirm the exact commencement date of the suspension.
Borr Drilling (NYSE and OSE: BORR) has announced details of its share repurchase program. Following the November 6 announcement of a $20 million share buyback commitment, the company has authorized a First Tranche of up to $10 million to be executed by November 30, 2024. DNB Markets will conduct open market transactions on OSE and NYSE, with purchases capped at $10 million and 3 million shares, at a maximum price of $5 per share. The program aims to reduce share capital and benefit shareholders. The company retains the right to suspend or discontinue repurchases at any time.
Borr Drilling 's Board of Directors has approved the grant of 136,612 Restricted Stock Units (RSUs) to its Directors. Each RSU represents one company share and will vest fully on September 30, 2025, contingent on continued service as a Director. Five PDMRs (Persons Discharging Managerial Responsibilities) received 27,322 RSUs each: Tor Olav Troim (Chairman), Kate Blankenship, Neil Glass, Dan Rabun, and Jeffrey Currie. The RSUs will be settled through the issuance of company shares.
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.
