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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) (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.
Borr Drilling (NYSE and OSE: BORR) has announced that its subsidiary, Borr IHC , has priced an offering of additional 10.000% senior secured notes due 2028 for gross proceeds of approximately $150 million. These Additional Notes will have the same terms and conditions as the existing $1.225 billion aggregate principal amount of senior secured notes due 2028.
The proceeds are intended for the acquisition and activation costs of the newbuild rig "Vali", replacing a previously secured yard financing. This change was made due to more advantageous terms and pricing for the Additional Notes. The funds will also be used for general corporate purposes, including debt service. The settlement of the notes offering is expected around August 16, 2024, subject to customary closing conditions.
Borr Drilling (NYSE and OSE: BORR) has announced preliminary unaudited results for Q2 2024. The company expects:
- Total operating revenues of ~$272 million, up 16% from Q1 2024
- Operating income of ~$104 million, up 23% from Q1 2024
- Adjusted EBITDA of ~$136 million, up 17% from Q1 2024
The increase in operating income is primarily due to a contract termination, improved jack-up fleet operations, and changes in Mexico operations. Borr Drilling anticipates positive impacts on adjusted EBITDA from dayrate uplifts and new contracts, offset by one-off impacts. The company will release final Q2 2024 results on August 14, 2024.
Borr Drilling (NYSE: BORR) (OSE: BORR) has announced the release of its Q2 2024 financial results on August 14, 2024, after the New York Stock Exchange closes. The company will host a conference call and webcast on August 15, 2024, at 15:00 CEST (9:00 AM New York Time) to discuss the results. Participants are encouraged to join 10 minutes before the call starts. The earnings report and presentation will be available on the company's website. To access the webcast, participants can use the provided link, while for the conference call, registration is required through another link. A replay of the call will be available after the event.
Borr Drilling (NYSE: BORR) (OSE: BORR) has announced new contract commitments for three premium jack-up rigs, totaling 1,779 days and $332 million in contract revenue. The 'Arabia I' secured a 4-year contract in Brazil with Petrobras, starting Q1 2025. The 'Gunnlod' received a Letter of Award for seven wells in Malaysia, expected to start in November 2024. The 'Norve' secured a 109-day extension in Gabon until February 2025.
Additionally, the 'Gerd' will execute a previously announced 180-day commitment in Congo for ENI, starting October 2024. Year-to-date, Borr Drilling has secured 13 new contracts worth $644 million, with an average day rate of $185,000. The new Brazil contract for 'Arabia I' represents a 60% day-rate increase over its previous contract.
Borr Drilling (NYSE: BORR, OSE: BORR) has announced that its 2024 Annual General Meeting (AGM) will be held on August 14, 2024. The record date for voting eligibility is set for June 7, 2024. Detailed notices, agendas, and associated materials will be distributed prior to the meeting. This information is in accordance with section 5-12 of the Norwegian Securities Trading Act.
For further inquiries, contact Magnus Vaaler, CFO, at +44 1224 289208. The press release is available at Cision and PR Newswire websites.
