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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 (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.
Borr Drilling (NYSE: BORR, OSE: BORR) announced a cash distribution of US$0.10 per share for Q1 2024. The Board approved this on May 22, 2024.
Key dates are: last day including right on OSE is May 30, 2024, and on NYSE is May 31, 2024. Ex-dividend dates are May 31, 2024 (OSE) and June 3, 2024 (NYSE). Record date for both exchanges is June 3, 2024. Payment date is expected around June 17, 2024, with distributions to Euronext VPS shareholders around June 20, 2024.
This announcement follows the implementation of the Central Securities Depository Regulation in Norway, impacting settlement bases of NYSE (T+1) and OSE (T+2).
Borr Drilling (NYSE and OSE: BORR) will release its financial results for Q1 2024 on May 23, 2024. The company has scheduled a conference call and webcast for 15:00 CEST (9:00 AM New York Time) on the same day. Participants are encouraged to dial in 10 minutes before the call starts. The earnings report and presentation will be accessible on the company's Investor Relations section at www.borrdrilling.com.
To access the webcast, participants can click on the provided link. For the conference call, registration is required through another link, after which participants will receive dial-in details. A replay of the call will be available after its completion through a specified streaming link. For further inquiries, Magnus Vaaler, CFO, can be contacted directly.
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