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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
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Borr Drilling Limited (BORR) held a Special General Meeting on December 22, 2023, where shareholders approved a reduction of the Share Premium account from US$2,290,578,712 to US$ 290,578,712 by transferring US$2,000,000,000 to the Contributed Surplus account.
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Borr Drilling Limited (BORR) will hold a Special General Meeting on December 22, 2023, to approve a reduction of the Company's Share Premium account and credit the same amount to the Contributed Surplus account, enabling dividend payments to shareholders. The record date for determination of the shareholders entitled to attend and vote at the Special General Meeting is November 27, 2023.
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Borr Drilling Limited (BORR) Grants Restricted Stock Units and Share Options to Directors and Employees. The Board of Directors has approved the granting of 112,780 Restricted Stock Units (RSUs) and 2,100,000 share options to certain employees. The RSUs will vest in full on September 30, 2024, and the Options will vest equally over a three-year period commencing on March 1, 2025, with a strike price of $6.65. PDMRs have also been granted and accepted RSUs and Options. This information is disclosed in compliance with the Market Abuse Regulation and Norwegian Securities Trading Act.
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Borr Drilling Limited (BORR) to hold a Special General Meeting on December 22nd, 2023 to approve a reduction of the Company's Share Premium account and enable dividend payments to shareholders. The Board of Directors has fixed the record date for determination of the shareholders entitled to attend and vote at the Special General Meeting.
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Borr Drilling Limited (Borr) announces unaudited results for Q3 and nine months ended September 30, 2023. Total operating revenues increased by 2% to $191.5 million, while net income decreased to $0.3 million. Adjusted EBITDA rose by 5% to $88.2 million. The company issued $1,540 million of senior secured notes, conducted a private placement of new shares, and intends to implement a regular quarterly dividend. CEO Patrick Schorn highlighted strong operational performance, improved backlog quality, and positive developments in market utilization and dayrates.
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Borr Drilling Limited (NYSE: BORR) plans to release its financial results for the third quarter 2023 on November 16, 2023, with a scheduled conference call and webcast. Participants can access the earnings report and presentation from the Investor Relations section on www.borrdrilling.com.
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Borr Drilling Limited announces private placement of new shares and ownership changes
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Borr Drilling Limited announces a capital increase in the registry of members following a private placement with gross proceeds of $50 million. The issued share capital is increased by $752,283.80 to $26,408,039.10, divided into 264,080,391 shares.
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Borr Drilling Limited announces pricing of $1,540,000,000 senior secured notes offering
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Borr Drilling is planning a refinancing of its secured debt and a private placement of new shares. The private placement is fully covered based on indications of interest from existing shareholders. The net proceeds will be used for debt refinancing and general corporate purposes.
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FAQ
What is the current stock price of Borr Drilling (BORR)?
The current stock price of Borr Drilling (BORR) is $4.04 as of January 3, 2025.
What is the market cap of Borr Drilling (BORR)?
The market cap of Borr Drilling (BORR) is approximately 1.0B.
What services does Borr Drilling Limited provide?
Borr Drilling Limited provides drilling services to the oil and gas exploration and production industry, operating a fleet of modern jack-up rigs.
Where is Borr Drilling Limited headquartered?
Borr Drilling Limited is headquartered in Hamilton, Bermuda.
How many rigs does Borr Drilling Limited operate?
Borr Drilling Limited operates a fleet of 16 high-specification jack-up drilling rigs.
What are the recent achievements of Borr Drilling Limited?
Recently, Borr Drilling secured new contract commitments totaling 495 days and $82.2 million in revenue, and an extension for several rigs.
What is the recent financial performance of Borr Drilling Limited?
In the fourth quarter of 2023, Borr Drilling achieved an Adjusted EBITDA of $105.9 million, up 20% from the third quarter, with a positive outlook for 2024.
Who should be contacted for more information about Borr Drilling Limited?
For more information, you can contact Magnus Vaaler, CFO of Borr Drilling Limited, at +44 1224 289208.
What is the latest dividend declaration by Borr Drilling Limited?
Borr Drilling Limited announced a cash distribution of $0.10 per share for the first quarter of 2024, with key dates varying between the NYSE and OSE.
What recent strategic developments have been made by Borr Drilling Limited?
Borr Drilling recently announced the pricing of an additional $200 million in senior secured notes due 2028, aimed at general corporate purposes.
What are the company's plans for future contract operations?
Borr Drilling has plans for new contract commitments for three premium jack-up rigs, totaling 820 days and $158.6 million in revenue.
What measures has Borr Drilling Limited taken in response to operational suspensions?
In response to temporary suspensions, such as the Arabia I rig in Saudi Arabia, Borr Drilling plans to seek alternative engagements for the affected rigs.
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