Welcome to our dedicated page for BORR DRILLING news (Ticker: BORR), a resource for investors and traders seeking the latest updates and insights on BORR DRILLING stock.
Borr Drilling Limited (NYSE: BORR) is an offshore shallow-water drilling contractor focused on premium jack-up rigs for oil and gas exploration and production customers. This news page aggregates company press releases and market updates so readers can follow how Borr Drilling’s contracting activity, fleet developments and financing decisions evolve over time.
Recent news highlights include contract extensions and new commitments for several of Borr Drilling’s premium jack-up rigs, such as Galar, Gersemi, Njord, Odin and Grid. Updates have covered multi-year extensions in Mexico, new work in the Gulf of America and Angola, and the impact of international sanctions on certain contracts. These announcements illustrate how the company manages utilization across its fleet and responds to changes in customer demand and regulatory conditions.
Investors can also track capital markets activity through Borr Drilling’s news. The company has announced public offerings of common shares and additional senior secured notes, with stated plans to use proceeds for the acquisition of five premium jack-up rigs from Noble Corporation and for general corporate purposes. News releases further describe steps toward dual listing on Euronext Growth Oslo and the Oslo Stock Exchange alongside its New York Stock Exchange listing.
In addition, quarterly results releases and fleet status reports provide insight into operating revenues, net income, Adjusted EBITDA, contract coverage and utilization across the premium jack-up fleet. Together, these items give context on Borr Drilling’s operational performance, contracting pipeline and financial position. Readers interested in BORR news can use this page to monitor contract awards, extensions, terminations, financing transactions and listing updates that shape the company’s outlook.
Borr Drilling (NYSE: BORR) has announced a temporary suspension of operations for three of its rigs - Galar, Gersemi, and Grid - in Mexico. The suspension period extends until March 31, 2025. Based on discussions with their customer, the company indicates that some or all of these rigs may resume operations before the end of the suspension period.
Borr Drilling (NYSE: BORR) has announced its participation in the Fearnley Securities' Annual Offshore Drilling Seminar, scheduled for January 15 and 16, 2025, in New York and London respectively. The company has made the presentation materials publicly available on their official website at www.borrdrilling.com.
Interested parties can direct their questions to CFO Magnus Vaaler at +44 1224 289208. The presentation documents are also available for download through the provided Cision link, featuring the 'Borr Drilling - Fearnleys 2025 presentation'.
Borr Drilling (NYSE: BORR) has provided an update on its share repurchase program initiated on December 13, 2024. The company has purchased 2,279,305 shares at an average price of $3.763 per share, totaling $8.58 million through December 20, 2024. This represents the First Tranche of a larger $10 million repurchase program, which is part of the Board's authorized $20 million share buyback commitment for 2024. Following these transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued shares.
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.
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