Borr Drilling Limited - BORR STOCK NEWS

Borr Drilling Limited (NYSE: BORR) announced the appointment of Daniel Rabun as a Director, effective April 25, 2023. Mr. Rabun brings significant experience to the Company, having served as the Chairman, President, and CEO of Ensco plc from 2007 to 2015. He previously worked as a partner at Baker & McKenzie LLP, advising oil and gas firms. His board experience includes roles at Golar LNG Ltd, where he served from 2015 to 2017, and at APA Corporation since May 2015. Currently, he holds the position of Chairman of the Board at ChampionX Corporation. Rabun holds a Bachelor’s in Accounting from the University of Houston and a Juris Doctorate from Southern Methodist University.

Borr Drilling Limited (NYSE: BORR) has announced a significant contract award for its premium jack-up rig "Hild" from an undisclosed customer for operations in Latin America. The contract, valued at US$123 million, includes mobilization and demobilization fees, and spans a term of 725 days, set to commence in Q3 2023. Following this award, all 22 of the Company's delivered rigs are now contracted or committed, indicating strong market demand with no rig availability until late Q3 2023. The Company remains optimistic about future contracting opportunities as the market improves.

Borr Drilling Limited (NYSE: BORR) announced the completion of its Special General Meeting on February 23, 2023, and the successful placement of $250 million in Convertible Bonds. The Company has entered into a share lending agreement (SLA) to facilitate hedging activities for investors, making 15 million shares available, with an additional 10 million shares to follow. Following the meeting, Borr Drilling's issued share capital increased by $1 million to $25,426,359.80, resulting in a total of 254,263,598 shares. The new shares will be placed under a separate ISIN and are currently treasury shares, not yet admitted to trading.

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on February 23, 2023, in Hamilton, Bermuda. During this meeting, shareholders approved an increase in the Company's authorized share capital from US$25.5 million to US$31.5 million. This change allows for the issuance of an additional 60 million common shares at a par value of US$0.10 each. This increase is necessary for the Company to finalize the settlement associated with its previously announced convertible bond offering.

Borr Drilling Limited will present its fourth quarter 2022 results on February 16, 2023, at 15:00 CET (9:00 AM New York time) via a webcast and conference call. Investors can access the presentation through a provided link and can register for the conference call to receive dial-in details. A replay of the call will be available post-event. For inquiries, contact Magnus Vaaler, CFO.

Borr Drilling Limited reported preliminary unaudited results for Q4 and full year 2022, revealing total operating revenues of $148.6 million, up 38% from Q3 2022. The net loss narrowed to $21.3 million, reducing by $33.6 million from the previous quarter. Cash and cash equivalents stood at $108.0 million. Adjusted EBITDA increased by 26% to $55.1 million. The total contract revenue backlog reached $1.7 billion, a 200% year-on-year increase. In January 2023, Borr raised $400 million through new bonds to refinance existing debt. The company aims for Adjusted EBITDA of $360 million to $400 million in 2023.

Borr Drilling Limited (NYSE: BORR) will release its fourth quarter 2022 financial results on February 16, 2023. A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time). Interested participants should join the call 10 minutes early. The earnings report and presentation will be accessible via the Investor Relations section of their website.

To participate, users can access a webcast or register for the conference call through provided links. A replay of the call will also be available afterward.

Borr Drilling Limited (NYSE: BORR) announced the awarding of a contract and two extensions for its jack-up drilling rigs 'Ran', 'Gerd', and 'Natt'. This development increases the company's backlog by approximately 625 days. The 'Ran' rig secured a contract with Fieldwood Energy in Mexico, valued at $7.5 million for two wells, starting in June 2023. 'Gerd' received a 10-month extension with a contract value of $40 million, keeping it contracted until January 2024. The 'Natt' rig's contract was extended by 270 days through ENI, with an estimated value of $22.7 million, expected to last until Q1 2024.

Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for February 23, 2023, to approve an increase in authorized share capital. This is in response to the successful placement of USD 250 million in senior unsecured convertible bonds, which was disclosed on January 25, 2023. The record date for shareholders eligible to vote at the meeting is set for February 6, 2023. Detailed information regarding the meeting and proxy forms will be available on the company's website and distributed through standard methods.