Borr Drilling Announces Pricing of Public Offering of Common Shares
Borr Drilling (NYSE: BORR) has announced the pricing of its public offering of 50 million common shares at $2.05 per share, aiming to raise total gross proceeds of $102.5 million. The offering will be executed in two settlements: 30 million shares around July 7, 2025, and 20 million shares around August 7, 2025, subject to shareholder approval at a special general meeting.
The company intends to use the proceeds for general corporate purposes, including debt service, capital expenditures, and working capital funding. The offering is being conducted through joint bookrunners DNB Carnegie, Clarksons Securities, Citigroup, and Goldman Sachs & Co. LLC, pursuant to an effective shelf registration statement filed with the SEC.
Borr Drilling (NYSE: BORR) ha annunciato il prezzo della sua offerta pubblica di 50 milioni di azioni ordinarie a 2,05 dollari per azione, con l'obiettivo di raccogliere un ricavo lordo totale di 102,5 milioni di dollari. L'offerta sarà eseguita in due tranche: 30 milioni di azioni intorno al 7 luglio 2025 e 20 milioni di azioni intorno al 7 agosto 2025, soggette all'approvazione degli azionisti durante un'assemblea generale straordinaria.
L'azienda intende utilizzare i proventi per scopi aziendali generali, inclusi il servizio del debito, le spese in conto capitale e il finanziamento del capitale circolante. L'offerta è condotta tramite i joint bookrunner DNB Carnegie, Clarksons Securities, Citigroup e Goldman Sachs & Co. LLC, in conformità a una dichiarazione di registrazione a scaffale efficace depositata presso la SEC.
Borr Drilling (NYSE: BORR) ha anunciado el precio de su oferta pública de 50 millones de acciones ordinarias a 2,05 dólares por acción, con el objetivo de recaudar un total bruto de 102,5 millones de dólares. La oferta se realizará en dos tramos: 30 millones de acciones aproximadamente el 7 de julio de 2025 y 20 millones de acciones aproximadamente el 7 de agosto de 2025, sujeto a la aprobación de los accionistas en una junta general extraordinaria.
La compañía planea usar los ingresos para fines corporativos generales, incluyendo el servicio de deuda, gastos de capital y financiamiento del capital de trabajo. La oferta se realiza a través de los coordinadores conjuntos DNB Carnegie, Clarksons Securities, Citigroup y Goldman Sachs & Co. LLC, conforme a una declaración de registro en estante efectiva presentada ante la SEC.
Borr Drilling (NYSE: BORR)는 1주당 2.05달러에 5,000만 보통주를 공모하는 공모가를 발표했으며, 총 1억 2,500만 달러의 총 수익을 목표로 하고 있습니다. 공모는 두 차례에 걸쳐 진행되며, 2025년 7월 7일경 3,000만 주와 2025년 8월 7일경 2,000만 주가 각각 배정될 예정이며, 이는 주주총회의 승인을 조건으로 합니다.
회사는 조달된 자금을 부채 상환, 자본 지출, 운전자본 조달 등 일반 기업 목적에 사용할 계획입니다. 이번 공모는 SEC에 제출된 유효한 셸프 등록 신고서에 따라 DNB Carnegie, Clarksons Securities, Citigroup, Goldman Sachs & Co. LLC가 공동 주관사로 진행합니다.
Borr Drilling (NYSE : BORR) a annoncé le prix de son offre publique de 50 millions d'actions ordinaires à 2,05 dollars par action, visant à lever un produit brut total de 102,5 millions de dollars. L'offre sera réalisée en deux versements : 30 millions d'actions vers le 7 juillet 2025 et 20 millions d'actions vers le 7 août 2025, sous réserve de l'approbation des actionnaires lors d'une assemblée générale extraordinaire.
La société prévoit d'utiliser les fonds pour des besoins généraux d'entreprise, y compris le service de la dette, les dépenses d'investissement et le financement du fonds de roulement. L'offre est menée par les co-chefs de file DNB Carnegie, Clarksons Securities, Citigroup et Goldman Sachs & Co. LLC, conformément à une déclaration d'enregistrement sur étagère effective déposée auprès de la SEC.
Borr Drilling (NYSE: BORR) hat die Preisfestsetzung für sein öffentliches Angebot von 50 Millionen Stammaktien zu je 2,05 US-Dollar bekanntgegeben, mit dem Ziel, Bruttoerlöse von 102,5 Millionen US-Dollar zu erzielen. Das Angebot wird in zwei Tranchen durchgeführt: 30 Millionen Aktien etwa am 7. Juli 2025 und 20 Millionen Aktien etwa am 7. August 2025, vorbehaltlich der Zustimmung der Aktionäre auf einer außerordentlichen Hauptversammlung.
Das Unternehmen beabsichtigt, die Erlöse für allgemeine Unternehmenszwecke zu verwenden, einschließlich Schuldendienst, Investitionsausgaben und Finanzierung des Betriebskapitals. Das Angebot wird durch die Joint Bookrunner DNB Carnegie, Clarksons Securities, Citigroup und Goldman Sachs & Co. LLC im Rahmen einer wirksamen Shelf-Registrierung bei der SEC durchgeführt.
- Raising $102.5 million to strengthen financial position
- Proceeds will support debt service and capital expenditures
- Phased settlement approach reduces execution risk
- Significant shareholder dilution with 50 million new shares
- Second tranche of 20 million shares contingent on shareholder approval
- Offering price of $2.05 may represent a discount to market price
Insights
Borr Drilling's $102.5M share offering at $2.05 represents significant dilution while strengthening balance sheet for near-term obligations.
This $102.5 million share offering from Borr Drilling represents a substantial capital raise for the offshore drilling contractor, but comes with significant dilution for existing shareholders. The pricing at $2.05 per share suggests the company needs capital at almost any cost, indicating potential financial pressure. The two-tranche structure—30 million shares initially followed by 20 million shares pending shareholder approval—signals that Borr is pushing the limits of its current share issuance authorization.
The stated use of proceeds for "general corporate purposes, including debt service" is particularly telling. This suggests the company is raising equity primarily to meet debt obligations rather than for growth opportunities. For offshore drilling contractors, maintaining sufficient liquidity is critical given the capital-intensive nature of the business and the cyclicality of the sector. The mention of capital expenditures in the use of proceeds could indicate maintenance requirements for their jack-up rig fleet.
The conditional second tranche requiring shareholder approval introduces execution risk to the full capital raise. If the special general meeting doesn't approve the additional share authorization, Borr will only receive $61.5 million instead of the full $102.5 million. This structure reveals both urgency in raising capital and potential constraints in their current share issuance capacity. The involvement of multiple prominent investment banks (DNB, Carnegie, Clarksons, Citigroup, and Goldman Sachs) suggests broad distribution efforts to ensure the offering is fully subscribed despite the dilutive impact.
The Company plans to use the proceeds from the offering for general corporate purposes, which may include debt service, capital expenditures and funding of working capital.
It is expected that delivery of the common shares offered in the offering will be made against payment therefore on or about (i) for 30 million shares to be issued in the first settlement, on or around July 7, 2025, and (ii) for the remaining 20 million shares to be issued in the second settlement, which is expected on or around August 7, 2025, on the first trading day following a special general meeting to be held on August 6, 2025 to approve the authorization of 50 million additional shares for the offering (the "SGM Condition"), provided that the SGM Condition is satisfied. If the SGM Condition is not met, the shares to be issued in the second settlement will not be issued, but this will not impact shares issued in the first settlement. DNB Carnegie, Clarksons Securities, Citigroup and Goldman Sachs & Co. LLC are joint bookrunners for the offering.
The offering was made pursuant to an effective shelf registration statement which has been filed by the Company with the Securities and Exchange Commission ("SEC") on April 11, 2025. The offering of the common shares was made only by means of a prospectus and a related prospectus supplement. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the preliminary prospectus supplement and accompanying prospectus related to the offering may be obtained, when available, by contacting DNB Markets, Inc., Attn: Compliance Department, by telephone: 212-681-3800, or by email at: compliance.marketsinc@dnb.no.
This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by words or phrases such as "may," "will," "anticipate," "plan," "expect," or other similar expressions. These forward-looking statements include statements with respect to the anticipated terms of the offering, including expected timing and size of the offering, the condition to second settlement of the offering, the intended use of proceeds and other non-historical statements. The forward-looking statements included in this press release are based on the Company's current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements, including market conditions, the ability to complete the offering, the trading price of the Company's ordinary shares, risks related to the satisfaction of the SGM Condition and other risks described in our annual report on Form 20-F for the year ended December 31, 2024 and our other filings with an submissions to the SEC. As such, readers should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. The forward-looking statements made in this press release speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date hereof or to reflect the occurrence of unanticipated events.
The Board of Directors
Borr Drilling Limited
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited
FAQ
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