Borr Drilling Announces Pricing of Public Offering of Common Shares
Rhea-AI Summary
Borr Drilling (NYSE: BORR) priced a public offering of 21 million common shares at $4.00 per share for total gross proceeds of $84 million.
The company said proceeds, together with a concurrent debt offering, seller financing and available cash if needed, will be used for the potential acquisition of five premium jack-up rigs and for general corporate purposes including debt service, capital expenditures and working capital.
Delivery of shares is expected on or around Dec 10, 2025. The company also expects to begin trading on Euronext Growth Oslo on Dec 19, 2025 as a step toward re-listing on the Oslo Stock Exchange, resulting in an expected dual listing with the NYSE remaining the primary listing.
Positive
- Gross proceeds of $84 million from the equity offering
- Funding targeted for potential acquisition of five premium jack-up rigs
- Planned Euronext Growth Oslo listing on Dec 19, 2025 (step toward OSE re-listing)
Negative
- Issuance of 21 million new shares will dilute existing shareholders
- Proceeds may be used for debt service, indicating ongoing leverage needs
- Acquisition described as potential, not a binding purchase agreement
Market Reaction 15 min delay 2 Alerts
Following this news, BORR has declined 4.43%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $3.88. This price movement has removed approximately $54M from the company's valuation.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.
Key Figures
Market Reality Check
Peers on Argus
Peers show mixed moves: PDS up 0.22%, while NBR down 5.31%, SDRL down 1.84%, HP down 0.85%, and PTEN flat. This points to BORR’s news as more stock-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 08 | Equity offering launch | Neutral | +0.3% | Announced 21M-share equity raise to help fund five jack-up rigs. |
| Dec 08 | Acquisition deal | Positive | +0.3% | Agreed to acquire five premium jack-up rigs for $360M with structured financing. |
| Dec 08 | Peer asset sale | Neutral | +0.3% | Noble announced sale of six jackups, five going to Borr, subject to financing. |
| Nov 05 | Earnings update | Positive | +0.7% | Reported higher revenues, positive net income, and reaffirmed strong EBITDA guidance. |
| Oct 27 | Contracting update | Positive | +4.3% | Announced multi‑year contract extensions and collections from Mexico operations. |
Recent equity offerings and acquisition announcements have been followed by small, positive price reactions, suggesting the market has so far absorbed dilution tied to fleet growth plans.
Over the last few months, Borr Drilling has combined balance sheet moves with fleet expansion. In July 2025 it raised $102.5M via a 50M-share offering. On Nov 5, 2025, it reported nine‑month revenues of $761.4M and net income of $46.0M, alongside significant liquidity facilities. On Dec 8, 2025 the company agreed to acquire five jack-up rigs for $360M, funded partly by an $85M equity raise. The current pricing announcement finalizes that equity component while dual‑listing plans in Oslo continue.
Market Pulse Summary
This announcement finalizes the pricing of Borr Drilling’s latest equity raise, with 21 million new shares at $4.00 for $84 million in gross proceeds. The funds, alongside debt and seller financing, support a potential acquisition of five premium jack‑up rigs and general corporate uses. Historically, Borr has used similar offerings to strengthen its balance sheet and grow its fleet, so investors may focus on execution of the acquisition, integration of the rigs, and progress on the planned Oslo listing around December 19, 2025.
Key Terms
seller financing financial
prospectus supplement regulatory
dual listed financial
AI-generated analysis. Not financial advice.
The Company plans to use the proceeds from the Equity Offering, together with proceeds from a concurrent debt offering, seller financing and, if necessary, available cash, for the potential acquisition of five premium jack-up rigs and for general corporate purposes, which may include debt service, capital expenditures, funding of working capital and potential mergers and acquisitions. It is expected that delivery of the common shares offered in the offering will be made against payment therefore on or around December 10, 2025. DNB Carnegie, Inc. and Clarksons Securities AS are joint global coordinators and bookrunners, Citigroup Global Markets, Inc., Fearnley Securities AS and Pareto Securities AS are joint bookrunners, and BTIG, LLC and Morgan Stanley & Co. LLC are co-managers for the Equity Offering.
The Equity 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 Equity Offering 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 Carnegie, Inc., Attn: Compliance Department, by telephone: 212-681-3800, or by email at: _DNB_Carnegie_Compliance_US@dnbcarnegie.com.
As previously communicated, the Company has started the process to list its shares at the Euronext Growth Oslo, as a first step towards a re-listing on the Oslo Stock Exchange ("OSE"). Following satisfaction of customary listing requirements, the Company's shares are expected to begin trading on the Euronext Growth Oslo on December 19, 2025. Participants in the Equity Offering may convert to and receive delivery of newly issued shares in the Norwegian VPS and, upon completion of the listing, trade their shares on the Euronext Growth Oslo. DNB Carnegie is acting as Euronext Growth Advisor in the re-listing. Existing shareholders may also elect to convert their shares from DTC to VPS, please contact your bank or broker holding the shares to initiate the conversion.
Upon completion of the OSE re-listing, the Company is expected to be dual listed on the OSE and the NYSE, with the NYSE to remain the Company's primary listing.
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 Equity Offering, including the intended use of proceeds, the listing and relisting of shares on certain stock exchanges described herein, including the expected timing thereof, 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 risks relating to settlement of the Equity Offering and the ultimate use of proceeds of the Equity Offering including the acquisition of five premium jack-up rigs, the ability to complete the listing and/or relisting of shares on certain stock exchanges, and other risks described in our annual report on Form 20-F for the year ended December 31, 2024 and our other filings with and 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
CONTACT:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited
FAQ
What did BORR announce about its public offering on Dec 9, 2025?
How will BORR use the $84 million from the BORR offering?
When will BORR shares be delivered to investors from the offering?
Will BORR be listed on a Norwegian exchange after the offering?
Can investors convert BORR shares from DTC to VPS for trading on Euronext Growth Oslo?
