Borr Drilling Announces Settlement of Offering of Common Shares
Borr Drilling (NYSE: BORR) announced the settlement of a public offering of 21 million common shares at $4.00 per share for total gross proceeds of $84 million.
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Rhea-AI Summary
Borr Drilling (NYSE: BORR) announced the settlement of a public offering of 21 million common shares at $4.00 per share for total gross proceeds of $84 million.
The company said it will use these proceeds, together with a priced debt offering announced Dec 9, 2025, seller financing and, if necessary, available cash, to acquire five premium jack-up rigs announced Dec 8, 2025 and for general corporate purposes, including possible debt service, capital expenditures, working capital and potential M&A.
Underwriters included DNB Carnegie and Clarksons Securities as joint global coordinators and bookrunners.
Positive
- Gross proceeds of $84 million from the equity offering
- Proceeds targeted to acquire five premium jack-up rigs
Negative
- Issued 21 million shares which may dilute existing shareholders
- Acquisition funding depends on additional debt and seller financing
Details
News Market Reaction – BORR
On Dec 10, the day this news came out, BORR closed 1.15% below the previous close.
Data tracked by StockTitan Argus for the Dec 10 session.
Key Figures
- Shares offered
- 21,000,000 shares
- Current equity offering of common shares
- Offer price
- $4.00 per share
- Pricing of the 21M-share equity offering
- Gross proceeds
- $84,000,000
- Total gross proceeds from current equity offering
- Acquisition price
- $360,000,000
- Purchase price for five premium jack-up rigs from Noble
- New senior notes
- $165,000,000
- 10.375% senior secured notes due 2030 to help fund acquisition
- Seller financing
- $150,000,000
- Seller credit related to jack-up rig acquisition
- As-adjusted total debt
- $2.28 billion
- Total debt as-adjusted as of Sept 30, 2025, excluding seller financing
- Share count increase
- 285,872,798 to 306,872,798
- Common shares outstanding before and after offering
Historical Context
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Announced 21M-share equity raise to fund rig acquisition and corporate uses.
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Agreed $360M purchase of five premium jack-up rigs, expanding fleet to 29.
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Noble detailed sale of six jackups, five going to Borr subject to financing.
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Reported Q3 revenue growth, strong EBITDA and 2025 guidance with solid backlog.
-
Announced multi-year jack-up extensions and $213M stated contract value.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
jack-up rigs technical
seller financing financial
prospectus supplement regulatory
public offering financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
The Company plans to use the proceeds from the Equity Offering, together with proceeds from a priced debt offering announced on December 9, 2025, seller financing and, if necessary, available cash, for the acquisition of five premium jack-up rigs announced on December 8, 2025 and for general corporate purposes, which may include debt service, capital expenditures, funding of working capital and potential mergers and acquisitions.
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.
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 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 risks relating to the ultimate use of proceeds of the Equity Offering including the acquisition of five premium jack-up rigs, 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
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