Borr Drilling Announces Settlement of Offering of Common Shares
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
Key Figures
Market Reality Check
Peers on Argus 1 Down
BORR traded at $4.36 with a 7.39% prior 24h move, while key drilling peers like SDRL (+4.69%), PDS (+2.68%), NBR (+1.7%), HP (+1.09%) and PTEN (+0.32%) showed more moderate gains, suggesting a more company-specific backdrop rather than a broad sector spike.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 08 | Equity offering | Neutral | +0.3% | Announced 21M-share equity raise to fund rig acquisition and corporate uses. |
| Dec 08 | Rig acquisition | Positive | +0.3% | Agreed $360M purchase of five premium jack-up rigs, expanding fleet to 29. |
| Dec 08 | Seller divestment | Neutral | +0.3% | Noble detailed sale of six jackups, five going to Borr subject to financing. |
| Nov 05 | Earnings update | Positive | +0.7% | Reported Q3 revenue growth, strong EBITDA and 2025 guidance with solid backlog. |
| Oct 27 | Contract extensions | Positive | +4.3% | Announced multi-year jack-up extensions and $213M stated contract value. |
Recent financing, acquisition, and contracting updates generally saw modestly positive next-day reactions, including prior equity offerings that did not trigger sharp sell-offs.
Over the last few months, Borr Drilling has combined fleet expansion with active capital raising. On Dec 8, 2025, it announced both an $85M equity offering and a $360M deal to acquire five premium jack-up rigs, each followed by a modest +0.25% reaction. Earlier, Q3 2025 results on Nov 5 highlighted $277.1M revenue and a $455M–$470M EBITDA outlook, while an Oct 27 contracting update with $213M in extensions drew a stronger +4.32% move. Today’s settlement completes the previously flagged equity leg of this strategy.
Market Pulse Summary
This announcement confirms settlement of Borr’s latest equity raise of 21M shares at $4.00 for $84M in gross proceeds, earmarked alongside new debt and seller financing for a $360M five-rig acquisition and corporate uses. Regulatory filings indicate post-deal share count rising to roughly 306.9M and adjusted debt near $2.28B. Investors may track execution on integrating the new jack-up rigs, backlog development, and future capital structure decisions as key metrics.
Key Terms
jack-up rigs technical
seller financing financial
prospectus supplement regulatory
public offering financial
AI-generated analysis. 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
FAQ
How many shares did Borr Drilling (BORR) issue in the Dec 10, 2025 offering?
What price per share did Borr Drilling receive in the Dec 10, 2025 equity offering (BORR)?
What will Borr Drilling use the $84 million from the offering for (BORR)?
Did Borr Drilling (BORR) announce other financing alongside the equity offering?
Who were the bookrunners for Borr Drilling's (BORR) Dec 10, 2025 equity offering?
Where can investors obtain the prospectus for Borr Drilling's (BORR) offering?
