Welcome to our dedicated page for BORR DRILLING news (Ticker: BORR), a resource for investors and traders seeking the latest updates and insights on BORR DRILLING stock.
News coverage of Borr Drilling Limited typically focuses on contract awards, fleet deployment updates, operational performance metrics, and strategic developments affecting the offshore drilling industry. Media reports frequently highlight new drilling contracts secured by the company, including details about rig assignments, contract durations, geographic locations, and customer identities when publicly disclosed. These contract announcements provide insights into drilling activity levels across different regions and the competitive positioning of Borr Drilling's fleet in securing work from oil and gas operators.
Financial results announcements generate significant news attention, with analysts and industry observers examining revenue trends, utilization rates, day rates achieved, and profitability metrics. Quarterly earnings reports often reveal operational statistics such as technical utilization percentages, economic utilization figures, average day rates across the contracted fleet, and adjustments to financial guidance. These disclosures help stakeholders assess the company's operational efficiency and market conditions affecting the shallow-water drilling sector.
Fleet expansion activities, including acquisitions of additional rigs or sales of older units, receive coverage as strategic moves that reshape the company's competitive capabilities and market presence. News about rig upgrades, shipyard projects, and technical modifications provides information about capital allocation priorities and fleet modernization efforts. Industry publications track Borr Drilling's fleet status, noting which rigs are actively contracted, undergoing maintenance, or available for new assignments.
Broader industry trends affecting offshore drilling contractors also generate news context around Borr Drilling, including oil price movements, exploration budget announcements by major energy companies, regulatory changes in key markets, and technological developments in drilling operations. Market analysts often include Borr Drilling in sector-wide coverage examining supply-demand dynamics for jack-up rigs, regional activity levels, and competitive intensity among drilling contractors. Industry events such as conferences, investor presentations, and management commentary on market conditions provide additional news material reflecting the company's outlook and strategic priorities within the offshore energy services landscape.
Borr Drilling Limited (NYSE and OSE: BORR) has announced its 2022 Annual General Meeting (AGM) to be held on September 30, 2022. The record date for voting is set for September 6, 2022. Relevant materials, including the notice and agenda, will be distributed prior to the meeting. This announcement fulfills disclosure requirements as per section 5-12 of the Norwegian Securities Trading Act.
Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on August 25, 2022, in Hamilton, Bermuda, where shareholders approved an increase in authorized share capital from US$22 million to US$25.5 million. This change allows for the addition of 35 million common shares at a par value of US$0.10 each. This capital increase is necessary for the completion of the second settlement of a previously announced public offering expected on August 26, 2022. The offering was made under an effective shelf registration statement with the SEC.
Borr Drilling Limited (NYSE: BORR) is set to host a conference call on August 12, 2022, at 15:00 CET to discuss its capital structure realignment facilitated by a $250 million equity offering and secured debt maturity deferrals. Participants can join via webcast or conference call, with a Q&A session included. The call's replay will be available until September 11, 2022.
Borr Drilling Limited (NYSE: BORR) announced a public offering of $250 million in common shares in the United States, with a potential additional $25 million option for underwriters. Proceeds will be used for refinancing existing debt facilities and general corporate purposes, including capital expenditures and working capital needs. Two special meetings are set for August 16 and August 25 to approve capital increases necessary for the offering. Settlement is anticipated for August 17 and August 26, contingent on meeting specific conditions.
Borr Drilling Limited (NYSE: BORR) has secured a binding Letter of Intent (LOI) for the premium jack-up drilling rig 'Prospector 5' from an undisclosed West African operator. This agreement entails a firm program of six wells expected to begin in Q4 2022, with an estimated duration of fourteen months and potential options. The total estimated contract value is $68.9 million, excluding options. While the LOI is anticipated to convert into a formal contract soon, investors should note the inherent risks associated with forward-looking statements regarding future performance and market conditions.
Borr Drilling Limited (NYSE: BORR) announced a financing proposal for $100 million of the remaining $250 million senior secured facilities, with agreements reached to extend secured debt to 2025. These agreements are pending board and credit committee approvals. The anticipated liquidity requirement has decreased from $250 million to approximately $150 million. The company noted positive momentum in day rates and its modern jack-up fleet utilization exceeding 92%. However, various risks remain regarding finalizing these agreements and ongoing liquidity management.
Borr Drilling Limited (NYSE: BORR) has made significant progress in negotiations with creditors to refinance and extend its 2023 maturities. The goal is to establish a robust capital structure that supports low cash break-even points and enhances free cash generation. Lenders have extended covenant waivers until July 15, 2022, to provide time for closure on agreements. Terms in principle have been reached for refinancing the senior secured bank facility, which will be funded through new credit and equity or asset sales. A comprehensive financial solution is targeted for July 15, 2022.
Borr Drilling Limited (NYSE: BORR) has filed its 2021 Annual Report on Form 20-F for the year ending December 31, 2021. The report is accessible on the SEC's website since April 11, 2022, and can also be downloaded from the Company's website. Hard copies of the report can be requested via email or mail. This filing meets the disclosure requirements outlined in the Norwegian Securities Trading Act.
Borr Drilling Limited (NYSE: BORR) announced the retirement of Georgina Sousa as Director and Company Secretary, effective March 2, 2022, after serving since February 2019. The Board expressed gratitude for her contributions to the company, particularly in the Shipping and Offshore industry. Mi Hong Yoon has been appointed to the Board as her successor in the Company Secretary role, effective March 1, 2022. Yoon brings significant experience as a former Chief Legal, Regulatory and Compliance Officer at Digicel Bermuda and has held senior legal positions at Telstra Corporation Limited.
Borr Drilling Limited (NYSE: BORR) will announce its fourth quarter 2021 financial results on February 16, 2022. A conference call and webcast are scheduled for 14:00 CET (9:00 AM New York Time). The report and presentation will be accessible from the Investor Relations section on the company's website. Participants can join via webcast or telephone. A Q&A session will follow the presentation, and a replay will be available until March 9, 2022.
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