BORR DRILLING LTD Stock Price, News & Analysis

Borr Drilling Limited announced its fourth quarter 2020 results presentation scheduled for February 26, 2021, at 15:00 CET (9:00 AM New York Time). Participants can join via a webcast or conference call using the provided access codes and dial-in numbers from various locations including Norway, the UK, and the US. A Q&A session will follow the presentation. The company provided a downloadable link for the presentation materials as well.

Borr Drilling Limited (NYSE: BORR) has regained compliance with the NYSE continued listing standards after the average stock price exceeded $1.00 per share for the 30-day period ending February 25, 2021. This follows a previous notice from NYSE regarding non-compliance due to the stock price falling below the required threshold. The confirmation of compliance is crucial for maintaining Borr's listing status on the NYSE, providing reassurance to investors after a period of uncertainty.

Borr Drilling Limited (NYSE: BORR) will announce its fourth quarter 2020 financial results on February 26, 2021. A conference call and webcast will take place at 15:00 CET (9:00 AM New York Time). Interested parties can access the earnings report and presentation via the Investor Relations section of the company's website.

Listeners can join the call using a conference ID of 317683. A Q&A session will follow the presentation, with a recording available until March 28, 2021.

Borr Drilling has announced an increase in its equity offering to USD 46 million due to high demand, up from the initially planned USD 40 million. The company will issue 54,117,647 new depository receipts at a subscription price of USD 0.85 each. Following this issuance, Borr Drilling's total share capital will rise by USD 2.7 million to USD 13.7 million, totaling 274,436,351 common shares. The expected settlement date for the Offer Shares is around January 26, 2021.

Borr Drilling Limited (NYSE: BORR) announced plans for a USD 40 million equity offering to enhance liquidity. The offering will involve new depository receipts linked to the company's common shares, with a subscription price determined via accelerated bookbuilding. Key investors have pre-committed to the full offering amount, including USD 3 million from the Board and executive management. Proceeds will fortify working capital and support corporate needs. Settlement is slated for January 26, 2021, pending regulatory approval. The offering is private and restricted outside the US.

Borr Drilling Limited (NYSE: BORR) has addressed a recent article in the Norwegian newspaper 'Dagens Næringsliv' discussing an alternative plan involving two creditors. The Board is confident in executing its announced liquidity improvement plan and equity raise first disclosed on December 24, 2020. Ongoing collaboration with lenders aims to secure optimal outcomes for stakeholders. The announcement includes forward-looking statements, highlighting uncertainties and risks surrounding liquidity, financing, and potential dilution from future equity raises.

Borr Drilling Limited (NYSE: BORR) announced a significant boost to its backlog, adding USD 35.1 million through new contracts and letters of award (LOA) over approximately 480 days. The conversion of a Letter of Intent for the Norve will see operations in Gabon commence in April 2021. In Asia, the Idun is set to operate for up to 12 months, expanding the company’s active rig count to four. Additionally, the Prospector 1 is awarded options for seven months in the North Sea. With 13 contracted rigs, the company expresses optimism for the shallow water drilling market.

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on January 8, 2021, in Hamilton, Bermuda. The meeting resulted in the approval of a significant increase in the company's authorized share capital, raising it from US$11,932,692.30 to US$14,500,000.00. This change includes the authorization of an additional 51,346,154 common shares, maintaining the par value of US$0.05 per share. This strategic move aims to enhance the company's financial flexibility and support future business initiatives.

Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for January 8, 2021, with a record date of January 4, 2021. Only shareholders on record as of this date will be eligible to attend and vote at the meeting. Shareholders can find the Notice of Special General Meeting and Form of Proxy on the Company's website. This notice is part of the Company's compliance with the Norwegian Securities Trading Act.