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.
Borr Drilling Limited reports developments tied to its international shallow-water drilling business and fleet of modern, high-specification jack-up rigs. Company news commonly covers rig contract awards and extensions, fleet operating status, regional deployment updates, dayrate and coverage commentary, and earnings-release schedules for its offshore oil and gas customers.
Updates also include shareholder meeting notices, annual report availability, and capital-structure actions such as convertible debt offerings or repurchases. Borr Drilling is incorporated in Bermuda and its common shares trade under BORR on the New York Stock Exchange and Euronext Growth Oslo.
Borr Drilling Limited reported preliminary unaudited results for Q4 and full year 2022, revealing total operating revenues of $148.6 million, up 38% from Q3 2022. The net loss narrowed to $21.3 million, reducing by $33.6 million from the previous quarter. Cash and cash equivalents stood at $108.0 million. Adjusted EBITDA increased by 26% to $55.1 million. The total contract revenue backlog reached $1.7 billion, a 200% year-on-year increase. In January 2023, Borr raised $400 million through new bonds to refinance existing debt. The company aims for Adjusted EBITDA of $360 million to $400 million in 2023.
Borr Drilling Limited (NYSE: BORR) will release its fourth quarter 2022 financial results on February 16, 2023. A conference call and webcast is scheduled for 15:00 CET (9:00 AM New York Time). Interested participants should join the call 10 minutes early. The earnings report and presentation will be accessible via the Investor Relations section of their website.
To participate, users can access a webcast or register for the conference call through provided links. A replay of the call will also be available afterward.
Borr Drilling Limited (NYSE: BORR) announced the awarding of a contract and two extensions for its jack-up drilling rigs 'Ran', 'Gerd', and 'Natt'. This development increases the company's backlog by approximately 625 days. The 'Ran' rig secured a contract with Fieldwood Energy in Mexico, valued at $7.5 million for two wells, starting in June 2023. 'Gerd' received a 10-month extension with a contract value of $40 million, keeping it contracted until January 2024. The 'Natt' rig's contract was extended by 270 days through ENI, with an estimated value of $22.7 million, expected to last until Q1 2024.
Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for February 23, 2023, to approve an increase in authorized share capital. This is in response to the successful placement of USD 250 million in senior unsecured convertible bonds, which was disclosed on January 25, 2023. The record date for shareholders eligible to vote at the meeting is set for February 6, 2023. Detailed information regarding the meeting and proxy forms will be available on the company's website and distributed through standard methods.
Borr Drilling Limited (NYSE: BORR) updated its preliminary revenue and EBITDA guidance for 2022 and 2023. For 2022, revenue is projected between $435-$450 million, with adjusted EBITDA of $152-$162 million, an increase from previous estimates of $375-$400 million in revenue and $115-$140 million for EBITDA. For 2023, Borr expects revenues of $740-$780 million and adjusted EBITDA of $360-$400 million. The year-end cash balance for 2022 is estimated at ~$105 million. CEO Patrick Schorn stated the company has activated 21 rigs and sees a favorable industry outlook.
Borr Drilling Limited (NYSE: BORR) announced the award of new contracts for two premium jack-up drilling rigs, increasing its backlog by approximately 2,030 days. The rig 'Frigg' secured a 5-year contract in the Middle East valued at $282 million, expected to start in Q3 2023. The rig 'Gunnlod' received a contract in Southeast Asia worth $27.5 million with a duration of 205 days, commencing in June 2023. Following these contracts, Borr Drilling now has 21 contracted rigs out of 22 delivered.
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.