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 (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.
Borr Drilling Limited (NYSE: BORR) announced the successful completion of conditions for its recent equity offering of 13,333,333 new depository receipts at $2.25 per share, raising $30 million. This funding will aid in refinancing $1.4 billion in debt maturities and delivery installments, pushing deadlines from 2023 to 2025. The settlement is set for January 31, 2022, with shares listed on the Oslo Stock Exchange. The press release contains forward-looking statements, highlighting potential risks and uncertainties surrounding the offering.
Borr Drilling Limited announced on Jan. 26, 2022 that it has received consent from creditors including Hayfin and DNB Bank to amend agreements for deferring debt maturities and delivery installments from 2023 to 2025. The company raised USD 30 million through a recent equity offering of 13,333,333 new depository receipts. Borr Drilling plans to negotiate refinancing for the Facilities and 3.875% Convertible Bonds due 2023 by March 31, 2022, with completion targeted for June 30, 2022.
Borr Drilling Limited (NYSE: BORR) has secured preliminary agreements with its main creditors to refinance and defer $1.4 billion in debt maturities and delivery instalments to 2025. In exchange, the company will make cash repayments totaling $51 million in 2022-2023. This restructuring aims to mitigate financial pressures, enabling 18 operational rigs to enhance Adjusted EBITDA beyond $20 million reported in Q3 2021. Board approvals from the creditors are pending, with an expected new equity raise of $30 million to cover immediate repayments.
Borr Drilling Limited will present its third quarter 2021 results via a webcast/conference call on November 5, 2021, at 14:00 CET (9:00 AM New York time). Participants can access the presentation through a dedicated link or dial in with specific conference ID details. A Q&A session will follow the presentation, offering participants an opportunity to engage directly. The presentation materials, including a PDF of the Q3 results, are available for download. For additional information, visit the company’s press release on Cision.