BORR DRILLING LTD Stock Price, News & Analysis

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.

Borr Drilling Limited (NYSE: BORR) has appointed Magnus Vaaler as the new Chief Financial Officer, effective December 28, 2020, succeeding Christoph Bausch. Vaaler, who has been with the company since 2018, aims to ensure continuity during the company's financial restructuring and improve liquidity. CEO Patrick Schorn expressed confidence in Vaaler's capabilities, highlighting his extensive experience in finance. Vaaler previously held roles at Frontline Ltd. and Offshore Merchant Partners, bringing valuable industry experience to his new role.

Borr Drilling Limited has successfully completed a subsequent offering of 10,000,000 new shares on the Oslo Stock Exchange at a subscription price of USD 0.53 per share. The settlement occurred on November 27, 2020, leading to an increase in the company's issued share capital by USD 500,000, resulting in a total capital of USD 11,015,935.20. The company now has 220,318,704 common shares with a nominal value of USD 0.05 each. These shares are not registered under the U.S. Securities Act and cannot be sold in the U.S. without appropriate exemptions.

Borr Drilling Limited has announced a conditional subsequent offering of up to 10,000,000 new shares at a subscription price of US$0.53 each. This follows a previous US$27.5 million equity offering concluded in September 2020. The subscription period begins on November 16 and ends on November 23, 2020. The offering is directed at eligible shareholders listed on Oslo Børs as of September 22, 2020, who will receive non-tradable subscription rights.

Borr Drilling Limited (BORR) has announced an agreement to sell its cold stacked jack-up drilling rig 'Atla' to an independent operator, with completion expected in Q4 2020. This sale follows the earlier sale of the rig 'Eir' in October, collectively generating cash proceeds of USD 13 million. With these sales, Borr Drilling is executing its fleet strategy to divest inactive rigs while focusing on its modern fleet, now comprising 28 assets built after 2011, with one remaining cold stacked rig likely to be sold soon.