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 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.
Borr Drilling Limited (NYSE: BORR) announced an investor presentation on July 7, 2021, highlighting key updates and future plans. The management will host a conference call and webcast at 15:00 CET (9:00 AM New York Time) on the same day. Participants can join via a provided link or call in using specific numbers. A Q&A session will follow the presentation. A replay of the event will be accessible until August 4, 2021, via the company's website. The investor presentation is also available for download.
Borr Drilling Limited (NYSE: BORR) announced an 'at-the-market program' that allows for the sale of up to $40 million in common shares through Clarksons Platou Securities, Inc. The sales can occur at market prices on the New York Stock Exchange. While the Board does not plan to sell shares immediately, this program provides future flexibility. Proceeds will be used for general corporate purposes, potentially including debt payments and capital expenditures. The offering is described in the registration statement on Form F-3 and complies with relevant securities laws.
Borr Drilling Limited (NYSE: BORR) received notice from the NYSE regarding non-compliance with listing standards, specifically due to its average share price falling below $1.00 over 30 consecutive trading days. The company has a six-month period, until December 4, 2021, to regain compliance by achieving a closing share price of at least $1.00. During this time, shares will continue trading on the NYSE as long as other listing requirements are met.
Borr Drilling Limited (NYSE: BORR) held its 2021 Annual General Meeting on June 24, 2021, in Hamilton, Bermuda. The meeting featured the presentation of the audited financial statements for the year ending December 31, 2020. Key outcomes included the re-election of five directors: Paal Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Georgina E. Sousa, and Neil J. Glass. The Company also approved an increase in authorized share capital from US$14.5 million to US$18 million, allowing for an additional 70 million common shares. PricewaterhouseCoopers LLP was reappointed as auditors with a total Board remuneration capped at US$1.2 million for 2021.
Borr Drilling (NYSE: BORR) has entered a Memorandum of Understanding with its Mexican partner to restructure joint ventures providing well services to Pemex. This includes the Mexican partner purchasing Borr's 49% stake in the integrated services joint ventures, freeing up $28 million for the company. Borr will gain a 51% majority stake in drilling services joint ventures. This restructuring aims to enhance operational efficiency and financial stability, with cash flow from 13 operating rigs expected to cover costs through Q3 2021. The transaction is projected to close by Q3 2021.
Borr Drilling Limited reported preliminary results for Q1 2021, revealing total operating revenues of $48.4 million and a net loss of $58.1 million. Adjusted EBITDA was $(10.6) million, improved to $(1.4) million with prior period revenue adjustments. The company raised $46 million through an equity offering in January and secured 17 contracts since January, representing $458 million in potential revenue. CEO Patrick Schorn highlighted a recovering market with an increased number of operating rigs and positive cash flows from joint ventures.
The Annual General Meeting (AGM) of Borr Drilling Limited will take place on June 24, 2021, in Bermuda. Shareholders will receive a Notice of AGM and Form of Proxy via standard distribution methods. The Company's Annual Report and associated information are accessible on the official website www.borrdrilling.com. This announcement complies with the disclosure requirements under the Norwegian Securities Trading Act.