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 (NYSE: BORR) is an offshore shallow-water drilling contractor focused on premium jack-up rigs for oil and gas exploration and production customers. This news page aggregates company press releases and market updates so readers can follow how Borr Drilling’s contracting activity, fleet developments and financing decisions evolve over time.
Recent news highlights include contract extensions and new commitments for several of Borr Drilling’s premium jack-up rigs, such as Galar, Gersemi, Njord, Odin and Grid. Updates have covered multi-year extensions in Mexico, new work in the Gulf of America and Angola, and the impact of international sanctions on certain contracts. These announcements illustrate how the company manages utilization across its fleet and responds to changes in customer demand and regulatory conditions.
Investors can also track capital markets activity through Borr Drilling’s news. The company has announced public offerings of common shares and additional senior secured notes, with stated plans to use proceeds for the acquisition of five premium jack-up rigs from Noble Corporation and for general corporate purposes. News releases further describe steps toward dual listing on Euronext Growth Oslo and the Oslo Stock Exchange alongside its New York Stock Exchange listing.
In addition, quarterly results releases and fleet status reports provide insight into operating revenues, net income, Adjusted EBITDA, contract coverage and utilization across the premium jack-up fleet. Together, these items give context on Borr Drilling’s operational performance, contracting pipeline and financial position. Readers interested in BORR news can use this page to monitor contract awards, extensions, terminations, financing transactions and listing updates that shape the company’s outlook.
Borr Drilling Limited (NYSE: BORR) reported its Q2 2020 results, revealing total operating revenues of $84.0 million and a net loss of $109.6 million. Adjusted EBITDA was $(1.9 million), impacted by $12 million in non-recurring costs. The company's Mexican JVs saw a significant improvement with a combined Adjusted EBITDA of $30.1 million. Key actions included the sale of two drilling rigs for $15.8 million and an equity offering raising $30 million. Liquidity was enhanced through amendments to loan facilities resulting in the deferral of over $315 million in payments until 2022.
Borr Drilling Limited held its Annual General Meeting on August 10, 2020, in Hamilton, Bermuda. Key resolutions included the re-election of directors Pål Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Patrick Arnold Henk Schorn, Georgina E. Sousa, and Neil J. Glass. Additionally, the company approved an increase in authorized share capital from US$9.18 million to US$11.18 million by issuing an additional 40 million shares. PricewaterhouseCoopers LLP was appointed as auditors, and the Board of Directors' remuneration was capped at US$950,000 for the year ending December 31, 2020.
Borr Drilling Limited (NYSE: BORR) announced the appointment of Patrick Schorn as the new CEO, effective September 8, 2020. Schorn, a Director since January 2018, succeeds Svend Anton Maier, who will transition to Special Advisor. Chairman Paal Kibsgaard expressed confidence in Schorn's extensive industry experience to lead the company through current challenges. Schorn emphasized the opportunity within the adversity faced by the oil and gas sector and highlighted Borr Drilling's distinct competitive advantage with its young jack-up fleet and skilled team.
Borr Drilling Limited (NYSE: BORR) announced a new contract and letters of intent for three warm stacked rigs, increasing its backlog by USD 21 million. This brings the total number of contracted rigs to 14. Following a downturn in the jack-up market due to lower oil prices, there are now signs of recovery with oil prices around USD 40/bbl. Additionally, three more warm stacked rigs are available for operation without significant capital expenditures.
Borr Drilling Limited will hold its Annual General Meeting (AGM) on August 10, 2020, in Bermuda. Shareholders will receive the Notice of AGM and Form of Proxy through standard distribution methods. The company's Annual Report is accessible on its website at www.borrdrilling.com. This announcement complies with the disclosure requirements of the Norwegian Securities Trading Act.
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