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) 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.
Borr Drilling Limited (NYSE: BORR) has announced that its 2021 Annual General Meeting will take place on June 24, 2021. The record date for shareholder voting is set for May 10, 2021. Prior to the meeting, the notice, agenda, and related materials will be distributed to shareholders. This meeting provides a crucial opportunity for shareholders to engage in company governance and decision-making.
Borr Drilling Limited (NYSE: BORR) announced agreements adding up to USD 48 million to its backlog over approximately 590 days. The rig 'Natt' is set to operate in Nigeria starting April 2021 for about 150 days. The previously announced LOI for 'Prospector 1' has been converted into a contract for four wells with Neptune and a three-well contract with Tulip in the Netherlands. Furthermore, the rig 'Gunnlod' has secured an extension in Malaysia for eight additional wells, potentially keeping it active through September 2021.
Borr Drilling Limited announced its fourth quarter 2020 results presentation scheduled for February 26, 2021, at 15:00 CET (9:00 AM New York Time). Participants can join via a webcast or conference call using the provided access codes and dial-in numbers from various locations including Norway, the UK, and the US. A Q&A session will follow the presentation. The company provided a downloadable link for the presentation materials as well.