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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) 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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