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 (NYSE: BORR) has completed the First Tranche of its share repurchase program, buying back 2,466,281 shares at an average price of $4.055 per share, totaling $9.99 million. This represents approximately 0.93% of the company's total issued shares. The repurchase was executed between November 12-18, 2024, through DNB Markets. This initiative is part of a larger $20 million share buyback commitment authorized by the Board to be completed by the end of 2024.
Borr Drilling (NYSE: BORR) has received a notice of temporary suspension of operation for its rig 'Arabia II' in Saudi Arabia. The suspension period will last up to 12 months. The customer has yet to confirm the exact commencement date of the suspension.
Borr Drilling (NYSE and OSE: BORR) has announced details of its share repurchase program. Following the November 6 announcement of a $20 million share buyback commitment, the company has authorized a First Tranche of up to $10 million to be executed by November 30, 2024. DNB Markets will conduct open market transactions on OSE and NYSE, with purchases capped at $10 million and 3 million shares, at a maximum price of $5 per share. The program aims to reduce share capital and benefit shareholders. The company retains the right to suspend or discontinue repurchases at any time.
Borr Drilling 's Board of Directors has approved the grant of 136,612 Restricted Stock Units (RSUs) to its Directors. Each RSU represents one company share and will vest fully on September 30, 2025, contingent on continued service as a Director. Five PDMRs (Persons Discharging Managerial Responsibilities) received 27,322 RSUs each: Tor Olav Troim (Chairman), Kate Blankenship, Neil Glass, Dan Rabun, and Jeffrey Currie. The RSUs will be settled through the issuance of company shares.
Borr Drilling has announced its voluntary delisting from the Euronext Oslo Stock Exchange (OSE), effective December 31, 2024, following shareholder approval at October's Special General Meeting. The last trading day on OSE will be December 30, 2024. The company will maintain its NYSE listing exclusively.
Shareholders with OSE-traded shares can either sell through open market transactions or transfer their holdings to the US Depository Trust Company for NYSE trading. The company will maintain VPS share registration for at least 12 months post-delisting, allowing shareholders to continue trading via Norwegian brokers or migrate to DTC.
Borr Drilling (NYSE: BORR) announced that its subsidiary Borr IHC has priced an offering of additional 10.375% senior secured notes due 2030 for gross proceeds of $175 million. These Additional Notes will share identical terms with the existing $515 million senior secured notes due 2030.
The proceeds will fund the acquisition and activation costs of the newbuild rig 'Var', expected for delivery on November 15, 2024. The company opted for this financing instead of previously secured yard financing due to more favorable terms. Settlement is expected around November 8, 2024, subject to customary closing conditions.
Borr Drilling (NYSE: BORR) has released preliminary Q3 2024 results, expecting total operating revenues of $242 million, operating income of $84 million, and Adjusted EBITDA of $116 million. The company reports $186 million in cash and cash equivalents, with $150 million undrawn credit facility. Operating income decreased by $21 million compared to Q2 2024, primarily due to one-off impacts. The company expects FY 2024 adjusted EBITDA at the lower end of the $500-$550 million guidance range. Future positive EBITDA impacts are anticipated from dayrate increases and new contract start-ups, though offset by expiring contracts.
Borr Drilling (NYSE: BORR) (OSE: BORR) held a Special General Meeting on October 1, 2024, in Hamilton, Bermuda. The company's shareholders approved the delisting of Borr Drilling's common shares from the Oslo Stock Exchange. The Board of Directors has been authorized to take necessary steps to implement the delisting, including filing an application with the Oslo Stock Exchange on behalf of the company. This decision marks a significant change in Borr Drilling's listing status, potentially impacting its market presence and investor accessibility in the Norwegian market.
Borr Drilling (NYSE: BORR) (OSE: BORR) has announced plans to release its Q3 2024 financial results after the New York Stock Exchange closes on Wednesday, November 6, 2024. The company will host a conference call and webcast on Thursday, November 7, 2024, at 15:00 CEST (9:00 AM New York Time) to discuss the results.
Participants can access the webcast via a provided link or register for the conference call using another link. Both options will be available on the Investor Relations section of Borr Drilling's website. A replay of the call will be accessible through a separate link after the event. For any questions, interested parties can contact Magnus Vaaler, CFO, at +44 1224 289208.
Borr Drilling (NYSE: BORR, OSE: BORR) is set to participate in the Pareto Securities' 31st Annual Energy Conference in Oslo, Norway. CEO Patrick Schorn will present on September 11, 2024, at 1:50 pm CET. The presentation materials are available on the company's website and attached to the press release.
This event provides an opportunity for Borr Drilling to showcase its operations and strategy to investors and industry professionals. The conference is a significant platform for energy sector companies to network and share insights. Interested parties can access the presentation on Borr Drilling's website at www.borrdrilling.com.