BORR DRILLING LTD Stock Price, News & Analysis

Borr Drilling Limited (NYSE: BORR) has announced a Special General Meeting scheduled for February 23, 2023, to approve an increase in authorized share capital. This is in response to the successful placement of USD 250 million in senior unsecured convertible bonds, which was disclosed on January 25, 2023. The record date for shareholders eligible to vote at the meeting is set for February 6, 2023. Detailed information regarding the meeting and proxy forms will be available on the company's website and distributed through standard methods.

Borr Drilling Limited (NYSE: BORR) updated its preliminary revenue and EBITDA guidance for 2022 and 2023. For 2022, revenue is projected between $435-$450 million, with adjusted EBITDA of $152-$162 million, an increase from previous estimates of $375-$400 million in revenue and $115-$140 million for EBITDA. For 2023, Borr expects revenues of $740-$780 million and adjusted EBITDA of $360-$400 million. The year-end cash balance for 2022 is estimated at ~$105 million. CEO Patrick Schorn stated the company has activated 21 rigs and sees a favorable industry outlook.

Borr Drilling Limited (NYSE: BORR) announced the award of new contracts for two premium jack-up drilling rigs, increasing its backlog by approximately 2,030 days. The rig 'Frigg' secured a 5-year contract in the Middle East valued at $282 million, expected to start in Q3 2023. The rig 'Gunnlod' received a contract in Southeast Asia worth $27.5 million with a duration of 205 days, commencing in June 2023. Following these contracts, Borr Drilling now has 21 contracted rigs out of 22 delivered.

Borr Drilling Limited (NYSE and OSE: BORR) has announced its 2022 Annual General Meeting (AGM) to be held on September 30, 2022. The record date for voting is set for September 6, 2022. Relevant materials, including the notice and agenda, will be distributed prior to the meeting. This announcement fulfills disclosure requirements as per section 5-12 of the Norwegian Securities Trading Act.

Borr Drilling Limited (NYSE: BORR) held a Special General Meeting on August 25, 2022, in Hamilton, Bermuda, where shareholders approved an increase in authorized share capital from US$22 million to US$25.5 million. This change allows for the addition of 35 million common shares at a par value of US$0.10 each. This capital increase is necessary for the completion of the second settlement of a previously announced public offering expected on August 26, 2022. The offering was made under an effective shelf registration statement with the SEC.

Borr Drilling Limited (NYSE: BORR) is set to host a conference call on August 12, 2022, at 15:00 CET to discuss its capital structure realignment facilitated by a $250 million equity offering and secured debt maturity deferrals. Participants can join via webcast or conference call, with a Q&A session included. The call's replay will be available until September 11, 2022.

Borr Drilling Limited (NYSE: BORR) announced a public offering of $250 million in common shares in the United States, with a potential additional $25 million option for underwriters. Proceeds will be used for refinancing existing debt facilities and general corporate purposes, including capital expenditures and working capital needs. Two special meetings are set for August 16 and August 25 to approve capital increases necessary for the offering. Settlement is anticipated for August 17 and August 26, contingent on meeting specific conditions.

Borr Drilling Limited (NYSE: BORR) has secured a binding Letter of Intent (LOI) for the premium jack-up drilling rig 'Prospector 5' from an undisclosed West African operator. This agreement entails a firm program of six wells expected to begin in Q4 2022, with an estimated duration of fourteen months and potential options. The total estimated contract value is $68.9 million, excluding options. While the LOI is anticipated to convert into a formal contract soon, investors should note the inherent risks associated with forward-looking statements regarding future performance and market conditions.

Borr Drilling Limited (NYSE: BORR) announced a financing proposal for $100 million of the remaining $250 million senior secured facilities, with agreements reached to extend secured debt to 2025. These agreements are pending board and credit committee approvals. The anticipated liquidity requirement has decreased from $250 million to approximately $150 million. The company noted positive momentum in day rates and its modern jack-up fleet utilization exceeding 92%. However, various risks remain regarding finalizing these agreements and ongoing liquidity management.