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Borr Drilling Limited plans a primary offering of 21,000,000 common shares on the NYSE under the symbol BORR. The company intends to use the equity proceeds together with a planned $150 million senior secured notes issue, a $150 million seller financing facility and, if needed, cash on hand to fund a $360 million acquisition of five premium jack-up drilling rigs and related assets. The acquisition, expected to close in the first quarter of 2026, would expand Borr’s modern jack-up fleet from 24 to 29 rigs and increase its exposure to shallow-water drilling markets. As of December 1, 2025, Borr had 285,872,798 common shares outstanding, which would rise to 306,872,798 shares if the offering is completed.
AZVALOR ASSET MANAGEMENT SGIIC SA, a Spanish investment firm, has filed a Schedule 13G reporting a passive ownership stake in Borr Drilling Ltd. The firm reports beneficial ownership of 28,606,167 BORR DRILLING shares, representing 10.01% of the class. AZVALOR has sole power to vote and dispose of all these shares, with no shared voting or dispositive power.
The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Borr Drilling. The report is signed on behalf of AZVALOR by its CFO, Sergio Fernandez Pacheco.
Borr Drilling Limited furnished a Form 6-K with unaudited results for the nine months ended September 30, 2025 and updates on liquidity and operations.
Total operating revenues were $761.4 million (up $13.9 million), driven by higher average dayrates and more rigs in operation, partly offset by lower other revenue and fewer operating days on certain rigs. Operating income was $254.7 million and net income was $46.0 million. Adjusted EBITDA was $364.9 million.
Cash and cash equivalents were $227.8 million. Net cash from operating activities rose to $217.1 million, helped by working capital movements including approximately $122.8 million of cash settlements from Mexico operations. Total principal debt outstanding was $2,112.3 million, with $134.7 million maturing within 12 months. The company amended its super senior revolving credit facility to a $200.0 million RCF and added a new $34.0 million senior secured RCF; both were undrawn at period end.
In July–August, Borr issued 50,000,000 shares at $2.05 per share for gross proceeds of $102.5 million. Operationally, several Mexico rigs recommenced, while contracts for “Odin” and “Hild” were terminated following international sanctions affecting a counterparty.