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[6-K] Carbon Revolution Public Limited Current Report (Foreign Issuer)

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Rhea-AI Filing Summary

Borr Drilling Limited (BORR) has launched a preliminarily marketed public offering of 50 million common shares via a two-step settlement structure. Approximately 30 million shares are expected to settle on 7 July 2025 (the “First Settlement”) while the remaining 20 million will settle on or about 7 August 2025 (the “Second Settlement”) only if shareholders approve an increase in authorised share capital at a Special General Meeting (SGM) on 6 August 2025. The shares are listed on the NYSE; the last reported price on 1 July 2025 was $1.95.

Net proceeds—whose exact amount will depend on final pricing—are earmarked for general corporate purposes such as debt service, capital expenditure and working-capital needs. The equity raise is also a condition precedent for agreed amendments to Borr’s financing package: commitments have been received to lift the Super Senior Revolving Credit Facility to $200 million (+$50 million), re-classify the $45 million guarantee line, and add a new $34 million senior secured RCF, jointly raising available liquidity by more than $100 million and easing covenant thresholds (lower liquidity minimum, higher leverage ceiling, lower coverage ratios).

Operationally, Borr has booked 13 new contract awards/LOIs/LOAs in 2025, adding ~3,010 potential rig-days and $366 million of revenue backlog (average day-rate $121k). Contract coverage now stands at 84% for 2025 and 45% for 2026 at average day-rates of $144k and $141k, respectively.

Leadership refresh: CCO Bruno Morand will become CEO on 1 September 2025; current CEO Patrick Schorn will transition to Executive Chair, while Chairman Tor Olav Trøim will remain on the board. Investor Granular Capital’s CIO, Thiago Mordehachvili, is nominated to join the board, contingent on SGM approval to expand board size.

Several insiders—Schorn ($1 m), Morand ($0.3 m) and Drew Holding Ltd. ($10 m)—intend to subscribe, all electing to receive shares in the Second Settlement. If the SGM fails, only the First Settlement closes, leaving the remaining 20 million shares undelivered.

Borr Drilling Limited (BORR) ha avviato un'offerta pubblica preliminare di 50 milioni di azioni ordinarie tramite una struttura di regolamento in due fasi. Circa 30 milioni di azioni sono previste per il regolamento il 7 luglio 2025 (il “Primo Regolamento”), mentre le restanti 20 milioni saranno regolate intorno al 7 agosto 2025 (il “Secondo Regolamento”) solo se gli azionisti approveranno un aumento del capitale sociale autorizzato durante un'Assemblea Generale Straordinaria (SGM) il 6 agosto 2025. Le azioni sono quotate al NYSE; l'ultimo prezzo riportato il 1° luglio 2025 era di 1,95 dollari.

I proventi netti—il cui importo esatto dipenderà dal prezzo finale—sono destinati a scopi aziendali generali come il servizio del debito, spese in conto capitale e necessità di capitale circolante. L’aumento di capitale è anche una condizione sospensiva per le modifiche concordate al pacchetto di finanziamento di Borr: sono stati ricevuti impegni per aumentare la Super Senior Revolving Credit Facility a 200 milioni di dollari (+50 milioni), riclassificare la linea di garanzia da 45 milioni di dollari e aggiungere una nuova linea RCF senior garantita da 34 milioni di dollari, incrementando così la liquidità disponibile di oltre 100 milioni di dollari e allentando le soglie dei covenant (minimo di liquidità più basso, limite di leva finanziaria più alto, rapporti di copertura inferiori).

Dal punto di vista operativo, Borr ha registrato 13 nuovi contratti/LOI/LOA nel 2025, aggiungendo circa 3.010 giorni potenziali di utilizzo piattaforme e un backlog di ricavi di 366 milioni di dollari (tariffa media giornaliera di 121.000 dollari). La copertura contrattuale è ora dell’84% per il 2025 e del 45% per il 2026 con tariffe medie giornaliere di 144.000 e 141.000 dollari rispettivamente.

Rinnovo della leadership: il CCO Bruno Morand diventerà CEO il 1° settembre 2025; l’attuale CEO Patrick Schorn passerà a Presidente Esecutivo, mentre il Presidente Tor Olav Trøim rimarrà nel consiglio di amministrazione. Il CIO di Granular Capital, Thiago Mordehachvili, è nominato per entrare nel consiglio, subordinatamente all’approvazione dell’SGM per l’ampliamento del numero dei membri del consiglio.

Diversi insider—Schorn (1 milione di dollari), Morand (0,3 milioni) e Drew Holding Ltd. (10 milioni)—intendono sottoscrivere, scegliendo tutti di ricevere le azioni nel Secondo Regolamento. Se l’SGM non approva, si chiuderà solo il Primo Regolamento, lasciando le restanti 20 milioni di azioni non consegnate.

Borr Drilling Limited (BORR) ha iniciado una oferta pública preliminarmente comercializada de 50 millones de acciones ordinarias mediante una estructura de liquidación en dos fases. Se espera que aproximadamente 30 millones de acciones se liquiden el 7 de julio de 2025 (la “Primera Liquidación”), mientras que las 20 millones restantes se liquidarán alrededor del 7 de agosto de 2025 (la “Segunda Liquidación”) solo si los accionistas aprueban un aumento del capital autorizado en una Junta General Extraordinaria (SGM) el 6 de agosto de 2025. Las acciones están listadas en la NYSE; el último precio reportado el 1 de julio de 2025 fue de $1.95.

Los ingresos netos—cuyo monto exacto dependerá del precio final—están destinados a fines corporativos generales como servicio de deuda, gastos de capital y necesidades de capital de trabajo. La emisión de acciones también es una condición previa para las enmiendas acordadas al paquete de financiamiento de Borr: se han recibido compromisos para aumentar la Línea de Crédito Revolvente Super Senior a $200 millones (+$50 millones), reclasificar la línea de garantía de $45 millones y añadir una nueva línea RCF senior garantizada de $34 millones, aumentando conjuntamente la liquidez disponible en más de $100 millones y facilitando los umbrales de los convenios (mínimo de liquidez más bajo, techo de apalancamiento más alto, ratios de cobertura menores).

Operativamente, Borr ha registrado 13 nuevos contratos/LOIs/LOAs en 2025, sumando aproximadamente 3,010 días potenciales de uso de plataformas y un backlog de ingresos de $366 millones (tarifa diaria promedio de $121k). La cobertura contractual ahora es del 84% para 2025 y del 45% para 2026 con tarifas diarias promedio de $144k y $141k, respectivamente.

Renovación en el liderazgo: el CCO Bruno Morand será CEO a partir del 1 de septiembre de 2025; el actual CEO Patrick Schorn pasará a Presidente Ejecutivo, mientras que el Presidente Tor Olav Trøim permanecerá en la junta. El CIO de Granular Capital, Thiago Mordehachvili, está nominado para unirse a la junta, condicionado a la aprobación del SGM para ampliar el tamaño de la junta.

Varios insiders—Schorn ($1 millón), Morand ($0.3 millones) y Drew Holding Ltd. ($10 millones)—tienen la intención de suscribirse, eligiendo todos recibir las acciones en la Segunda Liquidación. Si el SGM no aprueba, solo se cerrará la Primera Liquidación, dejando las 20 millones de acciones restantes sin entregar.

Borr Drilling Limited(BORR)는 5,000만 보통주에 대한 예비 공모를 두 단계 결제 구조로 시작했습니다. 약 3,000만 주는 2025년 7월 7일(“첫 번째 결제”)에 결제될 예정이며, 나머지 2,000만 주는 2025년 8월 7일경(“두 번째 결제”)에 주주총회(SGM)에서 승인된 자본금 증액이 있을 경우에만 결제됩니다. 해당 주식은 NYSE에 상장되어 있으며, 2025년 7월 1일 마지막 보고된 가격은 1.95달러였습니다.

최종 가격에 따라 달라질 순수익은 부채 상환, 자본 지출, 운전자본 필요 등 일반 기업 목적에 사용될 예정입니다. 이번 자본 조달은 Borr의 금융 패키지 개정에 대한 선행 조건이기도 하며, 슈퍼 시니어 리볼빙 크레딧 시설을 2억 달러(+5,000만 달러)로 확대하고, 4,500만 달러 보증 라인을 재분류하며, 신규 3,400만 달러 시니어 담보 RCF를 추가하는 약속을 받았습니다. 이를 통해 가용 유동성이 1억 달러 이상 증가하고, 계약 조건(최소 유동성 하향, 레버리지 상한 상향, 커버리지 비율 하향)이 완화됩니다.

운영 측면에서 Borr는 2025년에 13건의 신규 계약/LOI/LOA를 확보했으며, 약 3,010개의 잠재 리그 일수와 3억 6,600만 달러의 매출 백로그(평균 일일 요율 12만 1천 달러)를 추가했습니다. 계약 커버리지는 2025년에 84%, 2026년에 45%이며, 각각 평균 일일 요율은 14만 4천 달러와 14만 1천 달러입니다.

리더십 변화: CCO 브루노 모란드는 2025년 9월 1일 CEO로 취임하며, 현 CEO 패트릭 쇼른은 집행 의장으로 전환하고, 회장 토르 올라브 트뢰임은 이사회에 남습니다. 투자사 Granular Capital의 CIO 티아고 모르데하흐빌리가 이사회 규모 확대를 위한 SGM 승인을 조건으로 이사회에 합류할 예정입니다.

여러 내부자들—쇼른(100만 달러), 모란드(30만 달러), Drew Holding Ltd.(1,000만 달러)—가 모두 두 번째 결제에서 주식을 수령하기로 선택하며 구독할 의사를 밝혔습니다. SGM이 승인되지 않으면 첫 번째 결제만 완료되고 나머지 2,000만 주는 전달되지 않습니다.

Borr Drilling Limited (BORR) a lancé une offre publique préalablement commercialisée de 50 millions d’actions ordinaires via une structure de règlement en deux étapes. Environ 30 millions d’actions devraient être réglées le 7 juillet 2025 (le « Premier Règlement »), tandis que les 20 millions restantes seront réglées aux alentours du 7 août 2025 (le « Second Règlement ») seulement si les actionnaires approuvent une augmentation du capital autorisé lors d’une Assemblée Générale Extraordinaire (AGE) le 6 août 2025. Les actions sont cotées au NYSE ; le dernier cours rapporté au 1er juillet 2025 était de 1,95 $.

Le produit net—dont le montant exact dépendra du prix final—est destiné à des fins générales d’entreprise telles que le service de la dette, les dépenses en capital et les besoins en fonds de roulement. Cette augmentation de capital est également une condition suspensive aux modifications convenues du paquet de financement de Borr : des engagements ont été reçus pour porter la ligne de crédit renouvelable Super Senior à 200 millions de dollars (+50 millions), reclasser la ligne de garantie de 45 millions de dollars et ajouter une nouvelle ligne RCF senior garantie de 34 millions de dollars, augmentant ainsi la liquidité disponible de plus de 100 millions de dollars et assouplissant les seuils des covenants (liquidité minimale plus basse, plafond d’endettement plus élevé, ratios de couverture plus faibles).

Sur le plan opérationnel, Borr a enregistré 13 nouveaux contrats/LOI/LOA en 2025, ajoutant environ 3 010 jours potentiels de location de plateformes et un carnet de commandes de 366 millions de dollars (tarif journalier moyen de 121 000 $). La couverture contractuelle s’élève désormais à 84 % pour 2025 et 45 % pour 2026, avec des tarifs journaliers moyens de 144 000 $ et 141 000 $ respectivement.

Renouvellement de la direction : le CCO Bruno Morand deviendra CEO le 1er septembre 2025 ; l’actuel CEO Patrick Schorn passera Président Exécutif, tandis que le Président Tor Olav Trøim restera au conseil d’administration. Le CIO de Granular Capital, Thiago Mordehachvili, est nommé pour rejoindre le conseil, sous réserve de l’approbation de l’AGE pour augmenter la taille du conseil.

Plusieurs initiés—Schorn (1 M$), Morand (0,3 M$) et Drew Holding Ltd. (10 M$)—ont l’intention de souscrire, choisissant tous de recevoir leurs actions lors du Second Règlement. Si l’AGE ne donne pas son accord, seul le Premier Règlement sera clôturé, laissant les 20 millions d’actions restantes non livrées.

Borr Drilling Limited (BORR) hat ein vorläufig vermarktetes öffentliches Angebot von 50 Millionen Stammaktien in einer zweistufigen Abwicklungsstruktur gestartet. Etwa 30 Millionen Aktien sollen am 7. Juli 2025 (die „Erste Abwicklung“) abgewickelt werden, während die restlichen 20 Millionen am oder um den 7. August 2025 (die „Zweite Abwicklung“) abgewickelt werden, nur wenn die Aktionäre auf einer außerordentlichen Hauptversammlung (SGM) am 6. August 2025 einer Erhöhung des genehmigten Kapitals zustimmen. Die Aktien sind an der NYSE notiert; der zuletzt gemeldete Kurs am 1. Juli 2025 lag bei 1,95 USD.

Die Nettoerlöse – deren genaue Höhe vom endgültigen Preis abhängt – sind für allgemeine Unternehmenszwecke vorgesehen, wie Schuldendienst, Investitionsausgaben und Betriebskapitalbedarf. Die Eigenkapitalerhöhung ist auch eine aufschiebende Bedingung für vereinbarte Änderungen des Finanzierungspakets von Borr: Es liegen Zusagen vor, die Super Senior Revolving Credit Facility auf 200 Millionen USD (+50 Millionen USD) zu erhöhen, die 45 Millionen USD Garantie-Linie umzuwandeln und eine neue gesicherte Senior-RCF in Höhe von 34 Millionen USD hinzuzufügen, wodurch die verfügbare Liquidität um mehr als 100 Millionen USD steigt und die Covenant-Schwellenwerte gelockert werden (niedrigere Mindestliquidität, höhere Verschuldungsgrenze, niedrigere Deckungskennzahlen).

Operativ hat Borr 13 neue Vertragsabschlüsse/LOIs/LOAs im Jahr 2025 verbucht, was etwa 3.010 potenzielle Bohrgerätetage und einen Umsatzrückstand von 366 Millionen USD (durchschnittlicher Tagessatz 121.000 USD) hinzufügt. Die Vertragsabdeckung liegt nun bei 84 % für 2025 und 45 % für 2026 bei durchschnittlichen Tagessätzen von 144.000 USD bzw. 141.000 USD.

Führungswechsel: CCO Bruno Morand wird am 1. September 2025 CEO; der aktuelle CEO Patrick Schorn wird zum Executive Chair wechseln, während der Vorsitzende Tor Olav Trøim im Vorstand verbleibt. Thiago Mordehachvili, CIO von Granular Capital, wurde nominiert, dem Vorstand beizutreten, vorbehaltlich der Zustimmung der SGM zur Erweiterung des Vorstands.

Mehrere Insider – Schorn (1 Mio. USD), Morand (0,3 Mio. USD) und Drew Holding Ltd. (10 Mio. USD) – beabsichtigen zu zeichnen, wobei alle sich entschieden haben, die Aktien in der Zweiten Abwicklung zu erhalten. Wenn die SGM nicht zustimmt, wird nur die Erste Abwicklung abgeschlossen und die restlichen 20 Millionen Aktien nicht ausgeliefert.

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Insights

TL;DR – Offer strengthens liquidity and aligns with covenant relief, but hinges on shareholder approval and is dilutive.

The 50 million-share raise should add roughly $95-100 million (assuming pricing near the $1.95 reference) in fresh equity, satisfying a key condition for upsizing and loosening the Super Senior RCF. The simultaneous increase in borrowing capacity (> $100 million) materially improves near-term liquidity for debt service and working capital while avoiding punitive short-term refinancing. However, failure to secure the SGM vote would eliminate 40% of the capital sought and could jeopardise the new credit facilities. Existing holders face ~21 % dilution at full settlement (from 236 million to 286 million shares). Insider participation and recent contract wins signal management confidence, but leverage remains high (~$2 billion of long-term debt) and equity is raised at depressed levels.

TL;DR – New backlog and average day-rate support earnings visibility; liquidity moves reduce counterparty risk.

Adding 3,010 contract days and $366 million in potential revenue at an average $121k day-rate confirms a tightening shallow-water jack-up market. Coverage of 84 % for 2025 and 45 % for 2026 provides solid earnings visibility and should help service the fleet’s heavy maintenance and debt schedule. Management succession appears orderly, retaining industry expertise. The equity raise, though dilutive, lowers refinancing risk and may improve customer confidence that Borr can mobilise and operate rigs without liquidity constraints. Overall, strategically positive for long-run competitiveness.

Borr Drilling Limited (BORR) ha avviato un'offerta pubblica preliminare di 50 milioni di azioni ordinarie tramite una struttura di regolamento in due fasi. Circa 30 milioni di azioni sono previste per il regolamento il 7 luglio 2025 (il “Primo Regolamento”), mentre le restanti 20 milioni saranno regolate intorno al 7 agosto 2025 (il “Secondo Regolamento”) solo se gli azionisti approveranno un aumento del capitale sociale autorizzato durante un'Assemblea Generale Straordinaria (SGM) il 6 agosto 2025. Le azioni sono quotate al NYSE; l'ultimo prezzo riportato il 1° luglio 2025 era di 1,95 dollari.

I proventi netti—il cui importo esatto dipenderà dal prezzo finale—sono destinati a scopi aziendali generali come il servizio del debito, spese in conto capitale e necessità di capitale circolante. L’aumento di capitale è anche una condizione sospensiva per le modifiche concordate al pacchetto di finanziamento di Borr: sono stati ricevuti impegni per aumentare la Super Senior Revolving Credit Facility a 200 milioni di dollari (+50 milioni), riclassificare la linea di garanzia da 45 milioni di dollari e aggiungere una nuova linea RCF senior garantita da 34 milioni di dollari, incrementando così la liquidità disponibile di oltre 100 milioni di dollari e allentando le soglie dei covenant (minimo di liquidità più basso, limite di leva finanziaria più alto, rapporti di copertura inferiori).

Dal punto di vista operativo, Borr ha registrato 13 nuovi contratti/LOI/LOA nel 2025, aggiungendo circa 3.010 giorni potenziali di utilizzo piattaforme e un backlog di ricavi di 366 milioni di dollari (tariffa media giornaliera di 121.000 dollari). La copertura contrattuale è ora dell’84% per il 2025 e del 45% per il 2026 con tariffe medie giornaliere di 144.000 e 141.000 dollari rispettivamente.

Rinnovo della leadership: il CCO Bruno Morand diventerà CEO il 1° settembre 2025; l’attuale CEO Patrick Schorn passerà a Presidente Esecutivo, mentre il Presidente Tor Olav Trøim rimarrà nel consiglio di amministrazione. Il CIO di Granular Capital, Thiago Mordehachvili, è nominato per entrare nel consiglio, subordinatamente all’approvazione dell’SGM per l’ampliamento del numero dei membri del consiglio.

Diversi insider—Schorn (1 milione di dollari), Morand (0,3 milioni) e Drew Holding Ltd. (10 milioni)—intendono sottoscrivere, scegliendo tutti di ricevere le azioni nel Secondo Regolamento. Se l’SGM non approva, si chiuderà solo il Primo Regolamento, lasciando le restanti 20 milioni di azioni non consegnate.

Borr Drilling Limited (BORR) ha iniciado una oferta pública preliminarmente comercializada de 50 millones de acciones ordinarias mediante una estructura de liquidación en dos fases. Se espera que aproximadamente 30 millones de acciones se liquiden el 7 de julio de 2025 (la “Primera Liquidación”), mientras que las 20 millones restantes se liquidarán alrededor del 7 de agosto de 2025 (la “Segunda Liquidación”) solo si los accionistas aprueban un aumento del capital autorizado en una Junta General Extraordinaria (SGM) el 6 de agosto de 2025. Las acciones están listadas en la NYSE; el último precio reportado el 1 de julio de 2025 fue de $1.95.

Los ingresos netos—cuyo monto exacto dependerá del precio final—están destinados a fines corporativos generales como servicio de deuda, gastos de capital y necesidades de capital de trabajo. La emisión de acciones también es una condición previa para las enmiendas acordadas al paquete de financiamiento de Borr: se han recibido compromisos para aumentar la Línea de Crédito Revolvente Super Senior a $200 millones (+$50 millones), reclasificar la línea de garantía de $45 millones y añadir una nueva línea RCF senior garantizada de $34 millones, aumentando conjuntamente la liquidez disponible en más de $100 millones y facilitando los umbrales de los convenios (mínimo de liquidez más bajo, techo de apalancamiento más alto, ratios de cobertura menores).

Operativamente, Borr ha registrado 13 nuevos contratos/LOIs/LOAs en 2025, sumando aproximadamente 3,010 días potenciales de uso de plataformas y un backlog de ingresos de $366 millones (tarifa diaria promedio de $121k). La cobertura contractual ahora es del 84% para 2025 y del 45% para 2026 con tarifas diarias promedio de $144k y $141k, respectivamente.

Renovación en el liderazgo: el CCO Bruno Morand será CEO a partir del 1 de septiembre de 2025; el actual CEO Patrick Schorn pasará a Presidente Ejecutivo, mientras que el Presidente Tor Olav Trøim permanecerá en la junta. El CIO de Granular Capital, Thiago Mordehachvili, está nominado para unirse a la junta, condicionado a la aprobación del SGM para ampliar el tamaño de la junta.

Varios insiders—Schorn ($1 millón), Morand ($0.3 millones) y Drew Holding Ltd. ($10 millones)—tienen la intención de suscribirse, eligiendo todos recibir las acciones en la Segunda Liquidación. Si el SGM no aprueba, solo se cerrará la Primera Liquidación, dejando las 20 millones de acciones restantes sin entregar.

Borr Drilling Limited(BORR)는 5,000만 보통주에 대한 예비 공모를 두 단계 결제 구조로 시작했습니다. 약 3,000만 주는 2025년 7월 7일(“첫 번째 결제”)에 결제될 예정이며, 나머지 2,000만 주는 2025년 8월 7일경(“두 번째 결제”)에 주주총회(SGM)에서 승인된 자본금 증액이 있을 경우에만 결제됩니다. 해당 주식은 NYSE에 상장되어 있으며, 2025년 7월 1일 마지막 보고된 가격은 1.95달러였습니다.

최종 가격에 따라 달라질 순수익은 부채 상환, 자본 지출, 운전자본 필요 등 일반 기업 목적에 사용될 예정입니다. 이번 자본 조달은 Borr의 금융 패키지 개정에 대한 선행 조건이기도 하며, 슈퍼 시니어 리볼빙 크레딧 시설을 2억 달러(+5,000만 달러)로 확대하고, 4,500만 달러 보증 라인을 재분류하며, 신규 3,400만 달러 시니어 담보 RCF를 추가하는 약속을 받았습니다. 이를 통해 가용 유동성이 1억 달러 이상 증가하고, 계약 조건(최소 유동성 하향, 레버리지 상한 상향, 커버리지 비율 하향)이 완화됩니다.

운영 측면에서 Borr는 2025년에 13건의 신규 계약/LOI/LOA를 확보했으며, 약 3,010개의 잠재 리그 일수와 3억 6,600만 달러의 매출 백로그(평균 일일 요율 12만 1천 달러)를 추가했습니다. 계약 커버리지는 2025년에 84%, 2026년에 45%이며, 각각 평균 일일 요율은 14만 4천 달러와 14만 1천 달러입니다.

리더십 변화: CCO 브루노 모란드는 2025년 9월 1일 CEO로 취임하며, 현 CEO 패트릭 쇼른은 집행 의장으로 전환하고, 회장 토르 올라브 트뢰임은 이사회에 남습니다. 투자사 Granular Capital의 CIO 티아고 모르데하흐빌리가 이사회 규모 확대를 위한 SGM 승인을 조건으로 이사회에 합류할 예정입니다.

여러 내부자들—쇼른(100만 달러), 모란드(30만 달러), Drew Holding Ltd.(1,000만 달러)—가 모두 두 번째 결제에서 주식을 수령하기로 선택하며 구독할 의사를 밝혔습니다. SGM이 승인되지 않으면 첫 번째 결제만 완료되고 나머지 2,000만 주는 전달되지 않습니다.

Borr Drilling Limited (BORR) a lancé une offre publique préalablement commercialisée de 50 millions d’actions ordinaires via une structure de règlement en deux étapes. Environ 30 millions d’actions devraient être réglées le 7 juillet 2025 (le « Premier Règlement »), tandis que les 20 millions restantes seront réglées aux alentours du 7 août 2025 (le « Second Règlement ») seulement si les actionnaires approuvent une augmentation du capital autorisé lors d’une Assemblée Générale Extraordinaire (AGE) le 6 août 2025. Les actions sont cotées au NYSE ; le dernier cours rapporté au 1er juillet 2025 était de 1,95 $.

Le produit net—dont le montant exact dépendra du prix final—est destiné à des fins générales d’entreprise telles que le service de la dette, les dépenses en capital et les besoins en fonds de roulement. Cette augmentation de capital est également une condition suspensive aux modifications convenues du paquet de financement de Borr : des engagements ont été reçus pour porter la ligne de crédit renouvelable Super Senior à 200 millions de dollars (+50 millions), reclasser la ligne de garantie de 45 millions de dollars et ajouter une nouvelle ligne RCF senior garantie de 34 millions de dollars, augmentant ainsi la liquidité disponible de plus de 100 millions de dollars et assouplissant les seuils des covenants (liquidité minimale plus basse, plafond d’endettement plus élevé, ratios de couverture plus faibles).

Sur le plan opérationnel, Borr a enregistré 13 nouveaux contrats/LOI/LOA en 2025, ajoutant environ 3 010 jours potentiels de location de plateformes et un carnet de commandes de 366 millions de dollars (tarif journalier moyen de 121 000 $). La couverture contractuelle s’élève désormais à 84 % pour 2025 et 45 % pour 2026, avec des tarifs journaliers moyens de 144 000 $ et 141 000 $ respectivement.

Renouvellement de la direction : le CCO Bruno Morand deviendra CEO le 1er septembre 2025 ; l’actuel CEO Patrick Schorn passera Président Exécutif, tandis que le Président Tor Olav Trøim restera au conseil d’administration. Le CIO de Granular Capital, Thiago Mordehachvili, est nommé pour rejoindre le conseil, sous réserve de l’approbation de l’AGE pour augmenter la taille du conseil.

Plusieurs initiés—Schorn (1 M$), Morand (0,3 M$) et Drew Holding Ltd. (10 M$)—ont l’intention de souscrire, choisissant tous de recevoir leurs actions lors du Second Règlement. Si l’AGE ne donne pas son accord, seul le Premier Règlement sera clôturé, laissant les 20 millions d’actions restantes non livrées.

Borr Drilling Limited (BORR) hat ein vorläufig vermarktetes öffentliches Angebot von 50 Millionen Stammaktien in einer zweistufigen Abwicklungsstruktur gestartet. Etwa 30 Millionen Aktien sollen am 7. Juli 2025 (die „Erste Abwicklung“) abgewickelt werden, während die restlichen 20 Millionen am oder um den 7. August 2025 (die „Zweite Abwicklung“) abgewickelt werden, nur wenn die Aktionäre auf einer außerordentlichen Hauptversammlung (SGM) am 6. August 2025 einer Erhöhung des genehmigten Kapitals zustimmen. Die Aktien sind an der NYSE notiert; der zuletzt gemeldete Kurs am 1. Juli 2025 lag bei 1,95 USD.

Die Nettoerlöse – deren genaue Höhe vom endgültigen Preis abhängt – sind für allgemeine Unternehmenszwecke vorgesehen, wie Schuldendienst, Investitionsausgaben und Betriebskapitalbedarf. Die Eigenkapitalerhöhung ist auch eine aufschiebende Bedingung für vereinbarte Änderungen des Finanzierungspakets von Borr: Es liegen Zusagen vor, die Super Senior Revolving Credit Facility auf 200 Millionen USD (+50 Millionen USD) zu erhöhen, die 45 Millionen USD Garantie-Linie umzuwandeln und eine neue gesicherte Senior-RCF in Höhe von 34 Millionen USD hinzuzufügen, wodurch die verfügbare Liquidität um mehr als 100 Millionen USD steigt und die Covenant-Schwellenwerte gelockert werden (niedrigere Mindestliquidität, höhere Verschuldungsgrenze, niedrigere Deckungskennzahlen).

Operativ hat Borr 13 neue Vertragsabschlüsse/LOIs/LOAs im Jahr 2025 verbucht, was etwa 3.010 potenzielle Bohrgerätetage und einen Umsatzrückstand von 366 Millionen USD (durchschnittlicher Tagessatz 121.000 USD) hinzufügt. Die Vertragsabdeckung liegt nun bei 84 % für 2025 und 45 % für 2026 bei durchschnittlichen Tagessätzen von 144.000 USD bzw. 141.000 USD.

Führungswechsel: CCO Bruno Morand wird am 1. September 2025 CEO; der aktuelle CEO Patrick Schorn wird zum Executive Chair wechseln, während der Vorsitzende Tor Olav Trøim im Vorstand verbleibt. Thiago Mordehachvili, CIO von Granular Capital, wurde nominiert, dem Vorstand beizutreten, vorbehaltlich der Zustimmung der SGM zur Erweiterung des Vorstands.

Mehrere Insider – Schorn (1 Mio. USD), Morand (0,3 Mio. USD) und Drew Holding Ltd. (10 Mio. USD) – beabsichtigen zu zeichnen, wobei alle sich entschieden haben, die Aktien in der Zweiten Abwicklung zu erhalten. Wenn die SGM nicht zustimmt, wird nur die Erste Abwicklung abgeschlossen und die restlichen 20 Millionen Aktien nicht ausgeliefert.


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2025

Commission File Number: 001-41856
Carbon Revolution Public Limited Company
(Exact name of registrant as specified in its charter)

10 Earlsfort Terrace
Dublin 2, D02 T380, Ireland
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F:

Form 20-F
Form 40-F



Submission of Matters to a Vote of Security Holders

As previously reported in its Report on Form 6-K furnished with the U.S. Securities and Exchange Commission (the “SEC”) on June 6, 2025, the annual general meeting of shareholders (the “Annual Meeting”) of Carbon Revolution Public Limited Company, a public limited company incorporated in the Republic of Ireland (the “Company”), was originally scheduled for 9:00 a.m. (Eastern time) on June 30, 2025 as a virtual meeting conducted solely online at www.virtualshareholdermeeting.com/CREV2024. At such time and place, the Annual Meeting was duly called to order and adjourned until 9:30 a.m. (Eastern time) on the same date and at the same place to allow additional time for the Company to obtain a quorum necessary for action to be taken at the Annual Meeting.

At 9:30 a.m. (Eastern time) on June 30, 2025, the Company held the Annual Meeting. Under the Company’s constitution and Irish law, a quorum was present at 9:30 a.m. (Eastern time).

The items of business considered by the Company’s shareholders at the Annual Meeting and a final tabulation of votes cast for and against each proposal, as well as the number of abstentions and broker non-votes with respect to each proposal, are set forth below:

1a. To re-elect Dale McKee to serve on our board of directors (the “Board of Directors” or the “Board”) as a Class I director until the 2027 annual meeting of shareholders (“Proposal No. 1a”)

FOR
 
AGAINST
 
ABSTAIN
BROKER NON-VOTES
618,676
 
12,739
 
24,903
541,299

1b. To re-elect Jacqueline Dedo to serve on our Board as a Class I director until the 2027 annual meeting of shareholders (“Proposal No. 1b”)

FOR
 
AGAINST
 
ABSTAIN
BROKER NON-VOTES
618,641
 
12,774
 
24,903
541,299

1c. To re-elect Matti Masanovich to serve on our Board as a Class I director until the 2027 annual meeting of shareholders (“Proposal No. 1c”)

FOR
 
AGAINST
 
ABSTAIN
BROKER NON-VOTES
618,654
 
12,739
 
24,925
541,299

2. To ratify the appointment of KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee, as the Company’s independent registered public accounting firm for the Company’s fiscal year ending June 30, 2025, and to authorise the Board to fix their remuneration (“Proposal No. 2”)

FOR
 
AGAINST
 
ABSTAIN
1,122,801
 
61,190
 
13,626

3. To ratify the appointment of KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee, as the Company’s Irish statutory auditor for the fiscal year ending June 30, 2023, and to authorize the Board to fix their renumeration (“Proposal No. 3”)

FOR
 
AGAINST
 
ABSTAIN
1,119,008
 
64,611
 
13,998

4. To ratify the appointment of KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee, as the Company’s Irish statutory auditor for the fiscal year ending June 30, 2024, and to authorize the Board to fix their renumeration (“Proposal No. 4”)


FOR
 
AGAINST
 
ABSTAIN
1,119,008
 
64,611
 
13,998

5. To ratify the appointment of KPMG, an Irish partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee, as the Company’s Irish statutory auditor for the fiscal year ending June 30, 2025, and to authorize the Board to fix their renumeration (“Proposal 5”).

FOR
 
AGAINST
 
ABSTAIN
1,119,008
 
64,611
 
13,998


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
Carbon Revolution Public Limited Company
 
(Registrant)
   
Date: July 2, 2025
/s/ Donald Hampton, Jr
 
Donald Hampton, Jr
 
Chief Executive Officer



FAQ

Why is Borr Drilling (BORR) issuing 50 million new shares?

The company seeks cash for general corporate purposes such as debt repayment, capex and working capital, and to satisfy conditions for expanding its revolving credit facilities.

What happens if shareholders do not approve the extra authorised shares at the 6 Aug 2025 SGM?

Only the 30 million shares settling on 7 Jul 2025 will be issued; the remaining 20 million Second Settlement shares will be cancelled and no proceeds received.

How will the offering affect BORR’s share count?

Shares outstanding would rise from 236.2 million to 266.2 million after the First Settlement and to 286.2 million after the Second Settlement, a ~21 % increase.

How does the credit facility amendment improve liquidity?

Commitments lift the Super Senior RCF to $200 m, add a $34 m new RCF and free the $45 m guarantee line, increasing available liquidity by >$100 m and easing covenants.

What new business has BORR secured in 2025?

Thirteen contract awards/LOIs/LOAs add ~3,010 rig-days and $366 million of potential revenue, pushing 2025 fleet coverage to 84 %.

Who will be the new CEO of Borr Drilling?

Chief Commercial Officer Bruno Morand will succeed Patrick Schorn as CEO on 1 September 2025; Schorn will become Executive Chair.
Carbon Revolution Public Limited Company

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