Borr Drilling Ltd.

Borr Drilling Ltd. announces that in connection with Company's previously announced liquidity improvement plan, the Company intends to offer up to USD 40 million in new depository receipts , representing the beneficial interests in the same number of the Company's underlying common shares, each with a par value of USD 0.05 . The subscription price will be set through an accelerated bookbuilding process. Certain investors [...]

OSLO, Norway, Jan. 19, 2021 /PRNewswire/ -- Borr Drilling Ltd. is pleased to confirm that the liquidity improvement plan announced in December 2020 has received support from its creditors, including: The $400m syndicated bank facilities maturity deferred to January 2023 The $195m Hayfin facility maturity deferred to January 2023 $760m PPL facilities maturity amended to May 2023, with interest payments deferred until March [...]

Borr Drilling Ltd. and refers to an article initially published in the Norwegian newspaper "Dagens Næringsliv" today, which refers to a potential alternative plan discussed by two creditors. The Board and Management are highly confident that the Company can execute the liquidity improvement plan and equity raise as announced in a press release on 24 December 2020. The Company is working closely and constructively with all [...]

Borr Drilling Ltd. is pleased to announce in its fleet status report today that it has entered into a new contract, an extension and received an LOA, adding USD 35.1 million over approximately 480 days to the total backlog, with good prospects for additional backlog on these units. The previously announced LOI for the Norve, which is currently warm stacked, has been converted into a contact for two wells plus one option [...]

Borr Drilling Ltd. advises that a Special General Meeting of the Company was held on January 8, 2021 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda The following resolution was passed:To approve the increase of the Company's authorized share capital from US$11,932,692.30 divided into 238,653,846 common shares of US$0.05 par value each to US$14,500,000.00 divided into [...]

Borr Drilling Ltd. advises that the Company will hold a Special General Meeting on January 8, 2021. The Board of Directors has fixed the close of business on January 4, 2021, as the record date for the determination of the shareholders entitled to attend and vote at the Special General Meeting or any adjournment thereof. A copy of the Notice of Special General Meeting and Form of Proxy and associated information can be [...]

Borr Drilling Ltd. and is pleased to announce the appointment of Mr. Magnus Vaaler as its new Chief Financial Officer, replacing Mr. Christoph Bausch with effect from 28 December 2020. Patrick Schorn, Chief Executive Officer, commented: "I am pleased to announce Magnus as the new Chief Financial Officer of Borr Drilling. Magnus has been with the company since 2018 and has taken increasing responsibility in our finance [...]

As stated in its Q3 report, Borr Drilling has been working actively with its creditors to strengthen the liquidity profile of the Company. With considerable support of all secured creditors a liquidity improvement plan amounting to $925 million over the next two years has been devised. Subject to the Company successfully raising USD40m in new equity, the lenders are supportive of the following outcome, subject to final [...]

Borr Drilling Ltd. announces unaudited results for the three and nine months ended September 30, 2020. Highlights in the Third Quarter of 2020 Total operating revenues of $59.2 million, net loss of $61.9 million and Adjusted EBITDA of $ million for the third quarter of 2020. The combined Adjusted EBITDA of the four separate Mexican JVs that the Company has ownership in was $45.2 million in the third quarter of 2020 [...]

Reference is made to Borr Drilling Ltd.'s stock exchange releases related to the subsequent offering of 10,000,000 new shares on the Oslo Stock Exchange , each at a subscription price at USD 0.53 per Offer Share. The Subsequent Offering was settled Friday 27 November 2020, and the Company's issued share capital has been increased by USD 500,000 to USD 11,015,935.20, divided into 220,318,704 common shares with a nominal [...]