Borr Drilling Ltd. is contemplating offering USD 40-50 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, and each at a subscription price of USD 0.70 . Certain investors have pre-committed to subscribe for Offer Shares in the Equity Offering in the amount of approximately USD 30 million, of which [...]
Borr Drilling Ltd. is pleased to announce that it has reached agreement with the bank syndicates and with Hayfin, who in sum provides USD595m in loan facilities, to extend their maturity to January 2023 and lower the minimum liquidity covenant to USD5m until maturity. The next step of the plan is to reach agreement with the yards before year end 2020 to extend all remaining instalments and maturities under the Company's [...]
Borr Drilling Ltd. today announced that the Company has received written notice from the New York Stock Exchange that the Company is not in compliance with the NYSE continued listing standard with respect to the minimum average share price required by the NYSE because the average closing price of its common shares had fallen below $1.00 per share over a period of 30 consecutive trading days. Under the NYSE rules, the [...]
Borr Drilling Ltd. today announced that, in connection with the assumption of his new role as CEO and in line with the Company's corporate governance policies, Patrick Schorn will step down from the Company's board of directors with effect from September 8, 2020. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This information was brought to you [...]
Borr Drilling Ltd. announces unaudited results for the three and six months ended June 30, 2020. Highlights in the Second Quarter of 2020 Total operating revenues of $84.0 million, net loss of $109.6 million and Adjusted EBITDA* of $ million for the second quarter of 2020. The adjusted EBITDA includes approximately $12 million of non-recurring costs related to the agreements reached with the Company's creditors in June [...]
Borr Drilling Ltd. advises that the 2020 Annual General Meeting of the Company was held on August 10, 2020 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The audited consolidated financial statements for the Company for the year ended December 31, 2019 were presented to the Meeting. The following resolutions were passed: 1) To re-elect Pål Kibsgaard as a Director of the [...]
Borr Drilling Ltd. is pleased to announce the appointment of Patrick Schorn as its new Chief Executive Officer with effect from 8 September 2020. Mr. Schorn will succeed Svend Anton Maier who will remain with the Company as Special Advisor to the Chief Executive Officer. Mr Schorn has been a Director of the Company since January 2018. Paal Kibsgaard, Chairman of the Board, commented: "We are pleased to announce Patrick as [...]
OSLO,Norway, Aug. 3, 2020 /PRNewswire/ -- Borr Drilling Ltd. , is pleased to announce in its fleet status report today that it has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed and contracted rigs up to 14. The tender activity [...]
The Annual General Meeting of Shareholders of Borr Drilling Ltd. will be held on August 10, 2020 in Bermuda. A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this release. Associated information including the Company's Annual Report can be found on the Company's website www.borrdrilling.com. Hamilton, Bermuda July 21 [...]
Borr Drilling Ltd. has on June 15, 2020 filed its Annual Report on Form 20-F for the Year Ended December 31, 2019 . Simultaneously, the Company has also released its 2019 Sustainability Report and Corporate Governance report. The reports are enclosed to this release. The Company's 2019 Annual Report can be downloaded from the SEC's website and is also available on the Company's website . Hard copies of the Company's 2019 [...]
Reference is made to Borr Drilling Ltd.'s stock exchange notices dated May 20 and May 21, 2020. The Company is pleased to announce it has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315 million in the period to the first quarter of 2022. These amendments have now been agreed with the following key terms: Deferral of the [...]
Borr Drilling Ltd. advises that the Company will hold a Special General Meeting on June 4, 2020. The Board of Directors has fixed the close of business on June 1, 2020 as the record date for 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 found on the [...]
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