Borr Drilling Ltd

BC Ventures, the 50/50 joint venture between Borr and its Mexican well construction partner, completed the $287 million purchase of five rigs from Fontis Finance (Oberon, Titania FE, Courageous, Defender, Intrepid), resolving the March 2026 agreement and arriving within the expected Q3 window. It is financed by a $237 million non-recourse seller's credit, now stated to mature in January 2029 and secured by a first lien on the five rigs, plus $25 million cash from each partner. Borr says this brings its owned and jointly-owned fleet to 34 rigs.

business combination

Borr completed the tender offer and redemption: holders tendered 95.95% of the 2028 notes and 91.21% of the 2030 notes, and because each series passed 90%, Borr redeemed all the remaining notes on June 29, 2026. The new $1,100 million 8.750% 2032 and $935 million 9.000% 2034 notes were completed on June 10, 2026, and after the redemption all the old 2028 and 2030 notes have been repurchased or redeemed. This resolves the May refinancing, replacing the October 2023 notes and their add-ons with new notes at lower stated coupons.

debt financing

Borr priced an upsized $2.035 billion of senior secured notes: $1,100.0 million of 8.750% notes due 2032 and $935.0 million of 9.000% notes due 2034, $435.0 million above the planned $1.6 billion. Proceeds are to refinance in full the 10.000% 2028 notes ($1,128.1 million outstanding) and now the full 10.375% 2030 notes ($770.7 million outstanding), plus general corporate purposes and fees; settlement is expected around June 10, 2026. This continues the May 26 launch, widens the refinancing to all the 2030 notes, and the new coupons (8.750% and 9.000%) are lower than the 10.000% and 10.375% being replaced.

debt financing

Borr's subsidiaries Borr IHC and Borr Finance announced plans to offer $1.6 billion of senior secured notes due 2032 and 2034, with pricing expected around May 28, 2026. Proceeds plus cash are meant to refinance in full the 10.000% notes due 2028 and up to $447.3 million original principal of the 10.375% notes due 2030 (stated as $393.0 million outstanding after amortization), including through a concurrent tender offer. This starts a refinancing of the secured notes built up since the October 2023 deal; the offer is subject to market conditions.

debt financing

Borr completed the convertible offering, selling $300 million of 3.50% senior unsecured notes due May 1, 2033 after the initial purchasers exercised their full $40 million option. The conversion price is about $8.00, a premium of over 40% to the $5.70 NYSE close on April 14, 2026. Proceeds go to repurchasing 2028 convertible bonds (agreed for $195.2 million principal) and general corporate purposes, resolving the April proposal and pricing.

debt financing

Borr priced $260 million of 3.50% convertible senior notes due May 1, 2033, convertible at about $8.00 per share (125 shares per $1,000), with a $40 million over-allotment option. It agreed to repurchase $195.2 million of the 2028 convertible bonds for $224.5 million including accrued interest. This continues the April 14 proposal; the new notes carry a lower coupon than the 5.00% on the 2028 bonds.

debt financing

Borr agreed to buy five jack-up rigs from Fontis Finance for $287 million through BC Ventures Limited, a new 50/50 joint venture with its Mexican partner. The rigs are two F&G JU-2000E and three LeTourneau Super 116-C, all in Mexico. Financing is a $237 million non-recourse seller's credit (2.5-year maturity) plus $25 million cash from each partner; closing is expected within Q3 2026, subject to merger control approvals. Borr's own cash outlay is $25 million, and the venture is not yet part of the 29-rig fleet.

business combination

Borr completed the $360 million purchase of five jack-up rigs from Noble, resolving the December 2025 agreement; the fleet is now 29 rigs. The rigs are renamed Sif, Freyja, Forseti, Bestla and Joro. The fleet report shows Bestla, Forseti and Joro bareboat chartered to Noble affiliates, Freyja and Sif warm stacked, and 25 of 29 rigs operating or committed. The filing also confirms the Euronext Growth Oslo listing since December 19, 2025. Odin and Hild, whose contracts were terminated in October 2025, appear with Odin now contracted in the USA and Hild warm stacked; Var appears in the fleet, warm stacked in Singapore.

business combination

Borr agreed to buy five jack-up rigs from Noble Corporation (three F&G JU-3000N and two Gusto MSC CJ50) for $360 million, taking the fleet from 24 to 29 rigs. Financing is $150 million of added 2030 notes, a $150 million seller's credit due 2032 and an $85 million equity raise; two rigs will be chartered back to the seller for 12 months, expected to produce $29 million of earnings before debt service. Closing is expected in Q1 2026, conditional on the notes financing. The CEO's claims (accretive to Adjusted EBITDA, lower debt per rig) are management's expectations.

business combination

Borr priced an add-on of about $165 million of its 10.375% senior secured notes due 2030, on the same terms as the existing 2030 notes. Proceeds, with the equity offering, seller financing and cash if needed, go to the five-rig acquisition and general corporate purposes; settlement is expected around December 19, 2025. This adds to the 2030 notes after the Nov 2024 add-on, and is about $15 million more than the $150 million described in the acquisition announcement.

debt financing

Borr announced a plan to sell 21 million new shares to raise about $85 million, to help fund the potential purchase of five jack-up rigs along with a debt offering, seller financing and cash if needed. Directors Tor Olav Trøim (via Drew Holding) and Thiago Mordehachvili (via Granular Capital) each said they intend to subscribe for $10 million. It also starts a listing on Euronext Growth Oslo, expected to begin trading December 19, 2025, as a step toward re-listing on the Oslo Stock Exchange, reversing the Dec 31, 2024 Oslo delisting; NYSE stays the primary listing. Existing holders face more dilution, following the July 2025 offering.

capital raising announcement

Borr's nine-month 2025 report (filed with two credit facility documents) says the July offering completed: 30 million shares settled on July 7 and 20 million on August 7, 2025, after shareholders raised authorized shares from 315 million to 365 million. The super senior revolver, set up in November 2023 as a $180 million facility, was amended and is now a $200 million revolving facility, and a new $34 million senior secured revolver with Goldman Sachs Bank USA and Citibank was added; both were undrawn at September 30, 2025. This resolves the open question of whether the revolver was completed. The report also says the fleet is 24 jack-ups, Vali started its first contract in March 2025, Bruno Morand succeeded Patrick Schorn as CEO on September 1, 2025 (Schorn became Executive Chair), and in October 2025 Borr terminated contracts for Odin and Hild after sanctions hit a counterparty. In March 2025 it cancelled 19,680,391 treasury shares from the share lending arrangement. The financial results are in the truncated part and are not stated here.

debt financing

Borr priced the offering at $2.05 per share for 50 million shares, raising $102.5 million gross. 30 million shares settle around July 7, 2025, and 20 million around August 7, 2025, if shareholders approve extra authorized shares at the August 6 meeting. The price is well below the roughly $4 average paid in the November 2024 buyback tranche (comparison from the filings), and existing holders are diluted.

capital raising announcement

Borr announced a planned public offering of about 50 million new shares to raise $100 million for general corporate purposes, which may include debt service, capital expenditures and working capital. 30 million shares settle first, and the other 20 million depend on a shareholder meeting on August 6, 2025 approving more authorized shares. Tor Olav Trøim (via Drew Holding), CEO Patrick Schorn and Bruno Morand intend to subscribe for $10 million, $1 million and $300,000. This is new dilution, coming after the 2024 buybacks.

capital raising announcement

Borr is starting buybacks under the $100 million authorization: the board committed to repurchase $20 million of shares by year-end 2024 and authorized a first tranche of up to $10 million, run by DNB Markets on Oslo and NYSE from November 13 to November 30, 2024. The first tranche is capped at 3 million shares and $5 per share, and can be discontinued at any time. This puts the December 2023 authorization into use for the first time per this filing.

security holder rights change

Oslo Børs approved Borr's voluntary delisting following a shareholder vote at the October 2024 Special General Meeting. Shares will be delisted from Oslo on December 31, 2024 (last trading day December 30), leaving the New York Stock Exchange as the single listing. Holders can sell or move shares to the US depository, and Borr intends to keep the Norwegian share registration for at least 12 months. The shares stay listed in New York, so holders keep their shares.

listing compliance notice

Borr priced an add-on of 10.375% senior secured notes due 2030 for gross proceeds of about $175 million, on the same terms as the existing $515 million of 2030 notes. Proceeds are for acquiring and activating the newbuild rig Var, due for delivery November 15, 2024, instead of the previously secured yard financing, and for general corporate purposes including debt service. Settlement is expected around November 8, 2024. This repeats the August pattern of funding a newbuild with notes rather than yard financing.

debt financing

Borr priced another add-on of 10.000% senior secured notes due 2028 for gross proceeds of about $150 million, on the same terms as the existing $1.225 billion. Proceeds are for acquiring and activating the newbuild rig Vali, replacing the yard financing previously secured for it because the notes' terms were described as more advantageous, and for general corporate purposes including debt service. Settlement is expected around August 16, 2024.

debt financing

Borr priced an additional $200 million of its 10.000% senior secured notes due 2028, on the same terms as the $1,025 million issued November 7, 2023, maturing November 15, 2028. Proceeds are intended for general corporate purposes, which may include newbuild delivery and activation costs, optimizing the shipyard newbuild financing in place and working capital. Settlement is expected around March 12, 2024. This adds to the debt taken on in the October 2023 refinancing.

debt financing

Borr's board approved a share repurchase program of up to $100 million, bought in the open market, with no fixed expiry. Timing and amounts are at the company's discretion and the program can be suspended or discontinued at any time. This follows the October 2023 equity placement and refinancing, and the filing gives no amount actually bought.

security holder rights change

Borr priced $1.54 billion of senior secured notes: $1,025 million due 2028 at 97.75% with a 10.000% coupon, and $515 million due 2030 at 97.0% with a 10.375% coupon. Proceeds plus the $50 million share placement are intended to repay all secured borrowings, including the DNB, Hayfin, OPPL and PPL facilities and the $150 million senior secured bonds. Settlement is expected around November 7, 2023. This moves debt maturities out to 2028-2030 at fixed coupons above 10%, and the placement's completion conditions are now met subject to settlement steps.

debt financing

Borr priced the private placement: 7,522,838 new shares at NOK 74 (USD 6.6464) each, raising NOK 556,690,000 gross, equal to USD 50 million, and the offer was significantly oversubscribed. Settlement is expected around October 31, 2023, subject to conditions including pricing of the notes. This is modest dilution on top of roughly 254 million shares previously issued.

capital raising announcement

Borr launched a roughly $50 million private placement of new shares ($0.10 par) as part of the secured debt refinancing. Drew Holdings, linked to Chairman Tor Olav Trøim, pre-committed $5 million, and the board describes the dilution as limited. The placement depends on board approval, pricing of the notes and share issuance in Norway's depository.

capital raising announcement

Borr announced it intends to offer $1.5 billion of senior secured notes due 2028 and 2030, plus a $180 million super senior revolving credit facility and about $50 million of new shares in a Norway private placement. The money is meant to repay all secured borrowings (DNB Facility, Hayfin Facility, OPPL and PPL shipyard financing, and the $150 million Norwegian senior secured bonds). This would replace the 2025-2026 debt maturities discussed earlier with new notes secured on substantially all assets of the Company and certain subsidiary guarantors, and the offering depends on market conditions.

debt financing

Borr's Q1 2023 report shows revenue of $172.0 million (up from $82.0 million) and a net loss of $7.4 million (versus $51.3 million). In February 2023 it issued $250 million of 5.00% convertible bonds due 2028 (conversion price $7.3471) and $150 million of 9.5% senior secured bonds due 2026, and used them to retire the $350 million May 2023 convertible: $21.0 million exchanged, $177.8 million repaid in March, $151.2 million repaid in May. Borr says all its debt now matures in 2025 or later. Issued shares rose to 254,263,598 for the share lending, and the DNB facility was raised from $150 million to $175 million in April. 22 rigs were owned at March 31, 2023, with two newbuilds still to buy; the filing refers to the two remaining of the three rigs agreed for sale, suggesting one of the three has been sold.

debt financing

Borr announced an offering of up to $250 million five-year unsecured convertible bonds (maturing February 2028) and plans for a $150 million three-year senior secured bond. Proceeds from the convertibles would refinance the $350 million convertible bonds due May 23, 2023. Completion needs shareholder approval to increase authorized capital and creditor consents. Share lending of 25 million shares is set up to help investors hedge, with Borr issuing 15 million new shares to its major shareholder Drew Holdings to settle the first loan. This follows the loan-agreement undertaking to refinance the convertible by January 2023.

debt financing

Borr's Q3 2022 report shows nine-month revenue of $295.2 million, a net loss of $271.5 million, including a $131.7 million impairment. It confirms the refinancing: secured debt maturing 2023-2025 was extended (PPL and Hayfin to 2025), two newbuild deliveries deferred to 2025, three newbuilds agreed for sale, and the Syndicated and New Bridge facilities repaid using a new $150 million DNB bilateral facility and part of the August equity raise (gross $274.9 million from 76,363,071 shares at $3.60). The Gyme sale closed November 15, 2022. The refinancing agreements are filed as exhibits. The risk section flags an undertaking to refinance the convertible bonds by end of January 2023.

debt financing

Borr's Mexican JV (Perfomex) signed new contracts for the five Mexico rigs (Galar, Gersemi, Grid, Njord, Odin) with OPEX Perforadora and Perforadora Profesional Akal I, effective October 20, 2022 through December 31, 2025, for $715 million combined value including $33 million upfront cash. This extends work for the five rigs beyond the end-2022 expectation held earlier. Borr supplies the rigs bareboat and earns the residual cash after JV expenses and fees. (The filing's cover page is dated October 20, 2021, apparently a typo; the text says 2022.)

joint venture update

Borr agreed to sell the Gyme, a 2018 PPL-built rig in Singapore never activated or contracted, to an unrelated third party for $120 million. The sale is required under the PPL refinancing completed in early October 2022: proceeds go to what is owed on the rig, with any excess applied to capitalised interest on the eight other PPL-financed rigs. Closing is expected in Q4 2022.

asset acquisition disposition

Borr priced a public offering of 69,444,444 new shares at $3.60 each, for $250 million gross, with an option for underwriters to buy up to 6,944,444 more. Proceeds are meant to complete the refinancing with its lenders (Syndicated, New Bridge, Hayfin facilities and Keppel/PPL shipyard financing) and for general corporate purposes. Closing depends on authorized share capital increases at shareholder meetings on August 16 and 25, and on binding agreements with all those lenders. This is substantial dilution compared with about 152.9m shares outstanding at the end of April, and it is the equity part of the creditor framework that had been in talks since November 2021.

capital raising announcement

Borr signed a binding letter of intent to sell three of its five Keppel FELS newbuilds (Tivar, Huldra, Heidrun) to an undisclosed buyer for $320 million, to be used to pay the delivery instalments on those three rigs. Borr says it removes future capital commitments and activation costs, would leave 23 delivered rigs (20 contracted) plus two newbuilds, and is part of a refinancing still being worked on with creditors. The sale is subject to closing conditions and expected within 30 days.

asset acquisition disposition

Borr's Q3 2021 results show revenue of $73.0m, net loss of $32.6m, Adjusted EBITDA of $20.0m and cash of $68.9m, with 17 rigs now contracted or committed. The CEO says Borr is in advanced discussions with one significant creditor on a framework to extend commitments substantially beyond 2023, subject to board approvals and acceptable concessions from other creditor groups. No deal is yet final, so the 2023 maturities remain unresolved.

material agreement

Borr's Q2 2021 results show revenue of $54.8m, net loss of $59.9m and Adjusted EBITDA of $3.7m, with cash of $32.4m at June 30. The Mexican IWS JV sale closed in August 2021 and released $26.5m net cash, completing the June MoU. The CEO expects 17 rigs working by year-end and says management is working on a long-term capital structure solution beyond 2023. The fleet report notes a Norve contract in Gabon (Dec 2021-Apr 2022) and Gunnlod options exercised; the remainder of the text is cut off.

material agreement

Borr set up an at-the-market program with Clarksons Platou Securities to sell up to $40m of common shares on the NYSE from time to time. The board says it does not currently expect to sell any shares, and the program is for flexibility; proceeds could go to general corporate purposes including debt payments, rig activations or working capital. If used, it would dilute existing shareholders.

capital raising announcement

Borr signed a Memorandum of Understanding under which its Mexican partner will buy Borr's 49% stake in the Opex and Akal integrated well services JVs, expected to free up a gross $28m, while Borr buys 2% more of the Drilling JVs to hold 51%. Closing is expected in Q3 2021. Borr says an extension would employ its five Mexico rigs until the end of 2022 and that cash from its 13 operating rigs, Pemex payments and the sale proceeds should give enough liquidity until the 2023 debt maturities. This follows the earlier Pemex extension and Mexico working-capital threads.

material agreement

Borr filed its Q1 2021 trading update: revenue $48.4m, net loss $58.1m, Adjusted EBITDA of $(10.6)m, which includes a $9.2m reduction of prior-period Mexican JV revenue after the JV agreements were amended on standby rates. It says the January equity offering raised $46m (above the $40m contemplated) and the creditor agreements were executed in January, closing out those open threads. The CEO expects the five Mexico rigs to keep working for the IWS project until end 2022, which addresses the Pemex extension question; 13 rigs were operating at quarter-end and $15m in cash has come from the JVs year to date. The fleet status report's contract details (e.g. Prospector 1 signed from LOI) are cut off in the text shown.

material agreement

Borr says all its creditors have approved the proposed liquidity improvement plan, and it is working on final documents expected shortly. The attached presentation says the plan includes bank amortisation falling to zero in 2021, bank and Hayfin maturities extended to 2023, interest deferrals, and newbuild deliveries pushed from early 2022 to 2023. The presentation states the debt amendments are contingent on a gross $40 million equity raise, which would dilute existing shareholders if completed. This builds on the 2020 deferrals and moves the newbuild timing the context had at 2022.

asset acquisition disposition

The NYSE again notified Borr that its average share price had been under $1.00 for 30 consecutive trading days, just two months after compliance was regained in July. The new cure deadline is February 25, 2021, and Borr says it intends to cure.

listing compliance notice

The equity offering was completed: 46,153,846 new depositary receipts were allocated at $0.65 each, raising $30 million gross. Issued share capital will rise to 158,431,191 shares of $0.05 par value, so existing shareholders are diluted. This completes the offering announced earlier the same day.

asset acquisition disposition

Borr announced it was considering selling up to $30 million of new depositary receipts (backed by common shares), with proceeds for working capital and general corporate purposes. Bookbuilding ran May 20-21, 2020, with settlement expected around June 5.

asset acquisition disposition

The NYSE notified Borr that its average share price had been below $1.00 for 30 consecutive trading days, breaching a listing standard. Borr has until December 26, 2020 to cure it and says it intends to do so; the shares keep trading meanwhile.

listing compliance notice

Borr replaced the existing $50 million delivery financing on the newbuild rig Tivar (due July 2020) with a new $100 million facility maturing December 31, 2021. Delivery of the rigs Vale and Var is conditional on full repayment of that facility, or can happen 180 days after an early repayment. Remaining newbuild capex is $707 million, of which $620 million is financed, and unfunded 2020 delivery capex fell by $85 million.

business combination

Pemex awarded Borr a third contract in its Mexico 'Cluster 2', on the same economics and structure as the first two, for a jack-up rig expected to start in Q4 2019 for around 18 months. The first rig (Grid) has arrived on site and is starting its contract, and the second (Gersemi) is expected to start shortly after.

material agreement