Each one in plain English, with the numbers worked through for a shareholder.
29 July 2026business combination▲ GoodMajor
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.
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.
Borr set the price for its tender offer for the 10.000% 2028 notes: total consideration of $1,048.36 per $1,000 original principal (before the amortization factor of 0.81707317, excluding accrued interest) for notes tendered by the early deadline, including a $2.50 consent payment. Holders can keep tendering until June 24, 2026, and the offer depends on conditions including the new notes financing. This continues the refinancing begun in May; the filing does not say how much was tendered by this point.
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.
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.
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.
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.
Borr proposed a $250 million offering of convertible senior notes due 2033 (plus a $37.5 million over-allotment option), with proceeds to repurchase its existing 2028 convertible bonds and for general corporate purposes. This is the start of a refinancing of the $250 million 5.00% 2028 convertibles; no pricing or repurchase amount is given yet.
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.
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.
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.
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.
9 Dec 2025capital raising announcement● NeutralMajor
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.
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.
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.
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.
From December 13 to 20, 2024, Borr bought 2,279,305 shares at an average of about $3.76 (total $8,575,975) in the second tranche. Total holdings of repurchased shares are now 4,745,586, or 1.80% of issued shares. About $1.4 million of the $10 million second tranche appears unspent as of this report (inference from the stated cap and amount bought); the tranche runs to December 31.
Borr agreed a second tranche with DNB Markets to buy the remaining $10 million of the $20 million year-end 2024 commitment, from December 13 to December 31, 2024. It is capped at 4 million shares and $5.00 per share, and Borr can suspend it at any time. The stated aim is to return value to shareholders by reducing share capital.
Borr finished the first $10 million buyback tranche (started under the November 2024 plan), buying 2,466,281 shares at an average of about $4.06, for $9,999,789 in total, which is 0.93% of issued shares. This is the first reported actual purchase under the $100 million authorization, resolving the earlier open question of whether purchases occurred. The filing states the company holds the repurchased shares.
13 Nov 2024security holder rights change▲ GoodMajor
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.
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.
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.
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.
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.
8 Dec 2023security holder rights change▲ GoodMajor
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.
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.
25 Oct 2023capital raising announcement● NeutralMajor
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.
25 Oct 2023capital raising announcement● NeutralMajor
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.
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.
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.
