Each one in plain English, with the numbers worked through for a shareholder.
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 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.
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.
10 Aug 2022capital raising announcement● NeutralMajor
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.
What it means for a shareholder
69.4m new shares at US$3.60 to raise about US$250m. That's 31% dilution: every existing holder's slice gets 31% smaller. If you held US$1,000 of shares (278 at the issue price), your slice goes from 0.000182% to 0.000125% of the company. To keep it you'd need 126 more shares - about US$454 at the issue price.
In April 2022 Borr sold another 828,056 new shares through the at-the-market program at an average $4.408 per share (about $3.6m by simple multiplication). Issued capital is now 152,901,508 shares at $0.10 par, continuing the gradual dilution seen in March.
In March 2022 Borr sold 1,521,944 new shares through the at-the-market program at an average $3.431 per share (about $5.2m by simple multiplication). Issued capital is now 152,073,452 shares at $0.10 par. This shows the program, which the board did not expect to use in July 2021, is now being drawn, diluting existing holders. The par value and share count differ from the earlier context (about 158.4m shares at $0.05), which suggests a share consolidation in the interim; the filing does not explain this.
6 July 2021capital raising announcement● NeutralMajor
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.
The underwriters of Borr's U.S. IPO took up their extra-share option in full, buying another 750,000 shares at $9.30 each, so the IPO totalled 5,750,000 shares. Settlement was expected the same day.
What it means for a shareholder
750,000 new shares at US$9.30 to raise about US$7.0m. That's 0.709% dilution: every existing holder's slice gets 0.709% smaller. If you held US$1,000 of shares (108 at the issue price), your slice goes from 0.000102% to 0.000102% of the company. To keep it you'd need 1 more shares - about US$9 at the issue price.
