AG真人官方

Borr Drilling Limited (NYSE: BORR) is raising fresh equity through a 50 million-share offering priced at $2.05 per share, for gross proceeds of $102.5 million (net 鈮� $98.3 million).

The offering will be executed in two tranches: (1) 30 million shares settle on 7 July 2025; (2) 20 million shares settle on the first trading day after the 6 Aug 2025 Special General Meeting (SGM), conditional on shareholder approval to expand authorised share capital.

Pro-forma cash rises from $170 million to $268 million; total shares outstanding could expand from 236.2 million to 286.2 million, implying dilution of ~21 %. Net proceeds are earmarked for general corporate purposes, debt service, capex and working capital.

Management links the raise to liquidity-enhancing credit amendments: the Super-Senior RCF grows by $50 million to $200 million, a new $34 million secured RCF is added, and covenant thresholds (liquidity, leverage, equity ratio, interest cover) are relaxed. Combined, the changes are expected to lift available liquidity by >$100 million, contingent on closing at least $100 million of this equity deal.

Commercial momentum continues: since January the company has signed 13 new contracts/LOAs/LOIs adding 3,010 potential rig-days and $366 million of revenue (average day-rate $121k). Fleet coverage is expected to reach 84 % for 2025 and 45 % for 2026 at day-rates of $144k and $141k respectively.

Governance update: CCO Bruno Morand will succeed CEO Patrick Schorn on 1 Sep 2025; Schorn becomes Executive Chair, while founder Tor Olav Tr酶im remains on the board. A major shareholder nominee, Thiago Mordehachvili (Granular Capital), will stand for election at the SGM.

• Offering underwritten by DNB, Clarksons Securities, Citi and Goldman Sachs; underwriters receive a $0.072 per-share fee (up to $3.6 million) plus an optional 1 % discretionary fee.
• Offering price represents a ~3 % discount to the 2 July 2025 closing price of $2.11.
• High leverage remains: long-term debt of $2.0 billion vs. pro-forma equity of $1.07 billion (debt-to-equity 鈮� 1.9脳).

Borr Drilling Limited (BORR) has launched a preliminarily marketed public offering of 50 million common shares via a two-step settlement structure. Approximately 30 million shares are expected to settle on 7 July 2025 (the 鈥淔irst Settlement鈥�) while the remaining 20 million will settle on or about 7 August 2025 (the 鈥淪econd Settlement鈥�) only if shareholders approve an increase in authorised share capital at a Special General Meeting (SGM) on 6 August 2025. The shares are listed on the NYSE; the last reported price on 1 July 2025 was $1.95.

Net proceeds鈥攚hose exact amount will depend on final pricing鈥攁re earmarked for general corporate purposes such as debt service, capital expenditure and working-capital needs. The equity raise is also a condition precedent for agreed amendments to Borr鈥檚 financing package: commitments have been received to lift the Super Senior Revolving Credit Facility to $200 million (+$50 million), re-classify the $45 million guarantee line, and add a new $34 million senior secured RCF, jointly raising available liquidity by more than $100 million and easing covenant thresholds (lower liquidity minimum, higher leverage ceiling, lower coverage ratios).

Operationally, Borr has booked 13 new contract awards/LOIs/LOAs in 2025, adding ~3,010 potential rig-days and $366 million of revenue backlog (average day-rate $121k). Contract coverage now stands at 84% for 2025 and 45% for 2026 at average day-rates of $144k and $141k, respectively.

Leadership refresh: CCO Bruno Morand will become CEO on 1 September 2025; current CEO Patrick Schorn will transition to Executive Chair, while Chairman Tor Olav Tr酶im will remain on the board. Investor Granular Capital鈥檚 CIO, Thiago Mordehachvili, is nominated to join the board, contingent on SGM approval to expand board size.

Several insiders鈥擲chorn ($1 m), Morand ($0.3 m) and Drew Holding Ltd. ($10 m)鈥攊ntend to subscribe, all electing to receive shares in the Second Settlement. If the SGM fails, only the First Settlement closes, leaving the remaining 20 million shares undelivered.