Borr Drilling(BORR)

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Borr Drilling Limited - Q3 2024 Presentation
Prnewswire· 2024-11-07 13:50
HAMILTON, Bermuda, Nov. 7, 2024 /PRNewswire/ --Please find enclosed the presentation of Borr Drilling Limited's third quarter 2024 results to be held on the webcast/conference call at 15:00 CET (9:00 AM New York time) on November 7, 2024. In order to listen to the presentation, you may do one of the following: Webcast To access the webcast, please go to the following link:https://edge.media-server.com/mmc/p/fcm3dyij Conference Call Please use this link to register for the conference call,https://register. ...
Borr Drilling Limited - Grant of Restricted Stock Units
Prnewswire· 2024-11-06 22:48
HAMILTON, Bermuda, Nov. 6, 2024 /PRNewswire/ -- The Board of Directors of Borr Drilling Limited (the "Company") (OSE and NYSE "BORR") informs that it has resolved to grant 136,612 Restricted Stock Units (each, a "RSU") to its Directors.Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2025, and will be conditional on continuing to serve as a Director of the Company at the date of vesting. The RSUs will be settled through issuance of shares in the Company.Persons disch ...
Borr Drilling Limited Announces Third Quarter 2024 Results
Prnewswire· 2024-11-06 21:32
Core Viewpoint - Borr Drilling Limited reported a decline in financial performance for the third quarter of 2024, with total operating revenues of $241.6 million, a net income of $9.7 million, and adjusted EBITDA of $115.5 million, all showing significant decreases compared to the previous quarter [2][3][6]. Financial Performance - Total operating revenues decreased by $30.3 million or 11% compared to the second quarter of 2024 [2]. - Net income fell by $22.0 million or 69% compared to the second quarter of 2024 [2]. - Adjusted EBITDA decreased by $20.9 million or 15% compared to the second quarter of 2024 [2]. Contractual Developments - The company has secured seventeen new contract commitments year-to-date, representing 4,129 days and $731 million in potential contract revenue [2]. - New contracts for rigs "Skald", "Norve", and "Natt" commenced with significantly higher day rates than previous contracts [4]. - Rigs "Gunnlod", "Gerd", and "Arabia I" experienced fewer operational days due to preparations for upcoming contracts [4]. Operational Updates - The technical utilization rate was reported at 98.7%, while the economic utilization rate was at 96.9% for the third quarter [3]. - The newbuild "Vali" was delivered in August and will begin operations in early 2025, while the final newbuild "Var" is scheduled for delivery in mid-November 2024 [5]. Market Conditions - Concerns regarding near-term oil supply exceeding demand have led to customer caution in confirming rig contracts, potentially delaying new projects [6]. - The company updated its full-year 2024 adjusted EBITDA guidance to be at or about the lower end of the range of $500 to $550 million [6]. Strategic Initiatives - Borr Drilling has 78% of its rig fleet contracted through 2025 at an average day rate of $148,000 per day, which is 10% higher than in 2024 [7]. - The board declared a cash distribution of $0.02 per share ($4.8 million) for the third quarter of 2024 and committed to a share buyback of $20 million before year-end 2024, totaling a shareholder return of $25 million [2][8].
Borr Drilling(BORR) - 2024 Q3 - Quarterly Report
2024-11-06 21:15
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________ ___________________________ ____________________________________________ ____________________________________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 November 6, 2024 Commission File Number: 001-39007 Borr Drilling Limited S.E. Pearman Building 2 Floor 9 Par-la-Ville Road Hamilton HM11 Bermuda +1 (441) 542-9234 ...
Borr Drilling: Back Into Value Territory After The Sell-Off
Seeking Alpha· 2024-11-05 14:24
Borr Drilling (NYSE: BORR ) has recently been under persistent downward pressure, with shares sliding more than 40% year-to-date. A major factor weighing down on the stock, along with the broader jackup market, was SaudiEx-quant, now investing privately within a value investing framework. "I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does t ...
Borr Drilling Limited - Announcing Voluntary Delisting from Oslo Stock Exchange
Prnewswire· 2024-11-01 21:49
HAMILTON, Bermuda, Nov. 1, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE & OSE: BORR) today announced that Euronext Oslo Stock Exchange ("OSE") has approved the Company's application for delisting, following an affirmative shareholder vote at the Company's Special General Meeting in October 2024.The Company's shares will be delisted from OSE as of 31 December 2024. The last day of trading will be 30 December 2024, and the Company will subsequently maintain a single listing on the New York ...
Borr Drilling Limited - Announces Pricing of Offering of Additional 10.375% Senior Secured Notes due 2030 For Gross Proceeds of $175 million
Prnewswire· 2024-10-25 21:16
HAMILTON, Bermuda, Oct. 25, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited has priced an offering of additional 10.375% senior secured notes due 2030 (the "Additional Notes") for gross proceeds of approximately $175 million.The Additional Notes will have the same terms and conditions as the existing $515 million aggregate principal amount of senior secured notes due 2030.The proceeds from the offering are ...
Borr Drilling Limited Announces Certain Preliminary Results for the Quarter Ended September 30, 2024
Prnewswire· 2024-10-25 21:09
HAMILTON, Bermuda, Oct. 25, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) today announced certain preliminary unaudited results for the quarter ended September 30, 2024.For the three months ended September 30, 2024, the Company expects: (i) total operating revenues of approximately $242 million, (ii) operating income of approximately $84 million, and (iii) Adjusted EBITDA of approximately $116 million. The Company expects approximately $186 million in cash and cash equi ...
Borr Drilling Limited - Written resolution approved - Senior Unsecured Convertible Bond Loan 2023/2028
Prnewswire· 2024-10-17 08:45
HAMILTON, Bermuda, Oct. 17, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") has today been advised by the Nordic Trustee AS that, pursuant to the summons for a written resolution dated 2 October 2024 for the Company's senior unsecured convertible bonds with ISIN NO0012828187 (the "Bonds"), the written resolutions have today been resolved and approved by the bondholders. CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208 This information was brought to you by Cision http ...
Borr Drilling Limited - Summons for a written resolution - Senior Unsecured Convertible Bond Loan 2023/2028
Prnewswire· 2024-10-02 12:48
HAMILTON, Bermuda, Oct. 2, 2024 /PRNewswire/ -- Borr Drilling Limited (the "Company") has today requested Nordic Trustee AS to summon for a bondholders' written resolution (the "Summons") for the Company's senior unsecured convertible bonds with ISIN NO0012828187 (the "Bonds"). The purpose of the written resolution is to approve a proposal to amend the bond terms in connection with the potential de-listing of the Company's shares from the Oslo Stock Exchange, as approved by a Special General Meeting of the ...