Borr Drilling Limited (BDRILL)

TekBot · august 9, 2024, 6:12am

Notification of Major Holdings

TekBot · august 9, 2024, 8:06pm

Borr Drilling Limited Announces Certain Preliminary Results for the Quarter Ended June 30, 2024

Bermuda, August 9, 2024 Borr Drilling Limited (the “Company”) (NYSE and OSE:
“BORR”) today announced certain preliminary unaudited results for the quarter
ended June 30, 2024.
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The Company expects for the three months ended June 30, 2024: (i) total
operating revenues of approximately $272 million, an increase of $38 million or
16% compared to the first quarter of 2024, (ii) operating income of
approximately $104 million, an increase of $19 million or 23% compared to the
first quarter of 2024, and (iii) adjusted EBITDA of approximately $136 million,
an increase of $19 million or 17% compared to the first quarter of 2024. The
Company expects $193.5 million in cash and cash equivalents and $150.0 million
undrawn under our RCF as of June 30, 2024.

The increase in operating income of $19 million is primarily comprised of the
following: (i) $10 million increase associated with the termination of a
contract for “Arabia I” (one-off impact from the amortization of deferred
revenue and deferred costs); (ii) $5 million net increase from the improved
operations of our jack-up fleet; and (iii) $3 million increase in amortization
of deferred revenue as a result of changes to our operating structure in Mexico
for jack-up rigs “Galar”, “Odin” and “Njord”.

For illustrative purposes, the Company expects the following positive impacts to
Q2 2024 adjusted EBITDA on an annualized basis:

i. $99 million on an annualised basis from the uplift in dayrates in the second
half of 2024 for the rigs Norve, Saga, Skald, Gerd and Natt;
ii. $32 million on an annualised basis from the increase in revenue from the new
contract for Arabia I which is expected to commence early 2025; and
iii. $61 million on an annualised basis from the expected contract for the rig
Vali, which is scheduled for delivery in August 2024 and whose contract is
expected to commence by year end

These positive impacts are offset by a $90 million negative impact (annualised)
as a result of the positive one-off impacts in Q2 2024 associated with the
termination of the Arabia I contract in June 2024, as well as the change in our
operating structure in Mexico.

The Company is currently finalizing its financial results for the three and six
months ended June 30, 2024, which it plans to release on August 14, 2024 after
markets close.

The expected financial results for the three months ended June 30, 2024
presented herein are estimates, based on information available to management as
of the date of this release, and are subject to further changes upon completion
of the Company’s standard quarter end closing procedures. Such preliminary
operating results do not represent a comprehensive statement of financial
results and actual results may differ materially from these estimates following
the completion of Borr Drilling’s standard closing procedures, or as a result of
other adjustments or developments that may arise before the results for this
period are finalized. The Company does not intend to update such financial
information prior to release of its final second quarter 2024 financial
information, which is scheduled for August 14, 2024.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

Hamilton, Bermuda

UNAUDITED NON-GAAP MEASURE RECONCILIATION

Set forth below is a reconciliation of the Company’s Net Income to Adjusted
EBITDA.

(in US$ millions) Q2 2024 Q1 2024
Net income 31.7 14.4
Depreciation of non-current assets 31.9 31.8
Income from equity method investments 2.5 (5.4)
Total financial expense, net 55.4 57.8
Income tax (credit)/expense 14.9 18.2
Adjusted EBITDA 136.4 116.8

The Company uses certain financial information calculated on a basis other than
in accordance with accounting principles generally accepted in the United States
(US GAAP) including Adjusted EBITDA. Adjusted EBITDA as presented above
represents our periodic net income/(loss) adjusted for: depreciation of
noncurrent assets, (income)/loss from equity method investments, total financial
(income) expense net and income tax (credit) expense. Adjusted EBITDA is
presented here because the Company believes that the measure provides useful
information regarding the Company’s operational performance.

Due to the forward-looking nature of the expected impact of items described
above on adjusted EBITDA for Q2 2024 on an annualized basis, the Company is
unable to present a quantitative reconciliation of such forward looking non-GAAP
financial measure to the most directly comparable forward-looking GAAP financial
measure without unreasonable effort.

Forward-Looking Statements

This document and any other written or oral statements made by us in connection
with this document include forward-looking statements that are made under the
“safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or phrases
such as “may,” “will,” “expect,” “estimate,” “intend,” “plan,” “believe,”
“likely to” “should,” “continue” or other similar expressions. These forward
-looking statements include statements about expected results for the second
quarter of 2024, the expected impact on Q2 2024 adjusted EBITDA on an annualized
basis of certain items included expected increases in contract dayrates, and
impact of new contracts and expected contracts, the expected impact of the
termination of the contract for Arabia I and expected impact of excluding
certain one-off items incurred in Q2 2024, expected contracting and the terms of
expected contracts and other non-historical statements. These forward-looking
statements are not statements of historical facts and are based upon current
estimates, expectations, beliefs and various assumptions, many of which are
based, in turn, upon further assumptions. These statements involve significant
known and unknown risks, uncertainties, contingencies and factors that are
difficult or impossible to predict and are beyond our control, and that may
cause our actual results, performance, financial results, position or
achievements to be materially different from those expressed or implied by the
forward-looking statements. Numerous factors could cause our actual results,
level of activity, performance or achievements to differ materially from the
results, level of activity, performance or achievements expressed or implied by
these forward-looking statements including: risks relating to our actual results
for Q2 2024 and future periods and the risk that actual results may differ
materially from those implied by the statements in this release, risks relating
to contracts and performance under contracts, including the risk that contracts
are not entered into on terms described herein or at all, dayrates received by
us, the start dates and termination of contracts and the risks described in
Part. I of “Item 3.D. Risk Factors” of our most recent Annual Report on Form 20
-F and other filings with the Commission. Any forward-looking statements that we
make in this report speak only as of the date of such statements and we caution
readers of this report not to place undue reliance on these forward-looking
statements. Except as required by law, we undertake no (and expressly disclaim
any) obligation to update or revise any forward-looking statement or statements
to reflect events or circumstances after the date on which such statement is
made.

9 August 2024

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 9, 2024, 8:09pm

Borr Drilling Limited - Announces Pricing of Additional Offering of 10.000% Senior Secured Notes due 2028 For Proceeds of $150 million

Hamilton, Bermuda, August 9, 2024. Borr Drilling Limited (the “Company”) (NYSE
and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC Limited
has priced an offering of additional 10.000% senior secured notes due 2028 (the
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“Additional Notes”) for gross proceeds of approximately $150 million.

The Additional Notes will have the same terms and conditions as the existing
$1.225 billion aggregate principal amount of senior secured notes due 2028.

The proceeds from the offering are intended to be used for the acquisition and
activation costs for the newbuild rig “Vali”, instead of the previously secured
yard financing that was intended for the newbuild, as the terms and pricing for
the Additional Notes are more advantageous, and for general corporate purposes
including debt service. Settlement of the notes offering is expected on or about
August 16, 2024 and is subject to customary closing conditions.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

Important note

This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be prohibited by applicable
law. This distribution is for information purposes only and does not constitute
or form part of an offer or solicitation of an offer to purchase or subscribe
for securities in the United States or in any jurisdiction in which, or to any
persons to whom, such offering, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any jurisdiction. The
securities referred to herein have not been and will not be registered under the
U.S. Securities Act of 1933 (the “U.S. Securities Act”) or applicable state
securities laws, and may not be offered or sold in the United States or to U.S.
persons unless such securities are registered under the U.S. Securities Act, or
an exemption from the registration requirements of the U.S. Securities Act is
available.

Forward looking statements

The press release include forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, including the expected
closing date of the Additional Notes offering, the intended use of proceeds and
other non-historical statements. These forward-looking statements are subject to
numerous risks, uncertainties and assumptions, including risks relating to the
closing of the Additional Notes and actual use of proceeds and other risks
included in our filings with the Securities and Exchange Commission including
those set forth under “Risk Factors” in our annual report on Form 20-F for the
year ended December 31, 2023 and in prospectuses filed with the Norwegian
Financial Supervisory Authority (FSA). Forward-looking statements reflect
knowledge and information available at, and speak only as of, the date they are
made. Except as required by law, the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date hereof or to reflect the
occurrence of unanticipated events. Readers are cautioned not to place undue
reliance on such forward-looking statements.

August 9, 2024

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 12, 2024, 6:12am

Notification of Major Holdings

TekBot · august 12, 2024, 1:43pm

Notification of Major Holdings

TekBot · august 14, 2024, 2:09pm

Borr Drilling Limited - 2024 AGM Results Notification

Borr Drilling Limited (the “Company”) advises that the 2024 Annual General
Meeting of the Company was held on August 14, 2024 at 10:00 ADT at 2[nd] Floor,
The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda. The
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audited consolidated financial statements for the Company for the year ended
December 31, 2023 were presented to the Meeting.

The following resolutions were passed:

To set the maximum number of Directors of the Company to be not more than
seven.

To re-elect Tor Olav Trøim as a Director of the Company.

To re-elect Alexandra Kate Blankenship as a Director of the Company.

To re-elect Neil J. Glass as a Director of the Company.

To re-elect Mi Hong Yoon as a Director of the Company.

To re-elect Daniel Rabun as a Director of the Company.

To re-elect Jeffrey Currie as a Director of the Company.

To re-elect Patrick Schorn as a Director of the Company.

To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the
Directors to determine their remuneration.

To approve remuneration of the Company’s Board of Directors of a total
amount of fees not to exceed US$1,400,000 for the year ended December 31, 2024.

Hamilton, Bermuda

August 14, 2024

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 14, 2024, 3:29pm

Notification of Major Holdings

TekBot · august 14, 2024, 8:06pm

Borr Drilling Limited Announces Second Quarter 2024 Results

Hamilton, Bermuda, August 14, 2024: Borr Drilling Limited (“Borr”, “Borr
Drilling” or the “Company”) announces unaudited results for the three and six
months ended June 30, 2024.
…

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Highlights

. Total operating revenues of $271.9 million, an increase of $37.9 million
or 16% compared to the first quarter of 2024

. Net income of $31.7 million, an increase of $17.3 million or 120% compared
to the first quarter of 2024

. Adjusted EBITDA1 of $136.4 million, an increase of $19.6 million or 17%
compared to the first quarter of 2024

. Year to date of report, the Company has been awarded fourteen new contract
commitments, representing 3,537 days and $651 million of potential contract
revenue

. In August, the Company raised $150 million of additional principal amount
of debt under the 2028 Senior Secured Notes to finance the delivery of the
newbuild “Vali”

. On August 14, 2024, the Board declared a cash dividend of $0.10 per share
for the second quarter of 2024 to be paid on or about September 6, 2024

CEO, Patrick Schorn commented:

"The second quarter operational performance has been strong, with a technical
utilization rate of 99.2% and an economic utilization rate of 98.4%. As a
result, we have generated $253 million in adjusted EBITDA year-to-date,
positioning us well to meet our full-year 2024 Adjusted EBITDA guidance of $500
to $550 million.

In terms of contracting, we’ve continued to secure new contracts at accretive
day rates, including the recently announced long-term contract for the “Arabia
I” in Brazil. I’m particularly pleased that, following the unexpected suspension
in Saudi Arabia, we successfully obtained a replacement contract that should be
advantageous for the coming four years due to its higher day rate and longer
contract duration. As a result, all our 22 delivered rigs are again contracted,
with only a few days left remaining available in 2024. Looking ahead to 2025, we
currently have about 73% of our capacity contracted, which aligns with our
expectations for this time of the year.

Regarding our newbuilds, we anticipate taking delivery of the “Vali” later this
week. We’re pleased to report that we are in the final stages of assigning this
rig to a previously announced contract in Africa. The “Var”, our final newbuild,
remains on schedule for delivery in late Q4 2024, and we remain optimistic about
securing a contract for it by the time of delivery.

From a financial perspective, the year is progressing largely as we anticipated.
While the suspensions in Saudi Arabia have had some negative impact, this has
been more than compensated by better-than-expected pricing on our new contracts.
Additionally, the market is gradually absorbing the excess supply caused by
these suspensions. Looking ahead, we foresee a continued tight market for
premium assets, leading to sustained better pricing. The global jack-up rig
fleet’s age profile, with 30% of the rigs being over 35 years old, is expected
to drive incremental retirements. Coupled with the fact that no new rigs have
been ordered in the past decade, these conditions create a favourable
environment for our company, which operates the youngest fleet of 24 premium
rigs in the industry.

From a cash standpoint, we are well-positioned for the future. We have an
undrawn $150 million revolving credit facility (RCF), a $45 million guarantee
facility, and nearly $200 million in cash at the end of the quarter. In 2024, we
will complete our capex program related to the newbuild rigs, enabling us to
further enhance shareholder returns through additional dividends and/or share
buybacks, with $100 million still available under the current buyback
authorization. The Board has approved a quarterly dividend of $0.10 per share
for Q2 2024, which was doubled in Q1 2024, amounting to approximately $100
million in annual dividends.

After the close of the quarter, we secured an additional $150 million loan
through our 2028 Senior Secured Notes to fund the delivery of the newbuild
“VaIi”. Although seller’s financing was an available alternative, leveraging our
existing bond proved to be a more cost-effective solution. This approach also
helps maintain a streamlined capital structure, with a single bond covering both
the 2028 and 2030 maturities.

While the market has experienced some turbulence, we have successfully
maintained steady and predictable performance. Our outlook for 2025 and beyond
remains unchanged, and we are confident this will enable us to consistently
deliver increased earnings and incremental returns for our shareholders."

Conference Call

A conference call and webcast is scheduled for 15:00 CEST (9:00 AM New York
Time) on Thursday 15 August, 2024 and participants are encouraged to dial in 10
minutes before the start of the call.

In order to listen to the presentation, you may do one of the following:

a) Webcast

To access the webcast, please go to the following link: https://edge.media
-server.com/mmc/p/oog8fcz6

b) Conference Call

Please use the below link to register for the conference call,
Conference Registration.

Participants will then receive dial-in details on screen and via email and can
then choose to dial in with their unique pin or select “Call me” and provide
telephone details for the system to link them automatically.

The complete Earnings Report and Fleet Status Report are enclosed.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 14, 2024, 8:08pm

Borr Drilling Limited - Dividend declaration and key information relating to the cash distribution for the second quarter 2024

Hamilton, Bermuda, August 14, 2024. Borr Drilling Limited (NYSE and OSE: BORR)
today announces that the Company’s Board of Directors has approved a cash
distribution of paid-in capital of US$0.10 per share for the second quarter of
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Note to shareholders registered in Euronext VPS, the Norwegian Central Security
Depository:

Due to implementation of the Central Securities Depository Regulation (CSDR) in
Norway, please note the information regarding the payment date for the shares
registered in Euronext VPS below.

Effective as of May 28, 2024, the New York Stock Exchange (“NYSE”) settles its
trades on a T+1 basis, while the Oslo Stock Exchange (“OSE”) continues to settle
its trades on a T+2 basis. As a result, there will be different ex-dividend
dates between the two exchanges, as set out below.

Key information:

Distribution amount: $0.10 per share

Declared currency: USD.

Dividends payable to shares registered with Euronext VPS will be distributed in
NOK with fixing date on 11 September, 2024.

Date of approval: 14 August, 2024

Last day including right OSE: 20 August, 2024

Last day including right NYSE: 21 August, 2024

Ex-date OSE: 21 August, 2024

Ex-date NYSE: 22 August, 2024

Record date: 22 August, 2024

Payment date: On or about 6 September, 2024.

Due to the implementation of CSDR in Norway, distributions payable on shares
registered with Euronext VPS is expected to be distributed to Euronext VPS
shareholders on or about 11 September, 2024.

This information is published in accordance with the requirements of the
Continuing Obligations.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 15, 2024, 10:09am

Borr Drilling Limited - Interim Financial Report on Form 6-K

TekBot · august 15, 2024, 12:31pm

Borr Drilling Limited - Q2 2024 Presentation

Please find enclosed the presentation of Borr Drilling Limited’s second quarter
2024 results to be held on the webcast/conference call at 15:00 CEST (9:00 AM
New York time) on August 15, 2024.
…

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In order to listen to the presentation, you may do one of the following:

a) Webcast

To access the webcast, please go to the following link:

https://edge.media-server.com/mmc/p/oog8fcz6

b) Conference Call

Please use this link to register for the conference call,

Conference Registration

Participants will then receive dial-in details on screen and via email and can
then choose to dial in with their unique pin or select “Call me” and provide
telephone details for the system to link them automatically.

Replay stream:

When the call is complete, participants can stream the replay of the call by
clicking this link:

https://edge.media-server.com/mmc/p/oog8fcz6

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · august 19, 2024, 6:17am

NOTIFICATION OF MAJOR HOLDINGS

TekBot · august 21, 2024, 4:01am

Borr Drilling Limited - ex dividend USD 0.10 today

TekBot · august 22, 2024, 9:11am

Borr Drilling Limited - Adjustment conversion price convertible bonds

TekBot · august 26, 2024, 2:09pm

NOTIFICATION OF MAJOR HOLDINGS

TekBot · september 2, 2024, 4:01am

Borr Drilling Limited - Grant of Share Options

Bermuda, September 2, 2024: The Board of Directors of Borr Drilling Limited (the
“Company”) (OSE and NYSE “BORR”) has resolved to grant 2,990,000 share options
(each, an “Option”) under the Company’s approved share option scheme to certain
…

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of its employees.

Each Option gives the right to subscribe for one share in the Company. The
Options will have a strike price of $6.68 and will vest equally over a three
year period commencing on August 15, 2025. The Options will expire five years
from the date of grant.

Magnus Vaaler, Chief Financial Officer, a person discharging managerial
responsibilities (“PDMR”), as defined by the (EU) Market Abuse Regulation, has
been granted and accepted 225,000 Options. Please see the attached form of
notification and public disclosure by the PDMR.

This information is subject to the disclosure requirements in article 19 of the
Regulation (EU) 596/2014 (the Market Abuse Regulation) and section 5-12 of the
Norwegian Securities Trading Act.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

TekBot · september 3, 2024, 8:05pm

Borr Drilling Limited - Notice of Special General Meeting of Shareholders

Borr Drilling Limited (the “Company”) (NYSE and OSE: BORR) advises that the
Company will hold a Special General Meeting on Tuesday, October 1st, 2024 to
approve the delisting of the Company’s common shares from the Oslo Stock
…

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Exchange and to authorise the Board of Directors to take steps to implement the
delisting including filing an application to the Oslo Stock Exchange on behalf
of the Company.

The Board of Directors has fixed 5:00 p.m. Bermuda time on Tuesday, September
10th, 2024 as the record date for determination of the shareholders entitled to
attend and vote at the Special General Meeting or any adjournment thereof.

A copy of the Notice of Special General Meeting and Form of Proxy (the “Notice”)
and associated information will be distributed to shareholders by normal
distribution methods prior to the meeting and available on the Company’s website
at http://www.borrdrilling.com.

Hamilton, Bermuda

September 3, 2024

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

Kilde

E24Bot · september 3, 2024, 9:21pm

Borr Drilling vil strykes fra Oslo Børs

TekBot · september 5, 2024, 10:53am

Flagging i Borr Drilling LTD

Bergheim · september 6, 2024, 10:11am

Takk for din henvendelse.

Med referanse til informasjonen offentliggjort av Borr Drilling Limited, vil spørsmålet om selskapet skal søke om strykning fra notering bli behandlet på en generalforsamling («Special General Meeting») tirsdag 10. september. Først etter at en eventuell beslutning er fattet på generalforsamlingen og vi har mottatt en formell søknad om strykning fra selskapet, vil vi kunne ta stilling til om selskapet skal strykes fra notering.

Når Oslo Børs mottar en søknad om strykning fra et notert selskap, blir dette offentliggjort på www.newsweb.no. Ved behandlingen av søknaden vurderer vi resultatet og avstemningen fra generalforsamlingen, i tillegg til at vi hensyntar minoritetsaksjonærer, innsendte klager og andre relevante forhold.

Ta gjerne kontakt dersom du har ytterligere spørsmål.