Borr Drilling Limited (BORR)

Borr Drilling Limited - Pricing Terms for its Previously Announced Consent Solicitation and Tender Offer for its Senior Secured Notes due 2028June 9, 2026 1:48 PM
PR Newswire (US) HAMILTON, Bermuda, June 9, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") today announced the pricing terms of its previously announced offer by Borr IHC Limited, its wholly-owned subsidiary (the "Issuer"), to purchase for cash (the "Tender Offer") (i) any and all of its outstanding 10.000% Senior Secured Notes due 2028 (the "2028 Notes") and (ii) any and all of its outstanding 10.375% Senior Secured Notes Due 2030 (together with the 2028 Notes, the "Notes"), and the related solicitation of consents (the "Consent Solicitation"), in each case pursuant to the terms and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated May 26, 2026 (as amended or supplemented from time to time, the "Statement"). Capitalized terms used in this release but not otherwise defined have the meaning given in the Statement. The table below indicates, among other things, the Total Consideration for each $1,000 original principal amount of the 2028 Notes validly tendered at or prior to 5:00 p.m., New York City time, on June 8, 2026, as calculated at 10:00 a.m. (New York City time) today, June 9, 2026 (the "Price Determination Date") in accordance with the terms of the Statement:                                                                                                            Notes                                                                                                            CUSIP / ISIN
                                    Numbers                                                                                                            Original Principal Amount Issued                                                                                                            Outstanding Principal Amount                                                                                                            Factor                                                                                                            U.S. Treasury Reference Security                                                                                                            Blomberg Reference Page                                                                                                            Fixed Spread                                                                                                            Total
                                    Consideration                                                                                    


                                    (1)                                    (2)


                                    (2)(3)(4)                                                                                    10.000% Senior Secured NotesDue 2028                                    Rule 144A: 100018 AA8 / US100018AA89Regulation S: G1467F AA1 / USG1467FAA15                                    $1,380,696,000.00                                    $1,128,129,659.88                                    0.81707317                                    2.000% UST due November 15, 2026                                    FIT3                                    +50                                    $1,048.36(5)                                               As of May 22, 2026. This reflects an aggregate original principal amount of 2028 Notes adjusted to reflect amortization in respect thereof.The factor is a number that represents a fraction (expressed as a decimal rounded to 8 decimal digits) the numerator of which represents the unpaid principal amount of such series of securities and the denominator which represents the initial principal amount outstanding of such series of securities (the "Factor"). The Total Consideration will be the amount set forth in the table above multiplied by the applicable Factor, which reflects the partial amortization of the 2028 Notes.For each $1,000 original principal amount of 2028 Notes validly tendered and accepted for purchase and with respect to which the applicable Holder has provided its Consent. The Early Tender Payment includes a Consent Payment of $2.50 for each $1,000 original principal amount of 2028 Notes. Holders that validly tender their 2028 Notes and thereby deliver their Consents at or prior to the Early Tender/Consent Deadline (and do not validly withdraw such 2028 Notes and therefore do not validly revoke the related Consents) will be eligible to receive the Consent Payment of $2.50 per $1,000 original principal amount of 2028 Notes in respect of such 2028 Notes.Excludes Accrued Interest, which will be paid in addition to the Total Consideration.The Total Consideration for the 2028 Notes validly tendered has been determined in the manner described in the Statement by reference to the fixed spread (the "Fixed Spread") specified above plus the yield (the "Reference Yield") based on the bid-side price of the U.S. Treasury Reference Security specified above (the "Reference Security") as quoted on the Bloomberg Bond Trader FIT3 series of pages (the "Reference Page") as of the Price Determination Date, which includes the Early Tender Payment (including the Consent Payment).Holders may continue to tender their Notes (and thereby deliver Consents) until 5:00 p.m., New York City time, on June 24, 2026, in respect of the Tender Offer and Consent Solicitation, unless extended or earlier terminated by the Issuer in its sole discretion, subject to applicable law (the "Expiration Time").The Issuer reserves the right in its sole discretion, subject to applicable law, to (i) waive prior to the Expiration Time any and all conditions to the Tender Offer; (ii) extend the Expiration Time; (iii) amend the terms of the Tender Offer and Consent Solicitation in any respect; or (iv) terminate, withdraw or otherwise decide not to proceed with the Tender Offer and Consent Solicitation at any time prior to or at the Expiration Time and not accept for purchase or payment any Notes not theretofore accepted for purchase or payment.The Issuer's obligations to accept for purchase and pay for Notes pursuant to the Tender Offer and the Consent Solicitation is subject to the satisfaction of, or where applicable, the Issuer's waiver of, the conditions set forth under "Conditions to Consummation of the Tender Offer and the Consent Solicitation," including the Financing Condition, the Supplemental Indenture Condition, and the General Conditions as described in the Statement.Information Relating to the Tender Offer and the Consent Solicitation
The Company has engaged Citigroup Global Markets Inc is acting as the dealer manager and solicitation agent for the Tender Offer and the Consent Solicitation ("Dealer Manager and Solicitation Agent"). Questions regarding the terms of the Tender Offers and Consent Solicitations may be directed to Citigroup Global Markets Inc. at +1 (212) 723-6106 (banks and brokers) or +1 (800) 558-3745 (toll-free) or via email at ny.liabilitymanagement@citi.com. Global Bondholder Services Corporation is acting as (i) the Information Agent for the Tender Offer and the Consent Solicitation, (ii) the Tender Agent for the Tender Offer and (iii) the Tabulation Agent for the Consent Solicitation. Requests for copies of the Statement should be directed to Global bondholder Services Corporation at +1 (212) 430- 3774 (banks and brokers) or +1 (855) 654-2014 (toll-free) or via email at contact@gbsc-usa.com.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Børs since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the Tender Offer and Consent Solicitation, including expected settlement dates, the Financing Transaction and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the Tender Offer and Consent Solicitation and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---pricing-terms-for-its-previously-announced-consent-solicitation-and-tender-o,c4359874The following files are available for download:https://mb.cision.com/Public/16983/4359874/83c73b55da4900b6.pdfBORR Press Release - Tender Price Determination View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--pricing-terms-for-its-previously-announced-consent-solicitation-and-tender-offer-for-its-senior-secured-notes-due-2028-302795656.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Pricing Terms for its Previously Announced Consent Solicitation and Tender Offer for its Senior Secured Notes due 2028

Borr Drilling Limited - Early Tender Results for its Previously Announced Consent Solicitation and Tender Offer and Early Settlement DateJune 9, 2026 10:27 AM
PR Newswire (US) HAMILTON, Bermuda, June 9, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and OSE: BORR) ("Borr Drilling" or the "Company") today announced the early tender results, as of 5:00 p.m., New York City time, on June 8, 2026 (the "Early Tender/Consent Deadline"), in respect of the previously announced offer by Borr IHC Limited, its wholly-owned subsidiary (the "Issuer"), to purchase for cash (the "Tender Offer") (i) any and all of its outstanding 10.000% Senior Secured Notes due 2028 (the "2028 Notes") and (ii) any and all of its outstanding 10.375% Senior Secured Notes Due 2030 (the "2030 Notes" and, together with the 2028 Notes, the "Notes"), and the related solicitation of consents (the "Consent Solicitation") from Holders to vote in favor of certain proposed amendments (the "Proposed Amendments") to the indenture dated November 7, 2023 (as amended or supplemented from time to time, the "Existing Indenture"), in each case pursuant to the terms and subject to the conditions set forth in the offer to purchase and consent solicitation statement dated May 26, 2026 (as amended or supplemented from time to time, the "Statement"). Capitalized terms used in this release but not otherwise defined have the meaning given in the Statement.On May 27, 2026, the Issuer priced an offering of $1,100,000,000 8.750% Senior Secured Notes due 2032 and $935,000,000 9.000% Senior Secured Notes due 2034 (together, the "New Notes Offering") in connection with satisfaction of the Financing Condition. The closing of the New Notes Offering is expected to occur on June 10, 2026 and is subject to customary closing conditions.Early Tender Results
The Withdrawal/Revocation Time and the Early Tender/Consent Deadline passed at 5:00 p.m., New York City time, on June 8, 2026.The following table sets forth certain information regarding the Notes and the Tender Offer, including the aggregate principal amount of Notes (and related Consents) that were validly tendered and not validly withdrawn as of the Early Tender Time according to Global Bondholder Services Corporation, the Tender Agent and Information Agent for the Tender Offer:NotesCUSIP / ISIN
NumbersOriginal Principal Amount IssuedOutstanding Principal AmountAggregate Original Principal Amount Tendered


(1)
10.000% Senior Secured Notes Due 2028Rule 144A: 100018 AA8 /US100018AA89Regulation S: G1467F AA1 / USG1467FAA15$1,380,696,000.00$1,128,129,659.88$1,324,402,00010.375% Senior Secured Notes Due 2030
Rule 144A: 100018 AB6 / US100018AB62
Regulation S: G1467F AB9 / USG1467FAB97$877,094,000.00$770,650,554.20$794,306,000As of May 22, 2026. For the 2030 Notes, this reflects the initial aggregate original principal amount of 2030 Notes adjusted to reflect amortization in respect thereof. For the 2028 Notes, this reflects the initial aggregate original principal amount of 2028 Notes adjusted to reflect amortization in respect thereof.The Company has received valid and unrevoked tenders (and related Consents) of Notes representing 95.92% of the aggregate original principal amount of the 2028 Notes outstanding and 90.56% of the aggregate original principal amount of the 2030 Notes outstanding, representing 93.84% of the aggregate original principal amount of the Notes outstanding. Holders can no longer validly withdraw tenders of Notes (and revoke related delivered Consents) as the Withdrawal/Revocation Time has passed.In addition, pursuant to the terms of the Existing Indenture, as Holders of more than 90% of the aggregate original principal amount of the outstanding 2028 Notes and Holders of more than 90% of the aggregate original principal amount of the outstanding 2030 Notes have validly tendered and not withdrawn Notes in the Tender Offer, the Issuer intends to redeem all remaining Notes of each such series that remain outstanding (after giving effect to the purchase of tendered Notes on the Early Settlement Date) at a redemption price equal to the price offered to each tendering Holder (excluding any early tender or incentive fee) plus, to the extent not included in the payment to tendering Holders, accrued and unpaid interest, if any, to, but excluding, the date of such redemption. The Issuer intends to issue a notice of redemption promptly on or after the Early Settlement Date with an anticipated redemption date of such remaining Notes on or promptly after the Final Settlement Date. However, there can be no assurance that any Notes will be so redeemed. Nothing contained herein shall constitute a notice of redemption for the Notes.Because the Company received consents of Holders representing 93.84% of the outstanding aggregate principal amount of the Notes, such Notes having been validly tendered (and not validly withdrawn), on June 8, 2026, the Issuer and BNY Mellon Corporate Trustee Services Limited, as trustee, and Wilmington Trust (London) Limited, as security agent, among others, executed supplemental indentures to the Existing Indenture (the "Supplemental Indentures"), which implement the Increased Offer Proposed Amendments. The Increased Offer Proposed Amendments will (i) remove substantially all of the covenants and other obligations under the Indenture that can be removed with the consent of Holders of a majority of the aggregate principal amount of the Notes then outstanding and (ii) release all Liens in the Collateral securing the Notes and disapply certain covenants relating to the Collateral.The Supplemental Indentures will only become operative upon the Early Settlement Date (as defined below) if the relevant settlement conditions (as described under the caption "Conditions to Consummation of the Tender Offer and the Consent Solicitation" contained in the Statement) are satisfied or waived.On the Early Settlement Date (as defined below), Holders who validly tendered their Notes (and related Consents) before the Early Tender/Consent Deadline are eligible to receive:for each $1,000 original principal amount of the 2028 Notes, an amount determined in the manner described in the Statement by reference to the Fixed Spread for the 2028 Notes specified on the front cover of the Statement over the applicable Reference Yield based on the bid-side price of the applicable Reference Security specified on the front cover of the Statement, andfor each $1,000 original principal amount of the 2030 Notes, $1,060.00.Holders may continue to tender their Notes (and thereby deliver Consents) until 5:00 p.m., New York City time, on June 24, 2026, in respect of the Tender Offer and Consent Solicitation, unless extended or earlier terminated by the Issuer in its sole discretion, subject to applicable law (the "Expiration Time"). Holders who validly tender their Notes (and related Consents) after the Early Tender/Consent Deadline but at or prior to the Expiration Time will not be eligible to receive the Total Consideration, but will be eligible to receive the Tender Offer Consideration on the Final Settlement Date (as defined in the Statement).The Tender Offer Consideration or the Total Consideration, as applicable, will be multiplied by the applicable Factor (as defined in the Statement), which reflects the partial amortization of the Notes.Holders whose Notes are accepted for purchase pursuant to the Tender Offer will also receive accrued and unpaid interest, multiplied by the applicable Factor from the last interest payment date on such purchased Notes up to, but not including, the applicable Settlement Date.Important Dates and Times
Pursuant to the terms and conditions of the Statement, the Issuer has elected to settle on June 10, 2026 the Notes tendered at or prior to the Early Tender/Consent Deadline (the "Early Settlement Date").The final settlement date will occur promptly following the Expiration Time and is expected to be the second business day after the date on which the Expiration Time occurs (the "Final Settlement Date"). The Issuer reserves the right in its sole discretion, subject to applicable law, to (i) waive prior to the Expiration Time any and all conditions to the Tender Offer; (ii) extend the Expiration Time; (iii) amend the terms of the Tender Offer and Consent Solicitation in any respect; or (iv) terminate, withdraw or otherwise decide not to proceed with the Tender Offer and Consent Solicitation at any time prior to or at the Expiration Time and not accept for purchase or payment any Notes not theretofore accepted for purchase or payment.The Issuer's obligations to accept for purchase and pay for Notes pursuant to the Tender Offer and the Consent Solicitation is subject to the satisfaction of, or where applicable, the Issuer's waiver of, the conditions set forth under "Conditions to Consummation of the Tender Offer and the Consent Solicitation," including the Financing Condition, the Supplemental Indenture Condition, and the General Conditions as described in the Statement.Information Relating to the Tender Offer and the Consent Solicitation
The Company has engaged Citigroup Global Markets Inc is acting as the dealer manager and solicitation agent for the Tender Offer and the Consent Solicitation ("Dealer Manager and Solicitation Agent"). Questions regarding the terms of the Tender Offers and Consent Solicitations may be directed to Citigroup Global Markets Inc. at +1 (212) 723-6106 (banks and brokers) or +1 (800) 558-3745 (toll-free) or via email at ny.liabilitymanagement@citi.com. Global Bondholder Services Corporation is acting as (i) the Information Agent for the Tender Offer and the Consent Solicitation, (ii) the Tender Agent for the Tender Offer and (iii) the Tabulation Agent for the Consent Solicitation. Requests for copies of the Statement should be directed to Global bondholder Services Corporation at +1 (212) 430- 3774 (banks and brokers) or +1 (855) 654-2014 (toll-free) or via email at contact@gbsc-usa.com.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Børs since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the Tender Offer and Consent Solicitation, including expected Early Settlement Date, the Financing Transaction and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the Tender Offer and Consent Solicitation including risks relating to the terms and conditions of the Tender Offer and the Financing Transaction and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---early-tender-results-for-its-previously-announced-consent-solicitation-and-t,c4359778The following files are available for download:https://mb.cision.com/Public/16983/4359778/a498b1f74d383d65.pdfBORR Press Release - Tender Early Settlement View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--early-tender-results-for-its-previously-announced-consent-solicitation-and-tender-offer-and-early-settlement-date-302795427.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Early Tender Results for its Previously Announced Consent Solicitation and Tender Offer and Early Settlement Date

Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030May 27, 2026 10:58 PM
PR Newswire (US) HAMILTON, Bermuda, May 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") today announced that its wholly owned subsidiary, Borr IHC Limited (the "Issuer"), has increased the principal amount of the Issuer's outstanding 10.375% Senior Secured Notes due 2030 (the "2030 Notes") that it can repurchase under its previously announced cash tender offer (the "Tender Offer") from $447.3 million of original principal amount to any and all of the 2030 Notes, on the terms and subject to the conditions set forth in the Issuer's Offer to Purchase and Consent Solicitation Statement dated May 26, 2026 (the "Statement"). As of the date hereof, $877.1 million in original aggregate principal amount of 2030 Notes (amounting to $770.7 million in aggregate principal amount after adjusting for amortization payments) is outstanding.Consistent with amending the Tender Offer to be in respect of any and all 2030 Notes, the Issuer has amended the Financing Condition of the Tender Offer to provide that the Issuer's obligation to accept for purchase, and to pay for, 2030 Notes validly tendered and not validly withdrawn is subject to the satisfaction or waiver of certain conditions, including, among other things, the completion of the New Notes Offering in aggregate principal amount equal to at least $2,035 million, on terms satisfactory to the Issuer in its sole discretion. The complete terms and conditions of the Tender Offer are set forth in the Statement.The Tender Offer is being made solely by means of the Statement. Under no circumstances shall this press release constitute an offer to purchase or sell or the solicitation of an offer to purchase or sell the 2030 Notes or any other securities of the Issuer or any other person, nor shall there be any offer or sale of any 2030 Notes or other securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In addition, nothing contained herein constitutes a notice of redemption of the 2030 Notes. No recommendation is made as to whether holders of the 2030 Notes should tender their 2030 Notes.Information Relating to the Tender Offer and the Consent Solicitation
Citigroup Global Markets Inc. is acting as the dealer manager and solicitation agent for the Tender Offer and the Consent Solicitation ("Dealer Manager and Solicitation Agent"). Questions regarding the terms of the Tender Offers and Consent Solicitations may be directed to Citigroup Global Markets Inc. at +1 (212) 723-6106 (banks and brokers) or +1 (800) 558-3745 (toll-free) or via email at ny.liabilitymanagement@citi.com. Global Bondholder Services Corporation is acting as (i) the Information Agent (in such capacity, the "Information Agent") for the Tender Offer and the Consent Solicitation, (ii) the Tender Agent (in such capacity, the "Tender Agent") for the Tender Offer and (iii) the Tabulation Agent (in such capacity, the "Tabulation Agent") for the Consent Solicitation. Requests for copies of the Statement should be directed to Global bondholder Services Corporation at +1 (212) 430- 3774 (banks and brokers) or +1 (855) 654-2014 (toll-free) or via email at contact@gbsc-usa.com.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be issued in the referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the Tender Offer, the Financing Transaction and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the Tender Offer including risks relating to the terms and conditions of the Tender Offer and the Financing Transaction and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---announces-increase-in-tender-amount-for-notes-due-2030,c4354307  View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--announces-increase-in-tender-amount-for-notes-due-2030-302783872.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030

Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034May 27, 2026 10:53 PM
PR Newswire (US) HAMILTON, Bermuda, May 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" the "Company") announced today that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, have priced an offering of $2.035 billion in aggregate principal amount of senior secured notes consisting of (i) $1,100.0 million aggregate principal amount of 8.750% senior secured notes due 2032 and (ii) $935.0 million aggregate principal amount of 9.000% senior secured notes due 2034 (the "Notes"), which represents an upsize of $435.0 million over the previously contemplated offering amount. The Notes will be guaranteed by the Company and certain of its subsidiaries and will be secured on a senior basis by most of the rigs and certain other assets of the Company and the subsidiary guarantors.The proceeds from the Notes are intended to be used by the Company (i) to repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior Secured Notes due 2028, of which $1,128.1 million aggregate principal amount is currently outstanding, (ii) to repurchase, redeem or otherwise refinance in full its outstanding 10.375% Senior Secured Notes due 2030, of which $770.7 million aggregate principal amount is currently outstanding, (iii) for general corporate purposes and (iv) to pay fees and expenses related to the Notes offering and the concurrent tender offer. Settlement of the Notes is expected on or about June 10, 2026 and is subject to customary closing conditions.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which, or to any persons to whom, such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the U.S. Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the proposed offering of secured notes, the expected terms thereof and intended use of proceeds, including statements about the concurrent tender offer and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the planned offering of secured notes and the use of proceeds, including the concurrent note tender offer, and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Benjamin Wiseman, Senior Manager of Corporate Finance and Investor Relations in the Company, on the date and time provided herein.This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---announces-pricing-and-upsize-of--2-035-billion-of-senior-secured-notes-due-2,c4354301  View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--announces-pricing-and-upsize-of-2-035-billion-of-senior-secured-notes-due-2032-and-2034--302783867.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

Borr Drilling Limited - Investor PresentationMay 26, 2026 3:32 PM
PR Newswire (US) HAMILTON, Bermuda, May 26, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) (OSE: BORR) ("Borr Drilling" or the "Company") today published a new investor presentation on its website at www.borrdrilling.com.About Borr DrillingBorr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---investor-presentation,c4353584 View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--investor-presentation-302782252.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Investor Presentation

Borr Drilling Limited - Announces Any and All Cash Tender Offer for Notes Due 2028 and Partial Cash Tender Offer for Notes Due 2030 and Consents Solicitation for Proposed Amendments to the IndentureMay 26, 2026 1:04 PM
PR Newswire (US) HAMILTON, Bermuda, May 26, 2026 /PRNewswire/ -- (NYSE and Euronext Oslo Bors: BORR) ("Borr Drilling" or the "Company") today announced that it has commenced tender offers to purchase for cash, using cash provided in the Financing Transaction (as defined below), together with cash on hand, the debt securities listed in the table below issued by the Company's wholly owned subsidiary Borr IHC Limited (the "Issuer") and certain of its other subsidiaries (collectively, the "Notes").Capitalized terms used in this announcement but not otherwise defined shall have the meanings given to them in the Statement.NotesCUSIP / ISIN
NumbersOriginal Principal Amount IssuedOutstanding Principal AmountFactorU.S. Treasury Reference SecurityBlomberg Reference PageTender Offer ConsiderationEarly Tender Payment (including Consent Payment)Fixed SpreadTotal
Consideration


(1)(2)

(2)(3)(4)(3)
(2)(3)(4)10.000% Senior Secured Notes Due 2028Rule 144A: 100018 AA8 /US100018AA89Regulation S: G1467F AA1 / USG1467FAA15$1,380,696,000.00$1,128,129,659.880.817073172.000% UST due November 15, 2026FIT3(5)$50.00+50(5)10.375% Senior Secured Notes Due 2030
Rule 144A: 100018 AB6 / US100018AB62
Regulation S: G1467F AB9 / USG1467FAB97$877,094,000.00$770,650,554.200.87864078N/AN/A$1,010.00$50.00N/A$1,060.00(6)



As of May 22, 2026. For the 2030 Notes, this reflects an aggregate principal amount of 2030 Notes adjusted to reflect amortization in respect thereof. For the 2028 Notes, this reflects an aggregate principal amount of 2028 Notes adjusted to reflect amortization in respect thereof.
The factor for each series of Notes is a number that represents a fraction (expressed as a decimal rounded to 8 decimal digits) the numerator of which represents the unpaid principal amount of such series of securities and the denominator which represents the current principal amount outstanding of such series of securities (the "Factor"). The Tender Offer Consideration or the Total Consideration, as applicable, will be the amount set forth in the table above multiplied by the applicable Factor, which reflects the partial amortization of the Notes.For each $1,000 original principal amount of Notes validly tendered and accepted for purchase and with respect to which the applicable Holder has provided its Consent, as applicable. The Early Tender Payment includes a Consent Payment of $2.50 for each $1,000 original principal amount of Notes. Holders that validly tender their Notes and thereby deliver their Consents at or prior to the Early Tender/Consent Deadline (and do not validly withdraw such Notes and therefore do not validly revoke the related Consents) will be eligible to receive the Consent Payment of $2.50 per $1,000 original principal amount of Notes in respect of such Notes, even if a smaller principal amount of the 2030 Notes is accepted for purchase pursuant to the Tender Offer for the 2030 Notes due to proration.Excludes Accrued Interest, which will be paid in addition to the Tender Offer Consideration or the Total Consideration, as applicable.The Total Consideration for the 2028 Notes validly tendered will be determined by the Dealer Manager and Solicitation Agent (as defined herein) in the manner described in this Statement by reference to the fixed spread (the "Fixed Spread") specified above plus the yield (the "Reference Yield") based on the bid-side price of the U.S. Treasury Reference Security specified above (the "Reference Security") as quoted on the Bloomberg Bond Trader FIT3 series of pages (the "Reference Page") at 10:00 a.m., New York City time, on the date referred to herein as the "Price Determination Date," which includes the Early Tender Payment (including the Consent Payment).The Total Consideration for the 2030 Notes includes the Early Tender Payment (including the Consent Payment).The Tender Offer (as defined below) consists of the offer to purchase for cash, using funds provided by the Financing Transaction (as defined below), together with cash on hand, on the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement, dated May 26, 2026 (as it may be amended or supplemented from time to time, the "Statement") (i) any and all of the outstanding 10.000% Senior Secured Notes due 2028 (the "2028 Notes") and (ii) up to $447,317,000.00 aggregate original principal amount (the "Maximum 2030 Notes Tender Amount") of the 10.375% Senior Secured Notes Due 2030 (the "2030 Notes"). We may also use funds provided by the Financing Transaction or cash on hand to pay the Accrued Interest (as defined below) and related costs and expenses. We refer to this offer to purchase the Notes and the potential Increased Offer (as defined below) as the "Tender Offer."The Tender Offer and Consent Solicitation are subject to, among other things, the satisfaction or waiver of the Financing Condition (in relation to either of the Tender Offer or the Consent Solicitation or both of them). The "Financing Condition" means the completion of an offering of Senior Secured Notes due 2032 (the "2032 Notes") and Senior Secured Notes due 2034 (the "2034 Notes" and together with the 2032 Notes, the "New Notes") by the Issuer and Borr Finance LLC, a Delaware limited liability company and a directly wholly owned subsidiary of the Issuer (together with the Issuer, the "Co-Issuers") (the "New Notes Offering") in aggregate principal amount equal to at least $1.6 billion, on terms satisfactory to the Issuer in its sole discretion. The New Notes are expected to be delivered to purchasers thereof on or around June 10, 2026. The Tender Offer and the Statement are not an offer to sell or a solicitation of an offer to buy any New Notes or to participate in any other financing.We intend consummate the New Notes Offering on terms and conditions satisfactory to us, in our sole discretion, yielding net cash proceeds sufficient to fund the Total Consideration (as defined below) for all tendered Notes accepted in the Tender Offer, including the Consent Payment for all delivered Consents accepted in the Consent Solicitation, and the fees and expenses related to the Tender Offer and Consent Solicitation (the "Financing Transaction").Holders of the Notes (each a "Holder" and collectively the "Holders") who validly tender (and do not validly withdraw) their Notes at or prior to the Early Tender/Consent Deadline will be entitled to receive the Tender Offer Consideration, plus the Early Tender Payment (as defined below), including the Consent Payment (as defined below)) (together, the "Total Consideration") on June 11, 2026 (the "Early Settlement Date") if such Notes are accepted for purchase.The Total Consideration is as follows:for each $1,000 original principal amount of the 2028 Notes, an amount determined in the manner described in this Statement by reference to the Fixed Spread specified for the 2028 Notes on the front cover page of this Statement over the Reference Yield (as defined below) based on the bid side price of the applicable Reference U.S. Treasury Security (as defined below) specified on the front cover page of this Statement, at the Price Determination Date (as defined below) (unless extended by the Issuer), andfor each $1,000 original principal amount of the 2030 Notes, $1,060.00.The Tender Offer Consideration or the Total Consideration, as applicable, will be multiplied by the applicable Factor, which reflects the partial amortization of the Notes.Holders whose Notes are accepted for purchase pursuant to the Tender Offer will also receive accrued and unpaid interest, multiplied by the applicable Factor ("Accrued Interest") from the last interest payment date on such purchased Notes up to, but not including, the applicable Settlement Date.We refer to the "Early Tender Payment" as an amount in cash equal to $50.00 for each $1,000 original principal amount of Notes tendered, which includes an amount in cash equal to $2.50 (the "Consent Payment") for each $1,000 original principal amount of Notes tendered by such Holder and accepted by the Issuer for purchase in the Tender Offer. Payment of the Total Consideration for Holders who tender by the Early Tender/Consent Deadline is expected to be made on the Early Settlement Date (as defined below).Notwithstanding anything to the contrary contained herein, to the extent that the amount of 2030 Notes validly tendered (and not validly withdrawn) prior to the Early Tender/Consent Deadline exceeds the Maximum 2030 Notes Tender Amount, we intend, but are not obligated to, increase such Maximum 2030 Notes Tender Amount, which may be up to all of the outstanding 2030 Notes (the "Increased Offer"). The Company refers Holders to the Statement for the complete terms and conditions of the Tender Offer.The Tender Offer will expire at 5:00 p.m., New York City time, on June 24, 2026, unless extended or earlier terminated (such time and date, as the same may be extended or earlier terminated, the "Expiration Time"). In order to be eligible to receive the Total Consideration for your Notes, you must validly tender (and not validly withdraw) your Notes and provide Consents to the Proposed Amendments (as defined below) at or prior to 5:00 p.m., New York City time, on June 8, 2026, unless extended or earlier terminated (such time and date, as the same may be extended or earlier terminated, the "Early Tender/Consent Deadline"). Tendered Notes may be withdrawn in accordance with the terms of the Tender Offer at or prior to 5:00 p.m., New York City time, on June 8, 2026, but not thereafter, unless such time is extended (such time, as the same may be extended, the "Withdrawal/Revocation Time"). If the aggregate principal amount of 2030 Notes (as defined below) validly tendered and not validly withdrawn at the Early Tender/Consent Deadline is equal to or in excess of the Maximum 2030 Notes Tender Amount, the Issuer may, in its sole discretion, not accept any 2030 Notes tendered after the Early Tender/Consent Deadline.In conjunction with the Tender Offer, we are soliciting from Holders consents ("Consents") to effect the Initial Offer Proposed Amendments (as defined in the Statement) and, in the event of an Increased Offer, the Increased Offer Proposed Amendments (as defined in the Statement) to the indenture governing the Notes (the "Indenture"). Subject to receipt of the relevant Initial Offer Requisite Consents (as defined in the Statement), the Initial Offer Proposed Amendments would (i) disapply substantially all of the restrictive covenants in the Indenture with respect to the 2028 Notes, (ii) remove certain rights of holders of 2028 Notes upon the occurrence of certain Events of Default (as defined in the Indenture), (iii) align and conform certain covenants, definitions and other terms in the Indenture with those that will be contained in the indenture that will govern the Issuer's New Notes to be issued in the Financing Transaction (the "New Notes Indenture") and (iv) with respect to the 2028 Notes only, disapply certain covenants relating to the Collateral and release all Liens in the Collateral securing the 2028 Notes. Subject to receipt of the relevant Increased Offer Requisite Consents, the Increased Offer Proposed Amendments would (i) remove substantially all of the covenants and other obligations under the Indenture that can be removed with the consent of holders of a majority of the original principal amount of the Notes then outstanding and (ii) disapply certain covenants relating to the Collateral and release all Liens in the Collateral securing the Notes. The amendments in the foregoing (ii)(A) and (B) will only be operative in the event there is an Increased Offer (as defined below). The Initial Offer Proposed Amendments and the Increased Offer Proposed Amendments are referred to collectively herein as the "Proposed Amendments." We refer to this solicitation of Consents with respect to the Proposed Amendments as the "Consent Solicitation."Holders are required to Consent to both the Initial Offer Proposed Amendments and the Increased Offer Proposed Amendments in order to tender their Notes in the Tender Offer and, if the Increased Offer occurs and the relevant Requisite Consents are obtained, the Increased Offer Proposed Amendments will be effected in lieu of the Initial Offer Proposed Amendments without any further consent from Holders.No Consent may be validly delivered, and therefore no Consent Payment shall be made with respect to Notes tendered, after the Early Tender/Consent Deadline.In addition, pursuant to the terms of the Indenture, the Company may exercise its right to redeem up to 10.0% of the original aggregate principal amount of the 2030 Notes (including additional 2030 Notes that have been issued) at a redemption price equal to 103.0% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date. However, there can be no assurance that any 2030 Notes will be so redeemed. Nothing contained herein shall constitute a notice of redemption for the Notes. The Company may also exercise its right to redeem the Notes at the applicable redemption price as set out in the Indenture.Furthermore, if Holders of not less than 90% in aggregate principal amount of the outstanding 2028 Notes or 2030 Notes validly tender and do not withdraw such Notes, the Issuer may elect to redeem all remaining Notes of such series that remain outstanding following such purchase at a redemption price equal to the price offered to each tendering Holder (excluding any early tender or incentive fee) plus, to the extent not included in the payment to tendering Holders, accrued and unpaid interest, if any, thereon, to, but excluding, the date of such redemption. However, there can be no assurance that any Notes will be so redeemed. Nothing contained herein shall constitute a notice of redemption for the Notes.The Tender Offer and the Consent Solicitation are subject to the satisfaction or waiver of certain conditions as set forth in the Statement. Full details of the terms and conditions of the Tender Offer and the Consent Solicitation are included in the Company's Solicitation.Information Relating to the Tender Offer and the Consent SolicitationThe Tender Offer and the Consent Solicitation is being distributed to holders beginning today. Citigroup Global Markets Inc is acting as the dealer manager and solicitation agent for the Tender Offer and the Consent Solicitation ("Dealer Manager and Solicitation Agent"). Questions regarding the terms of the Tender Offers and Consent Solicitations may be directed to Citigroup Global Markets Inc. at +1 (212) 723-6106 (banks and brokers) or +1 (800) 558-3745 (toll-free) or via email at ny.liabilitymanagement@citi.com. Global Bondholder Services Corporation is acting as (i) the Information Agent (in such capacity, the "Information Agent") for the Tender Offer and the Consent Solicitation, (ii) the Tender Agent (in such capacity, the "Tender Agent") for the Tender Offer and (iii) the Tabulation Agent (in such capacity, the "Tabulation Agent") for the Consent Solicitation. Requests for copies of the Statement should be directed to Global bondholder Services Corporation at +1 (212) 430- 3774 (banks and brokers) or +1 (855) 654-2014 (toll-free) or via email at contact@gbsc-usa.com.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be issued in the referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Oslo Bors since May 21, 2026 under the ticker "BORR." The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the Tender Offer, the Financing Transaction and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the Tender Offer including risks relating to the terms and conditions of the Tender Offer and the Financing Transaction and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---announces-any-and-all-cash-tender-offer-for-notes-due-2028-and-partial-cash-,c4353561The following files are available for download:https://mb.cision.com/Public/16983/4353561/a0de61428e6c08d0.pdfBORR Press Release - Tender Launch View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--announces-any-and-all-cash-tender-offer-for-notes-due-2028-and-partial-cash-tender-offer-for-notes-due-2030-and-consents-solicitation-for-proposed-amendments-to-the-indenture-302782129.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Announces Any and All Cash Tender Offer for Notes Due 2028 and Partial Cash Tender Offer for Notes Due 2030 and Consents Solicitation for Proposed Amendments to the Indenture

Borr Drilling Limited - Q1 2026 PresentationMay 21, 2026 9:45 AM
PR Newswire (US) HAMILTON, Bermuda, May 21, 2026 /PRNewswire/ -- Please find enclosed the presentation of Borr Drilling Limited's first quarter 2026 results to be held on the webcast/conference call at 09:00 New York time (15:00 CEST) on Thursday, May 21, 2026.In order to listen to the presentation, participants may do one of the following:a) WebcastTo access the webcast, please go to the following link: https://edge.media-server.com/mmc/p/inc8qdusb) Conference CallPlease use this link to register for the conference call: https://register-conf.media-server.com/register/BIce9fcdcdcdf44d4d947622b4da3afbd6Participants will then receive dial-in details on screen and via email and may 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:After the live call, a replay of the webcast will be made available via the following link: https://edge.media-server.com/mmc/p/inc8qdusCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---q1-2026-presentation,c4351672The following files are available for download:https://mb.cision.com/Public/16983/4351672/895241884e9473d2.pdfBorr Drilling Limited Q1 2026 Presentation  View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--q1-2026-presentation-302779043.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - Q1 2026 Presentation

Borr Drilling Limited - 2026 AGM Results NotificationMay 20, 2026 11:22 AM
PR Newswire (US) HAMILTON, Bermuda, May 20, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) (the "Company") advises that the 2026 Annual General Meeting of the Company was held on May 20, 2026 at 09:30 ADT at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2025 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 eight.To re-elect Patrick Schorn as a Director of the Company.To re-elect Daniel W. Rabun as a Director of the Company.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 Jeffrey R. Currie as a Director of the Company.To re-elect Thiago Mordehachvili as a Director of the Company.To re-appoint PricewaterhouseCoopers LLP as the Company's independent 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$1,600,000 for the year ended December 31, 2026.Hamilton, Bermuda
May 20, 2026CONTACT: 
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---2026-agm-results-notification,c4351136  View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--2026-agm-results-notification-302777902.htmlSOURCE Borr Drilling Limited Original: Borr Drilling Limited - 2026 AGM Results Notification

Borr Drilling Limited - Invitation to Webcast and Conference Call for Q1 2026 ResultsApril 20, 2026 3:29 AM
PR Newswire (US)

HAMILTON, Bermuda, April 20, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) and (Euronext Growth Oslo: BORR) (the "Company") plans to release its financial results for the first quarter of 2026 after the close of trading on NYSE on Wednesday, May 20, 2026.A conference call and webcast are scheduled for 09:00 New York time (15:00 CEST) on Thursday, May 21, 2026.The earnings report, webcast and accompanying presentation will be available on the Investor Relations section of the Company's website, www.borrdrilling.com.In order to listen to the live presentation, participants 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/inc8qdusb)    Conference Call
Please use the below link to register for the conference call: https://register-conf.media-server.com/register/BIce9fcdcdcdf44d4d947622b4da3afbd6Participants will then receive dial-in details on screen and via email and may choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.Participants are encouraged to dial in 10 minutes before the start of the call.  Webcast Replay:
After the live call, a replay of the webcast will be made available via the following link: https://edge.media-server.com/mmc/p/inc8qdusQuestions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---invitation-to-webcast-and-conference-call-for-q1-2026-results,c4336929 



View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--invitation-to-webcast-and-conference-call-for-q1-2026-results-302746993.htmlSOURCE Borr Drilling Limited

Original: Borr Drilling Limited - Invitation to Webcast and Conference Call for Q1 2026 Results

Borr Drilling Limited - Completes Offering of Convertible Senior Notes due 2033April 17, 2026 11:35 AM
PR Newswire (US)

HAMILTON, Bermuda, April 17, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today announced that is has completed its previously announced offering of convertible senior notes due 2033 (the "Notes"). The Company sold $300 million aggregate principal amount of the Notes, including $40 million aggregate principal amount of the Notes sold pursuant to the initial purchasers' exercise in full of their option to purchase additional Notes to cover over-allotments in connection with the offering.The Notes are senior, unsecured obligations of the Company and mature on May 1, 2033. They bear interest at a rate of 3.50% per annum, which is payable semi-annually, beginning on November 1, 2026. The Notes are convertible into the Company's common shares, cash, or a combination of shares and cash, at the Company's election. The conversion rate for the Notes will initially equal 125.0000 common shares per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $8.00 per common share. Such initial conversion price represents a conversion premium of over 40% with reference to the closing price of the Company's common shares of $5.70 on the New York Stock Exchange on April 14, 2026. The conversion rate is subject to adjustment upon the occurrence of certain events.The Company intends to use the proceeds from the sale of the Notes to repurchase its existing convertible bonds due 2028 (the "2028 Convertible Bonds") and for general corporate purposes.In connection with the offering, the Company has agreed with certain holders of the 2028 Convertible Bonds to repurchase $195.2 million aggregate principal amount of the 2028 Convertible Bonds.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the offering of convertible notes, and intended use of proceeds including the repurchase of 2028 Convertible Bonds and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the offering of convertible notes and the use of proceeds, and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---completes-offering-of-convertible-senior-notes-due-2033,c4336625



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Original: Borr Drilling Limited - Completes Offering of Convertible Senior Notes due 2033

Borr Drilling Limited - Announces Pricing of $260 million of 3.50% Convertible Senior Notes due 2033April 15, 2026 1:14 AM
PR Newswire (US)

HAMILTON, Bermuda, April 15, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) and (Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today announced the pricing of $260 million in aggregate principal amount senior notes due in 2033 (the "Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The Company has also granted the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $40 million aggregate principal amount of the Notes, solely to cover over-allotments, if any, in connection with the offering. The offering is expected to close on or about April 17, 2026, subject to the satisfaction of customary closing conditions.The Notes will be senior, unsecured obligations of the Company, bear interest at a rate of 3.5% per annum, payable semi-annually, beginning on November 1, 2026, mature on May 1, 2033, and be convertible into the Company's common shares, cash, or a combination of shares and cash, at the Company's election. The conversion rate for the Notes will initially equal 125.0000 common shares per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $8.00 per common share. The conversion rate is subject to adjustment upon the occurrence of certain events.The Notes will be redeemable, in whole or in part (subject to certain limitations), at our option at any time, and from time to time, on or after May 5, 2030 if the last reported sale price of our common shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.If we undergo a fundamental change (as defined in the indenture that will govern the Notes), holders may require us to purchase the Notes in whole or in part for cash at a fundamental change purchase price equal to 100% of the principal amount of the Notes to be purchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change purchase date. The Company intends to use the proceeds from the sale of the Notes (including any Notes sold pursuant to the initial purchasers' option to purchase additional Notes, if exercised) to repurchase our existing convertible bonds due 2028 (the "2028 Convertible Bonds"), and for general corporate purposes. The Company has agreed with certain holders of the 2028 Convertible Bonds to repurchase $195.2 million aggregate principal amount of the 2028 Convertible Bonds for $224.5 million, including accrued interest. The Company expects that holders of the 2028 Convertible Bonds who agree to have their 2028 Convertible Bonds repurchased and who have hedged their equity price risk with respect to such notes (the "hedged holders") may unwind all or part of their hedge positions by purchasing the Company's common shares and/or entering into or unwinding various derivative transactions with respect to the Company's common shares. The amount of the Company's common shares to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of the Company's common shares. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of the Company's common shares, resulting in a higher effective conversion price of the Notes. The Company cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or the Company's common shares.The Notes sold in the offering were only offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A promulgated under the Securities Act by means of a private offering memorandum.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr DrillingBorr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking statementsThis press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the offering of convertible notes, the terms thereof and intended use of proceeds including the repurchase of 2028 Convertible Bonds and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the offering of convertible notes and the use of proceeds, and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwiseThis information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Magnus Vaaler, CFO in the Company, on the date and time provided herein.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaQuestions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---announces-pricing-of--260-million-of-3-50--convertible-senior-notes-due-2033,c4334983  



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Original: Borr Drilling Limited - Announces Pricing of $260 million of 3.50% Convertible Senior Notes due 2033

Borr Drilling Announces Proposed Offering of $250 million of Convertible Senior Notes due 2033April 14, 2026 4:24 PM
PR Newswire (US)

HAMILTON, Bermuda, April 14, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today announced that it intends to offer, subject to market and other conditions, $250 million aggregate principal amount of convertible senior notes due 2033 (the "Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The Company also intends to grant the initial purchasers of the Notes an option to purchase, within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $37.5 million aggregate principal amount of the Notes, solely to cover over-allotments, if any, in connection with the offering.The Notes will be senior, unsecured obligations of the Company, pay interest semi-annually, mature in 2033, and be convertible into the Company's common shares, cash, or a combination of shares and cash, at the Company's election.The Company intends to use the net proceeds from the sale of the Notes (including any Notes sold pursuant to the initial purchasers' option to purchase additional Notes, if exercised) to repurchase its existing convertible bonds due 2028 and for general corporate purposes. The Company may repurchase a portion of its existing convertible bonds due 2028 concurrently with the pricing of the Notes in the offering, in which case the Company would enter into one or more separate and individually negotiated transactions with one or more holders of the existing convertible bonds due 2028 to repurchase a portion of the existing convertible bonds due 2028 on terms to be negotiated with each holder (each, a "concurrent note repurchase transaction"). The terms of each concurrent note repurchase transaction will depend on a variety of factors. No assurance can be given as to how much, if any, of the existing convertible bonds due 2028 will be repurchased or the terms on which they will be repurchased. This press release is not an offer to repurchase the existing convertible bonds due 2028, and the offering of the Notes is not contingent upon the repurchase of any of the existing convertible bonds due 2028.In connection with any repurchase of the existing convertible bonds due 2028, the Company expects that holders of the existing convertible bonds due 2028 who agree to have their existing convertible bonds due 2028 repurchased and who have hedged their equity price risk with respect to such notes (the "hedged holders") may unwind all or part of their hedge positions by purchasing the Company's common shares and/or entering into or unwinding various derivative transactions with respect to the Company's common shares. The amount of the Company's common shares to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of the Company's common shares. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of the Company's common shares, including, in the case of any concurrent note repurchase transactions, concurrently with the pricing of the Notes, resulting in a higher effective conversion price of the Notes. The Company cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or the Company's common shares.This press release is for information purposes only and does not constitute or form part of an offer to sell or the solicitation of an offer to purchase or subscribe for securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the Securities Act of 1933 or applicable state securities laws, and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless such securities are registered under the Securities Act of 1933, or an exemption from the registration requirements of that act is available.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the proposed offering of convertible notes, the expected terms thereof and intended use of proceeds, including statements about the concurrent note repurchase transaction, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to the planned offering of convertible notes and the use of proceeds, including the concurrent note repurchase transaction, and other risks and uncertainties, including those described in our most recent annual report on Form 20-F for the year ended December 31, 2025 and our other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Benjamin Wiseman, Senior Manager of Corporate Finance and Investor Relations in the Company, on the date and time provided herein.The Board of Directors
Borr Drilling Limited
Hamilton, BermudaCONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-announces-proposed-offering-of--250-million-of-convertible-senior-notes-due-2033,c4334957



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Original: Borr Drilling Announces Proposed Offering of $250 million of Convertible Senior Notes due 2033

Borr Drilling Limited - Notice of Annual General MeetingApril 7, 2026 4:02 PM
PR Newswire (US)

HAMILTON, Bermuda, April 7, 2026 /PRNewswire/ -- The Annual General Meeting of Shareholders of Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) (the "Company") will be held on Wednesday, May 20, 2026.  The Board of Directors has fixed the close of business on April 7, 2026, as the record date for determination of the shareholders entitled to receive notice of, attend and vote at the Annual General Meeting or any adjournment thereof.A copy of the Notice of the Annual General Meeting and Form of Proxy will be distributed to shareholders by normal distribution methods and is attached to this press release. Associated information, including the Company's annual report on Form 20-F for the year ended December 31, 2025 (the "Annual Report"), can be found on the Company's website, www.borrdrilling.com.Shareholders may request a hard copy of the Annual Report, free of charge, by sending an email to ir@borrdrilling.com or by writing to Borr Drilling Limited, S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---notice-of-annual-general-meeting,c4331689The following files are available for download:https://mb.cision.com/Public/16983/4331689/91032a92246a2b6c.pdfBorr Drilling AGM Notice 2026



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Original: Borr Drilling Limited - Notice of Annual General Meeting

Borr Drilling Limited - Contracting UpdatesApril 1, 2026 4:25 PM
PR Newswire (US)

HAMILTON, Bermuda, April 1, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") is pleased to announce new contract commitments for four of its premium jack-up rigs.In West Africa, the Prospector 5 has received a binding letter of award ("LOA") from BW Energy in Gabon. The commitment covers a firm scope of four wells, with a minimum duration of 320 days, and is expected to commence in Q3 2026, following completion of the rig's current contract and scheduled special periodic survey. The award includes options that may extend the work by an additional 220 days. In the Americas, the Ran has received a six-month extension with ENI in Mexico, keeping the rig committed through September 2026. The extension will encompass periods of drilling and accommodation activities, subject to the customer's operational requirements.In Europe, the Joro has received contract extensions from the current operator, totaling approximately two months and keeping the rig committed through May 2026.In Southeast Asia, the Thor has received a binding LOA from an undisclosed operator in Vietnam. The two-well campaign has an estimated duration of 100 days and will commence in July 2026, in direct continuation of its current commitment.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding new contract commitments (including options), including the commencement and duration thereof, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to new contract commitments described herein, the commencement and duration of such contracts, the potential revenues from such contracts, the performance of our rigs under such contracts, whether contractual options are exercised and the commencement and duration thereof, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2025 and our other filings with and submissions to the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---contracting-updates,c4330402



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Original: Borr Drilling Limited - Contracting Updates

Borr Drilling Limited - Filing of 2025 Annual Report on Form 20-FMarch 26, 2026 5:50 PM
PR Newswire (US)

HAMILTON, Bermuda, March 26, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today filed its annual report on Form 20-F for the year ended December 31, 2025 (the "Annual Report") with the U.S. Securities and Exchange Commission (the "SEC").The Annual Report is enclosed with this press release. The Annual Report can also be accessed on the SEC's website (www.sec.gov) and is available on the Investor section of the Company's website (www.borrdrilling.com).About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---filing-of-2025-annual-report-on-form-20-f,c4327455The following files are available for download:https://mb.cision.com/Public/16983/4327455/bc12d23d1e4cea5a.pdfBorr Drilling Limited 2025 Annual Report on Form 20-F



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Original: Borr Drilling Limited - Filing of 2025 Annual Report on Form 20-F

Borr Drilling Limited - Notice of Annual General MeetingMarch 25, 2026 1:58 PM
PR Newswire (US)

HAMILTON, Bermuda, March 25, 2026 /PRNewswire/ -- The Annual General Meeting of Shareholders of Borr Drilling Limited (NYSE and Euronext Growth Oslo: "BORR") (the "Company") will be held on Wednesday, May 20, 2026. The record date for voting at the Annual General Meeting is set to April 7, 2026.A copy of the Notice of Annual General Meeting and Form of Proxy will be distributed to Shareholders by normal distribution methods. Associated information, including the Company's latest annual report on Form 20-F, can be found on the Company's website, www.borrdrilling.com.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---notice-of-annual-general-meeting,c4326853



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Original: Borr Drilling Limited - Notice of Annual General Meeting

Borr Drilling Limited - Acquisition of Five Premium Jack-Up Rigs through New Joint VentureMarch 23, 2026 6:23 PM
PR Newswire (US)

HAMILTON, Bermuda, March 23, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: "BORR") ("Borr Drilling" or the "Company") announced today that it has entered into definitive agreements to acquire five premium jack-up rigs from Fontis Finance Ltd. ("Fontis") for a purchase price of $287 million (the "Transaction").The acquisition will be completed through BC Ventures Limited, a newly established 50/50 joint venture between subsidiaries of Borr Drilling and its long-term well construction partner in Mexico.Under the Transaction, the joint venture will acquire the rig-owning entities, which own two Friede & Goldman JU-2000E design rigs and three LeTourneau Super 116-C design rigs. These five rigs are currently located in Mexico.The Transaction is expected to be financed through a $237 million non-recourse seller's credit, in addition to a cash contribution of $25 million from each of Borr Drilling and its local partner at closing. The seller's credit will have a 2.5-year maturity from the date of closing and will be secured by, among other things, a first lien on the five jack-up rigs.Commenting on the Transaction, Borr Drilling CEO Bruno Morand said, "We are pleased to execute this acquisition alongside our longstanding partner. Together, we have built a strong brand with a proven operational track record in Mexico. These rigs are being acquired at an attractive valuation and at a lower debt per rig and cash breakeven level than our existing fleet.We continue to see shallow-water rigs as strategically important for our customers, particularly at a time when security of energy supply and reliability of execution are of heightened importance. In the current environment, we expect demand for jack-up rigs to increase, and the acquisition of these units positions us well to capture future opportunities in Mexico and globally."The Transaction is expected to close within Q3 2026, subject to customary closing conditions, including merger control approvals.About Borr DrillingBorr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking StatementsThis press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "ensure", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding the acquisition of rigs as described above, the expected benefits of the acquisition, the financing of the acquisition, the expected debt levels of the acquired and existing fleet, the cash breakeven of the acquired and existing fleet and other statements relating to the acquisition, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks relating to acquisition, including risks relating to completion of the acquisition, the financing of the acquisition, the risk that the expected benefits discussed herein are not realized and other risks relating to the acquisition, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.This information is considered to be inside information pursuant to the EU Market Abuse Regulation and was published by Magnus Vaaler, CFO of the Company, on the date and time provided herein.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---acquisition-of-five-premium-jack-up-rigs-through-new-joint-venture,c4325601



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Original: Borr Drilling Limited - Acquisition of Five Premium Jack-Up Rigs through New Joint Venture

Borr Drilling Limited Announces Fourth Quarter 2025 ResultsFebruary 18, 2026 5:27 PM
PR Newswire (US)

HAMILTON, Bermuda, Feb. 18, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the three months and year ended December 31, 2025.Highlights Fourth Quarter total operating revenues of $259.4 million, a decrease of $17.7 million or 6% compared to net income in the third quarter of 2025Fourth Quarter net loss of $1.0 million, a decrease of $28.8 million compared to the third quarter of 2025Fourth Quarter Adjusted EBITDA of $105.2 million, a decrease of $30.4 million or 22% compared to the third quarter of 20252025 annual net income of $45.0 million, a decrease of $37.1 million or 45% compared to 2024 2025 annual Adjusted EBITDA of $470.1 million, a decrease of $35.3 million or 7% compared to 2024  Entered into an agreement for the acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million, which was subsequently completed in January 2026Completed offering of additional $165 million principal amount of 10.375% senior secured notes due 2030Completed equity offering of 21 million shares at a price of $4.00 per share for total gross proceeds of $84 million For the full year 2025, the Company was awarded 24 new contract commitments, representing more than 5,000 days and $649 million of Dayrate Equivalent BacklogChief Executive Officer Bruno Morand commented:"Our operational performance in the fourth quarter of 2025 was solid, with a technical utilization rate of 98.8% and an economic utilization rate of 97.8%. Fourth-quarter operational revenue totalled $259.4 million, declining sequentially due to the impact of sanctions-related contract terminations and rigs transitioning to new contracts at lower average day rates. However, Adjusted EBITDA of $105.2 million came in line with our expectations, bringing full-year 2025 Adjusted EBITDA to $470.1 million, at the top end of our guidance range. This performance underscores the resilience of our organization, which navigated several headwinds in 2025 while delivering strong operational and financial execution.Our fleet contract visibility continues to improve as we reduce remaining open days. Recent awards and extensions increased 2026 coverage to 80% in the first half and 48% in the second half, such numbers adjusted for the recently acquired rigs. Since our last quarterly report, we secured new commitments for seven rigs and expect further coverage gains in the coming months as we progress negotiations on multiple active leads.We believe the jack-up market bottom is now behind us. We see fundamentals recovering gradually as demand increases, most notably in the Middle East where multiple tenders are progressing for long-term contracts for an estimated 13 rigs. Recent industry data shows the global jack-up rig tendering pipeline is at multi-year highs, reflecting stronger customer activity and longer-dated contracting opportunities. In Mexico, payment visibility and the operating outlook are improving, supported by financial measures implemented by the Mexican Government, Pemex announced 34% year-over-year increase in upstream capex and continued mandate to increase production. Contracted marketed premium rig utilization remains steady at approximately 90.3%. As tenders are awarded and available supply is absorbed, we expect market conditions to firm, supporting improved pricing and earnings visibility.Against this backdrop, we are pleased to have expanded our premium jackup fleet through the accretive acquisition of five premium rigs from Noble, funded by a mix of debt and equity offerings supported by strong investor demand. These rigs are highly complementary to our existing portfolio and add well-suited capacity to pursue near-term opportunities. Integration is progressing well and ahead of expectations.Looking ahead, we expect market conditions to continue improving into the second half of 2026, and we anticipate that the ongoing dynamics set the stage for improved fundamentals and earnings visibility into 2027. Our Borr Drilling platform remains differentiated through operational excellence, a customer centric approach, and a premium fleet. We expect the expanded fleet to deepen customer relationships and support long-term shareholder value."Conference CallA conference call and webcast are scheduled for 09:00 New York time (15:00 CET) on Thursday, February 19, 2026.In order to listen to the live presentation, participants may do one of the following:a)    WebcastTo access the webcast, please go to the following link: https://edge.media-server.com/mmc/p/inc8qdusb)    Conference CallPlease use the below link to register for the conference call: https://register-conf.media-server.com/register/BIce9fcdcdcdf44d4d947622b4da3afbd6Participants will then receive dial-in details on screen and via email and may choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.Participants are encouraged to dial in 10 minutes before the start of the call. CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-announces-fourth-quarter-2025-results,c4309781The following files are available for download:https://mb.cision.com/Public/16983/4309781/ab2f7a4265c96ed9.pdfBorr Drilling Limited Q4 2025 Earnings Releasehttps://mb.cision.com/Public/16983/4309781/80490597a0bae6ea.pdfBorr Drilling Limited Q4 2025 Fleet Status Report 



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Original: Borr Drilling Limited Announces Fourth Quarter 2025 Results

Borr Drilling Limited - Invitation to Webcast and Conference Call for Q4 2025 ResultsJanuary 30, 2026 10:09 AM
PR Newswire (US)

HAMILTON, Bermuda, Jan. 30, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) (the "Company") plans to release its financial results for the fourth quarter of 2025 after the close of the New York Stock Exchange on Wednesday, February 18, 2026.A conference call and webcast are scheduled for 09:00 New York time (15:00 CET) on Thursday, February 19, 2026.The earnings report, webcast and accompanying presentation will be available on the Investor Relations section of the Company's website, www.borrdrilling.com.In order to listen to the live presentation, participants 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/inc8qdusb)    Conference Call Please use the below link to register for the conference call: https://register-conf.media-server.com/register/BIce9fcdcdcdf44d4d947622b4da3afbd6 Participants will then receive dial-in details on screen and via email and may choose to dial in with their unique pin or select "Call me" and provide telephone details for the system to link them automatically.Participants are encouraged to dial in 10 minutes before the start of the call.  Webcast Replay:After the live call, a replay of the webcast will be made available via the following link: https://edge.media-server.com/mmc/p/inc8qdusCONTACT:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---invitation-to-webcast-and-conference-call-for-q4-2025-results,c4300585



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Original: Borr Drilling Limited - Invitation to Webcast and Conference Call for Q4 2025 Results

Borr Drilling Completes Acquisition of Five Premium Jack-Up RigsJanuary 28, 2026 5:42 PM
PR Newswire (US)

HAMILTON, Bermuda, Jan. 28, 2026 /PRNewswire/ -- Borr Drilling Limited (NYSE and Euronext Growth Oslo: BORR) ("Borr Drilling" or the "Company") today announced that it has completed its previously announced acquisition of five premium jack-up rigs from Noble Corporation for a total purchase price of $360 million.This acquisition increases Borr Drilling's fleet to 29 rigs, strengthens our ability to serve customers across key offshore basins, and solidifies our position as the leading pure-play owner of premium jack-up rigs. Following this transaction, Borr Drilling continues to own the youngest jack-up rig fleet with an international footprint.Borr Drilling's Chief Executive Officer Bruno Morand commented, "We are pleased to have expanded our premium fleet at an opportune point in this market cycle. These five jack-up rigs are highly compatible with our existing portfolio and provide well-suited capacity for near-term opportunities. The Borr Drilling platform-built on operational excellence, customer centricity, and our premium jack-up rig fleet-remains our defining competitive advantage, and we believe this expansion will deepen customer relationships and drive attractive long-term value for shareholders."Rig Renaming
In connection with the acquisition, the five jack-up rigs are to be renamed as follows:Legacy Rig NameNew Rig NameNoble Regina AllenSifNoble Tom ProsserFreyjaNoble Mick O'BrienForsetiNoble ResoluteBestlaNoble ResilientJoroEnclosed with this press release is an updated Fleet Status Report that incorporates the five acquired rigs and reflects other recent contracting developments.About Borr Drilling
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019 and on Euronext Growth Oslo since December 19, 2025 under the ticker "BORR". The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow-water segment to the offshore oil and gas industry worldwide. Please visit our website at www.borrdrilling.com.Forward-Looking Statements
This press release and related discussions include forward-looking statements made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will", "likely", "aim", "plan", "guidance" and similar expressions and include statements regarding potential opportunities, the suitability of our rigs for potential opportunities, potential value creation for certain stakeholders, and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors that could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks related to our ability to secure contract commitments, the performance of our rigs under contracts, and other risks and uncertainties, including those described in our annual report on Form 20-F for the year ended December 31, 2024 and our other filings with and submissions to the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.CONTACT: Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208This information was brought to you by Cision http://news.cision.comhttps://news.cision.com/borr-drilling-limited/r/borr-drilling-completes-acquisition-of-five-premium-jack-up-rigs,c4299477The following files are available for download:https://mb.cision.com/Public/16983/4299477/a048c391ba757e0d.pdf260128 Borr Drilling Limited Fleet Status Report pdf



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Original: Borr Drilling Completes Acquisition of Five Premium Jack-Up Rigs

NOBLE CORPORATION PLC COMPLETES SALE OF FIVE JACKUPS TO BORR DRILLINGJanuary 28, 2026 5:08 PM
PR Newswire (US)

HOUSTON, Jan. 28, 2026 /PRNewswire/ -- Noble Corporation plc (NYSE: NE, "Noble", or the "Company") today announced that it has completed the sale of five jackup rigs to Borr Drilling Limited (NYSE: BORR, "Borr") for $360 million. The Company generated approximately $210 million in cash plus $150 million in seller notes from the sale of the Noble Tom Prosser, Noble Mick O'Brien, Noble Regina Allen, Noble Resilient and Noble Resolute. Noble intends to operate two rigs – Noble Mick O'Brien and Noble Resolute – under a bareboat charter agreement with Borr until December 2026, as well as the Noble Resilient through the remainder of its current contract term (including exercise of any customer options).For additional information, visit www.noblecorp.com or e-mail investors@noblecorp.com.About Noble Corporation plc
Noble is a leading offshore drilling contractor for the oil and gas industry. The Company owns and operates one of the most modern, versatile, and technically advanced fleets in the offshore drilling industry. Noble and its predecessors have been engaged in the contract drilling of oil and gas wells since 1921. Noble performs, through its subsidiaries, contract drilling services with a fleet of offshore drilling units focused largely on ultra-deepwater and high specification jackup drilling opportunities in both established and emerging regions worldwide. Additional information on Noble is available at www.noblecorp.com.Forward-looking Statements
This communication includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended. All statements other than statements of historical facts included in this communication are forward looking statements, including those regarding the Borr's seller notes and bareboat charter agreement, expectations regarding the impact of the transactions on Noble, the benefits or results of any acquisitions, dispositions or asset sales, and fleet condition and utilization. Forward-looking statements involve risks, uncertainties and assumptions, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. When used in this communication, or in the documents incorporated by reference, the words "guidance," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "on track," "plan," "possible," "potential," "predict," "project," "should," "would," "achieve," "shall," "target," "will" and similar expressions are intended to be among the statements that identify forward looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot assure you that such expectations will prove to be correct. These forward-looking statements speak only as of the date of this communication and we undertake no obligation to revise or update any forward-looking statement for any reason, except as required by law. Risks and uncertainties include, but are not limited to, those detailed in Noble's most recent Annual Report on Form 10-K, Quarterly Reports Form 10-Q and other filings with the U.S. Securities and Exchange Commission, including, but not limited to, risks related to market conditions, customer or counterparty actions and regulatory changes. We cannot control such risk factors and other uncertainties, and in many cases, we cannot predict the risks and uncertainties that could cause our actual results to differ materially from those indicated by the forward-looking statements. You should consider these risks and uncertainties when you are evaluating us. With respect to our capital allocation policy, distributions to shareholders in the form of either dividends or share buybacks are subject to the Board of Directors' assessment of factors such as business development, growth strategy, current leverage and financing needs. There can be no assurance that a dividend or buyback program will be declared or continued.



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Original: NOBLE CORPORATION PLC COMPLETES SALE OF FIVE JACKUPS TO BORR DRILLING

BORR..................................................https://stockcharts.com/h-sc/ui?s=BORR&p=W&b=5&g=0&id=p86431144783

BORR.........................................................https://stockcharts.com/h-sc/ui?s=BORR&p=W&b=5&g=0&id=p86431144783

Borr Drilling Limited Announces Second Quarter 2025 Results
By PR Newswire | August 13, 2025, 4:22 PM

Borr Drilling Ltd
HAMILTON, Bermuda, Aug. 13, 2025 /PRNewswire/ -- Borr Drilling Limited (NYSE: BORR) ("Borr", "Borr Drilling" or the "Company") announces unaudited results for the six months ended June 30, 2025.

Highlights

Total operating revenues of $267.7 million, an increase of $51.1 million or 24% compared to the first quarter of 2025
Net income of $35.1 million, an increase of $52.0 million compared to the net loss in the first quarter of 2025
Adjusted EBITDA of $133.2 million, an increase of $37.1 million or 39% compared to the first quarter of 2025
YTD 2025, the company was awarded 14 new contract commitments, representing approximately 2,584 days and $318 million of potential contract revenue

Other Events

In July 2025, the Company increased its liquidity by more than $200 million through an equity offering of $102.5 million, and commitments from commercial banks including existing lenders which have the effect of increasing available amounts under revolving credit facilities and more favourable terms for of its financial covenants.

Appointment of Bruno Morand as CEO, effective September 1, 2025, with Patrick Schorn becoming Executive Chair of the Company's Board of Directors.

CEO, Patrick Schorn commented:

"Our second-quarter results were strong, with technical utilization of 99.6% and economic utilization of 97.8%. As anticipated, our activity rebounded in the second quarter, with 22 out of 24 rigs active. Revenue increased by $51.1 million this quarter, and EBITDA rose by $37.1 million to $133.2 million, up by 39% versus the first quarter of this year, underscoring the profitability of the revenue.

During the quarter, we secured important new awards, including a multi-rig contract in Asia and a new contract for the Arabia II which is expected to return to our active fleet in September. These contract awards improve our contract coverage to 84% at an average day rate of $145,000 in 2025, and 47% coverage at an average day rate of $139,000 in 2026.

In July, we took a decisive step to strengthen Borr Drilling's longer term financial position through a comprehensive financing package. This initiative, which included a $102.5 million equity raise and commitments from commercial banks to amendments to the size and covenants of our revolving credit facilities, effectively increases our liquidity by $200 million and strengthens our balance sheet. We acted proactively to secure financing while market conditions were favourable, reinforcing our ability to execute our long-term strategy-including disciplined growth and potential industry consolidation.

Looking into the third quarter, we see a comparable level of activity as the second quarter and anticipate a similar performance. As previously indicated, we are comfortable with the current Bloomberg consensus estimate of 2025 Adjusted EBITDA of approximately $470 million.

We are encouraged by the Mexican government's renewed commitment to strengthening Pemex's liquidity and restated goal to achieve 1,800 mbpd in production. Our experience and track record of delivering best-in-class wells, uniquely positions Borr to capture incremental drilling activity, particularly under private investment projects that are expected to play an incremental role in the future of Mexico's oil and gas production."

Conference call

A conference call and webcast is scheduled for 9:00 AM New York Time (15:00 CET) on Thursday August 14, 2025 and participants are encouraged to dial in 10 minutes before the start of the call.

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

a) Webcast

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

https://edge.media-server.com/mmc/p/g4x5gjyu



b) Conference Call

Please use the below link to register for the conference call, https://register-conf.media-server.com/register/BIa0d72be56dd74bcaadc7275d099212cc

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.

CONTACT:

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



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BORR cpps 1.83

Borr Drilling targets 80% to 85% 2025 fleet coverage and shifts focus to 2026 amid dividend suspension

https://www.msn.com/en-us/money/economy/borr-drilling-targets-80-to-85-2025-fleet-coverage-and-shifts-focus-to-2026-amid-dividend-suspension/ar-AA1FiJO9?ocid=BingNewsSerp

Earnings Call Insights: Borr Drilling Limited (BORR) Q1 2025

Management View

CEO Patrick Schorn opened the call by noting, "Our first quarter results were largely as expected, reflecting the impact of temporary rig suspensions and preparatory work for upcoming contracts. Total operating revenue declined by $46.5 million quarter-over-quarter, resulting in adjusted EBITDA of $96.1 million for the period." He emphasized strong operational performance despite lower activity, reporting technical utilization at 99.2% and economic utilization at 97.9%. Safety achievements were highlighted, with several rigs receiving industry and customer recognition.

Schorn announced a ramp-up in Q2 activity: "Three suspended rigs in Mexico have resumed operations, while the Vali and Arabia I have both commenced their contracts. In addition, the Thor and Ran have secured new contracts starting this quarter. As a result, our operating rig count has now increased to 22." Liquidity strengthened following the collection of $120 million in receivables from Mexico and $10 million in mobilization fees for the Vali, plus an additional $35 million received after quarter end.

The CEO stated, "In light of uncertain market conditions, the Board has decided to suspend the dividend to further reinforce the balance sheet and enhance long-term value creation." While not issuing specific adjusted EBITDA guidance, Schorn confirmed comfort with the Bloomberg consensus estimate of approximately $460 million for 2025.

CFO Magnus Vaaler reported, "The results for the first quarter were highly impacted by temporary rig suspensions and mobilization of rigs to commence contracts, which led to us only having sixteen of our 24 rigs working on average during the quarter. The total operating revenues were $216.6 million, a decrease of $46.5 million compared to the fourth quarter." Vaaler detailed lower revenues and expenses, a net loss of $16.9 million, and a free cash position at quarter-end of $170 million with total available liquidity of $320 million after factoring in undrawn credit.

CCO Bruno Morand highlighted, "Year-to-date, Borr Drilling Limited has secured nine new contract commitments, adding $221 million to our backlogs at an average rate of $141,000 per day." He also noted 2025 fleet coverage at 79% and an increase in 2026 coverage to 35%, citing active negotiations and expectations to raise coverage to the 80%-85% range in coming months.

Outlook
Management confirmed comfort with the Bloomberg consensus estimate for adjusted EBITDA of approximately $460 million for 2025, but did not provide explicit guidance. Schorn stated the commercial focus has shifted toward 2026, with increased activity and contract discussions underway in Mexico and other regions. The board’s decision to suspend the dividend was reiterated as a measure to reinforce the balance sheet amid market uncertainty.

Financial Results
Borr Drilling reported first quarter total operating revenues of $216.6 million and adjusted EBITDA of $96.1 million. Net loss for the quarter was $16.9 million. The company ended the quarter with a free cash position of $170 million and total available liquidity of $320 million. Day rate revenues declined due to fewer operating days, while total operating expenses decreased to $156.8 million, driven by lower rig operating expenses and G&A costs.

The company collected $120 million in outstanding Mexican receivables and $10 million in mobilization fees, with a further $35 million received after quarter end. CapEx for Q1 was $25 million, mainly for jackup additions and maintenance, and cash distribution to shareholders totaled $4.7 million.

Q&A
Eddie Kim, Barclays: Asked about the resumption of Mexican rig operations and the likelihood of contract extensions. Schorn responded that it reflects both Mexico’s need to boost production and Borr’s strong track record: "We can generate some of the lowest cost barrels, drill very efficient wells, and have done this approximately just short of a hundred wells offshore at the moment." Regarding extensions, Schorn indicated ongoing discussions and expectation of good opportunities.

Kim followed up on the dividend suspension and market conditions. Schorn described it as a macro precaution: "We have clearly had a lot of discussions around tariffs and what that might do to global GDP. Counter that, we have seen that demand has remained actually quite strong."
Doug Becker, Capital One: Asked about contract coverage and visibility for the Ran rig. Morand and Schorn explained options are being evaluated and active customer engagement is underway, with three rigs representing the gap to 80%-85% coverage.

Fredrik Stene, Clarksons Securities: Inquired about liquidity and the potential use of the RCF. Vaaler responded, "We have received a $120 million payment from Mexico so far this year...The base case looks very, very solid. I do not foresee any reasons for drawing on the RCF as long as collections come in with the forecast that we are currently seeing."

Craig Ross, Bank of America: Sought insight on Saudi market activity and share buybacks. Morand noted Saudi activity is stable at 2019 levels, with early signs of potential recovery. Schorn said share buybacks remain an option pending cash visibility.

Fady Chammas, Triton Partners: Asked about contract termination clauses and CapEx per rig. Morand confirmed most contracts include termination for convenience clauses with payout protections, and Vaaler provided guidance of $50 million in CapEx for 2025, or about $2 million per rig.

Sentiment Analysis
Analysts raised concerns over Mexican contract extensions, payment visibility, and dividend suspension, reflecting a neutral to slightly cautious tone. Several questions probed management on liquidity and future coverage.

Management’s tone was measured and confident during prepared remarks, emphasizing operational resilience and strong liquidity. In Q&A, responses remained constructive but displayed caution regarding macro uncertainties and a focus on prudent cash management. Schorn repeatedly emphasized caution: "I think we want to make sure that we have all options open while remaining cautious for as long as the uncertainty persists."

Compared to the previous quarter, management’s tone shifted from expressing optimism about market recovery and contract coverage to a more guarded approach, particularly with the dividend suspension and focus on strengthening the balance sheet.
Quarter-over-Quarter Comparison

Guidance language changed, with the company now suspending the dividend and reinforcing the balance sheet, whereas last quarter included a cash distribution and mention of share repurchase authorization.

Strategic focus has shifted more heavily toward 2026 contract coverage and prudent liquidity management, while last quarter highlighted completing the newbuild program and achieving leading day rates.

Analysts’ line of questioning evolved from day rate trajectory and Mexico payment confidence to detailed liquidity management, dividend policy, and contract protections.

Key metrics declined, with revenues and adjusted EBITDA down quarter-over-quarter and a net loss reported versus net income previously.
Management’s confidence in contract coverage and liquidity remains, but the tone has become more cautious, emphasizing risk management and cash conservation.

Risks and Concerns
Management cited uncertain market conditions, changes in trade policy, and OPEC+ production decisions as sources of volatility. The decision to suspend the dividend was attributed to these uncertainties.

Payment visibility from customers in Mexico remains a key risk, though management reported improved collections and expects regular payments to resume.

Analysts questioned the stability of key contracts, the ability to secure extensions, and the impact of oil price fluctuations on activity levels.
Contract termination clauses were discussed, with management noting most contracts offer payout protections in case of early termination.

Final Takeaway
Borr Drilling management underscored a shift to cautious liquidity management and long-term resilience, highlighted by the suspension of the dividend amid uncertain market conditions. The company’s operating rig count has increased, backlog coverage for 2025 is nearing 80%-85%, and efforts are focused on building 2026 commitments while maintaining operational excellence. Management expressed confidence in navigating near-term volatility, reinforced by recent contract wins, robust liquidity, and a strong operational record, positioning Borr Drilling to capitalize on future market opportunities.

44 New Institutional Holders
12,695,645 New Total Shares Held

Friday AH 1mil shares traded by MMs under 3.

Tic Tock….

BORR, new 52 week low

Good Job. https://www.nasdaq.com/market-activity/stocks/borr/institutional-holdings

Been in here since the $.60 range

$6.53 as I type

Damn right it looks ready.

Thanks benwahsauce

WEEEEEEEEEEE

Grabbed a few more

Disappointing company.

Price levels to watch for with Borr Drilling Limited, BORR Stock.

#BORR $BORR

YouTube Link:

Yes just happened last week. Still at or above split price so not so bad.

Didn't I see a 1:2 reverse spilt happening shortly?

Still a good buy. At least another 20% upside.
Keeping my shares.

And away we go

FB, messenger, and Instagram closed.
Short the heck out of Nazi burg.IMO

That would be nice..do what rig or ampy did..I would be happy with that.

BORR part of the next batch of penny stocks under $1 to go this month?

Yessir!!

Definitely hit this one with the right timing stick. Good for you.
Still seeing 2.00 in the future.
Tapping foot waiting patiently. Lol

Yep, loaded hella big @ $0.58!! Bought the fear and it paid off!! Currently up over $10,000!!

Added a little more in lower 60'S
Avg still above $ 1.10

Earnings outlook ok to keep for another 6 months.

I would be happy with $2.00 plus.

$5.00 would be nice thou.

I had hopped back in @ $0.58, stop loss now set. Let’s see how it goes!! Looking to sell in by 2024 or $5+ which ever comes first lol Long hold for me as it’s in my Roth!

When a company thats NOT a specialist (deepwater/ultra-deepwater) driller, is overloaded with debt, has very little contract backlog and run by greedy management, decides to issue MORE stock simply to keep the lights on in lieu of revenues/earnings, its a sure sign of impending trouble. Major trouble. As in financial restructuring (out of court unlikely as bondholders will push it to the brink) or maybe reverse split to keep shares listed.

Either ways, Borr Drilling went public at the most inopportune time - just did not have enough runway to ramp up business. Bad timing followed by bad business decisions are a recipe for failure. Enough said.