#Bermuda #Hamilton #stock offering #Borr Drilling #jack-up rigs

Borr Drilling Limited's Upcoming Public Offering

Borr Drilling Limited, a prominent player in the drilling sector listed on NYSE under the symbol BORR, has recently put forth plans to raise approximately $85 million by offering around 21 million common shares. This strategic move aims to bolster the company’s operational capabilities and expand its fleet of premium jack-up rigs.

The decision to conduct this equity offering comes at a crucial time as the company seeks to utilize the proceeds, alongside funds from a debt offering and available cash, to potentially acquire five premium jack-up rigs. These acquisitions are part of a broader strategy to revolutionize Borr Drilling's service offerings and maintain a competitive edge in the global drilling market.

The equity offering will be managed by DNB Carnegie, Inc. and Clarksons Securities AS as joint global coordinators and bookrunners. Additionally, Citigroup Global Markets, Inc., Fearnley Securities AS, and Pareto Securities AS will serve as joint bookrunners, while BTIG, LLC will act as co-manager for the offering. This team is expected to facilitate a seamless process for interested investors.

Borr Drilling's commitment to transparency is underscored by its effective shelf registration statement, filed with the Securities and Exchange Commission (SEC) earlier this year. This allows prospective investors to access detailed documentation and understand the intricacies of the offering. They have made these documents readily available through platforms like EDGAR and by direct contact with the banking institutions involved.

In terms of share acquisition, notable figures such as directors Mr. Tor Olav Trøim and Mr. Thiago Mordehachvili have expressed their intentions to invest substantially in the offering, each committing up to $10 million through their respective entities. Their confidence is indicative of the strong investor interest that the offering is anticipated to attract.

The company also announced a future plan for its shares to be listed on Euronext Growth Oslo as a precursor to a re-listing on the Oslo Stock Exchange (OSE). This strategic alignment not only highlights Borr Drilling's growth ambitions but also serves to enhance its visibility and trading flexibility in the European market. By fulfilling customary listing obligations, Borr Drilling expects its shares to commence trading on Euronext Growth Oslo by December 19, 2025.

This dual listing strategy underlines Borr Drilling's goal to transition into a global leader within the drilling sector, as it aims to maintain its primary listing on the NYSE while expanding its European footprint.

However, the company acknowledges the inherent risks associated with such ventures— from market conditions impacting the success of the offering to the timely execution of these strategic acquisitions. Stakeholders and potential investors are advised to weigh these factors carefully, considering the information outlined in the annual report and various SEC filings before making any financial commitments.

In summary, Borr Drilling Limited's proactive approach to securing funds through a public offering signifies not only its immediate dedication to expanding its fleet but also its long-term vision for growth and excellence in the drilling industry. As developments unfold, industry analysts and investors alike will be closely monitoring the company’s actions and market responses.