Borr Drilling Limited Announces Leadership Transition and Financial Strengthening Measures
Borr Drilling Limited Strengthens Financial Position and Leadership Structure
Borr Drilling Limited, listed on NYSE under the ticker symbol BORR, has made significant announcements aimed at bolstering its financial foundation and leadership team. The company is taking steps to enhance its liquidity and implement a succession plan in light of its long-term strategy.
Financial Enhancements
On July 2, 2025, Borr Drilling disclosed that it has secured commitments from several commercial banks to significantly increase its financial liquidity. Specifically, the company intends to expand its existing super senior revolving credit facility (RCF) to reach a total of $200 million. This strategic move is complemented by reallocating a currently unused $45 million Guarantee Facility, making it available for other uses. Furthermore, a fresh $35 million senior secured RCF will be introduced, contingent on an anticipated $100 million equity raise.
These actions are poised to improve Borr's liquidity position by over $200 million, thus empowering the company to further its growth strategy and seek value-generating opportunities in the drilling sector. The company’s financial covenants are also expected to become more favorable, including a reduction of minimum liquidity requirements.
Leadership Transition
In addition to financial maneuvers, Borr Drilling has announced a leadership transition effective September 1, 2025. Bruno Morand, the current Chief Commercial Officer, will step into the role of Chief Executive Officer. This decision comes after a comprehensive succession planning effort by the Board of Directors. Patrick Schorn, the outgoing CEO, will transition to the role of Executive Chairman of the Board, maintaining strategic oversight and continuity during this pivotal period.
Tor Olav Trøim, the current Chairman, will continue his role as a Director, ensuring a stable transition within the leadership team. The reallocation also sees Dan Rabun, a former CEO and Chairman of Ensco plc, named Lead Independent Director, reinforcing the board's independent leadership.
Trøim expressed confidence in Morand’s capabilities, citing his extensive experience and deep understanding of the offshore drilling industry. Morand's appointment is viewed as a strategic move to enhance both continuity and insight into the evolving market, thereby propelling Borr Drilling through this upcoming growth phase.
Experienced Team Continuity
Morand's expertise is noteworthy; he brings two decades of industry experience and has been integral in managing Borr’s global client relationships since joining the company in 2017. His upcoming role as CEO is anticipated to will drive the execution of current strategies and identify new growth avenues, vital for adapting to the dynamic drilling market.
As part of this executive reshuffle, Jason Crowe will take over Morand's responsibilities as Senior Vice President of Commercial operations, starting the same day Morand steps into his new role.
Board Expansion Potential
Moreover, the Board of Directors announced plans to endorse Thiago Mordehachvili, Founder and Chief Investment Officer of Granular Capital Ltd., as a new Director. This nomination will occur during a Special General Meeting on August 6, 2025, pending shareholder approval. Mordehachvili, a significant stakeholder holding over 19% of the company's shares, is expected to bring added capital markets insight, enhancing their leadership capabilities as the company positions itself in a volatile industry landscape.
Mordehachvili expressed willingness to engage at the board level to facilitate long-term shareholder value creation at Borr Drilling. His experience, particularly in mergers and acquisitions and capital allocation, will be crucial as Borr navigates its next chapter.
Conclusion
Borr Drilling Limited appears poised for a transformative phase with these new initiatives that both strengthen its financial resources and nurture leadership competency. As the industry landscape continues to evolve, the combination of increased liquidity and strategic leadership will likely be a pivotal factor in driving Borr Drilling’s future success.