Borr Drilling Ltd

Borr Drilling Limited announced the completion of its previously announced tender offer and consent solicitation for its 10.000% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes due 2030. The company received valid tenders for 95.95% of the 2028 Notes and 91.21% of the 2030 Notes. Following this, Borr Drilling redeemed all remaining outstanding notes using proceeds from its recently issued $1.1 billion 8.750% Senior Secured Notes due 2032 and $935 million 9.000% Senior Secured Notes due 2034.

Borr Drilling Limited announced the pricing terms for its previously disclosed tender offer and consent solicitation for its 10.000% Senior Secured Notes due 2028 and 10.375% Senior Secured Notes Due 2030. The Total Consideration for the 2028 Notes is $1,048.36 per $1,000 original principal amount, which includes an Early Tender Payment and a Consent Payment of $2.50. The offer is set to expire on June 24, 2026, and is subject to certain conditions, including a financing condition.

Borr Drilling Limited announced early tender results for its offer to purchase outstanding 2028 and 2030 Senior Secured Notes. The company achieved 93.84% participation by the early deadline, with 95.92% of 2028 Notes and 90.56% of 2030 Notes tendered. Following this, the Issuer intends to redeem all remaining outstanding notes and has executed supplemental indentures to amend covenants and release collateral liens, contingent on the Early Settlement Date. This refinancing is supported by a new $2.035 billion notes offering.

Borr Drilling Limited announced that its wholly owned subsidiary, Borr IHC Limited, has increased the principal amount of its outstanding 10.375% Senior Secured Notes due 2030 that it can repurchase under its cash tender offer. The offer was expanded from $447.3 million to any and all of the 2030 Notes, of which $877.1 million (original principal) or $770.7 million (adjusted) are currently outstanding. The tender offer's financing condition was also amended, requiring the completion of a new notes offering in an aggregate principal amount of at least $2,035 million.

Borr Drilling Limited announced that its wholly owned subsidiary, Borr IHC Limited, and its direct subsidiary Borr Finance LLC, intend to offer $1.6 billion in senior secured notes due 2032 and 2034. The proceeds from this offering, combined with cash on hand, are intended to refinance the company's outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million of its 10.375% Senior Secured Notes due 2030. The new notes will be guaranteed by Borr Drilling and certain subsidiaries and secured by most of the company's rigs and assets.

Borr Drilling Limited announced the publication of a new investor presentation on its website. The company, an international drilling contractor, is listed on both the New York Stock Exchange and Euronext Oslo Bors, having been listed on the latter since May 21, 2026.

Borr Drilling Limited announced cash tender offers for its 10.000% Senior Secured Notes Due 2028 and 10.375% Senior Secured Notes Due 2030. The company aims to purchase all outstanding 2028 Notes and up to $447.3 million of the 2030 Notes. The offers are contingent on a new $1.6 billion Senior Secured Notes offering due 2032 and 2034. Concurrently, Borr Drilling is soliciting consents to amend the indentures, which would remove restrictive covenants and release collateral liens.

Borr Drilling Limited announced its unaudited first quarter 2026 results, reporting total operating revenues of $247.0 million, a 5% decrease from Q4 2025, and a net loss of $29.0 million, significantly wider than the $1.0 million net loss in the prior quarter. Adjusted EBITDA also decreased by 16% to $88.5 million. Despite the financial decline, the company completed the acquisition of five jack-up rigs for $360 million and entered an agreement to acquire five more via a joint venture for $287 million. Additionally, Borr Drilling secured 13 new contract commitments year-to-date 2026, representing over 2,250 days and $274 million in Dayrate Equivalent Backlog, and strengthened its capital structure with a $300 million convertible note offering.

Borr Drilling Limited announced that its shares will commence trading on Euronext Oslo Børs, the main list, starting May 21, 2026. This move follows the approval from Euronext Oslo Børs on May 7, 2026. Concurrently, the company's shares will be deregistered from and cease trading on Euronext Growth Oslo. A prospectus for this listing was approved by the Norwegian Financial Supervisory Authority and is available on the company's website, while the primary listing continues to be on the NYSE.

Borr Drilling Limited filed a Form 6-K announcing its first quarter 2026 results presentation and conference call, scheduled for May 21, 2026. The filing includes details for participants to access the live webcast or conference call, with a replay stream available afterward. The accompanying presentation outlines the company's market outlook, expectations for Q2 Adjusted EBITDA, a projected rebound in the second half of 2026, and updates on various acquisitions and contract expectations.