Emphasizes
- Borr funding plan to increase liquidity by $ 200 million, reinforcing balance sheet for ongoing development
- Bruno Morand to end up being CEO reliable September 1, 2025, following an extensive succession preparation procedure
- Patrick Schorn to shift from CEO to Executive Chairman of the Board of Directors, offering connection and broadened management bandwidth, with the existing Chairman to stay as a Director
HAMILTON, Bermuda, July 2, 2025/ PRNewswire/– Borr Drilling Limited BORR “, Borr”,, “, Borr Drilling”, or the “, Business”, )) has actually revealed today that the Business has actually gotten dedications from specific industrial banks to: 1) increase existing very senior RCF (SSRCF) to $ 200 million; 2) reallocate the existing $ 45 million Assurance Center from very senior to senior protected (maximizing $ 45 million of capability under the SSRCF); and 3) include a brand-new $ 35 million senior protected RCF, based on a $ 100 million equity raise. Furthermore, the Business has actually gotten more beneficial terms on the monetary covenants in these centers, consisting of a decrease in the minimum liquidity covenant.
The modifications to the centers, together with a proposed $ 100 million equity raise individually revealed by the Business, are anticipated to increase the Business’s offered liquidity by more than $ 200 million Together, these relocations would enhance the Business’s monetary position in order to support ongoing execution of its long-lasting technique in addition to the pursuit of prospective value-added development chances and market combination.
Borr likewise reveals today that pursuant to the Business’s multi-year succession preparation procedure, the Board of Directors has actually reached a consentaneous choice to select Mr. Bruno Morand as follower to President, Mr. Patrick Schorn, reliable September 1, 2025
At the time of the shift, Mr. Schorn will end up being Executive Chairman of the Business’s Board of Directors, while existing Chairman Mr. Tor Olav Trøim will continue to act as a Director of the Board. Furthermore, existing Director Mr. Dan Rabun (previous President and Chairman at Ensco plc) will end up being Lead Independent Director, guaranteeing the connection of independent and unbiased management on behalf of Borr Drilling’s investors.
” Throughout Patrick’s 7 years at Borr Drilling at first as a Director and consequently as our CEO, the Business has actually developed itself as the prominent worldwide jackup drilling professional. In developing the business, consisting of the advancement of a first-rate management group, it is a natural development for the Business to promote from within” stated Mr. Trøim, including, “we are enjoyed have the ability to tap somebody of Bruno’s quality to lead the Business through the next stage. With years of experience in the market, he brings the ideal mix of connection and fresh point of views; and we anticipate that his vibrant management, customer-centric method, and market acumen will both drive our existing technique forward and likewise broaden our point of views on brand-new chances.”
Mr. Morand, who has actually acted as Chief Commercial Officer at the Business because 2023, is a 20-year veteran of the overseas drilling market, having actually held management positions with worldwide rig specialists in the locations of functional management, task management, marketing and consumer relationship management. He initially signed up with Borr in 2017 and throughout his time at the Business has actually played an active function with the Business’s worldwide portfolio of customers and tactical partners
” We are lucky to have had the knowledge and varied abilities of our Board of Directors, led by market veteran Tor Olav Trøim. This succession sets us up for a smooth shift, and likewise allows us to assign extra management capability to the long-lasting preparation that is vital at this point,” stated Mr. Schorn, including, “Bruno’s visit will allow our management group and Board to increase focus in the tactical imperatives and prospective inorganic chances that we anticipate will drive our business through the next stage of development.”
Furthermore, Mr. Trøim revealed the election of Mr. Thiago Mordehachvili, Creator and Chief Financial Investment Officer of Granular Capital Ltd., holding more than 19% of the Business’s shares, to sign up with the Board as a Director, following an Unique General Fulfilling prepared for August 6, 2025 (the “SGM”) based on approval of investors at the SGM to increase the variety of board members. Mr. Mordehachvili would bring important extra abilities and point of views, especially in the locations of M&A, capital allotment and capital markets.
Mr. Mordehachvili commented that he is happy to be chosen to the Board to contribute in producing long-lasting investor worth at Borr Drilling. He included: “As a considerable investor of Borr Drilling for numerous years, Granular Capital has actually seen firsthand the effect of the Business having exceptional possessions, operations and culture in an otherwise unstable market. These qualities are effective and additional separate Borr as the sector progresses moving forward. By bringing extra capital markets know-how to a currently experienced Board of Directors, our company believe our participation can even more strengthen Borr Drilling’s position as a leader in the shallow water advancement drilling market.”
Mr. Jason Crowe will be successful Mr. Morand as SVP Commercial, reliable September 1, 2025 All other members of the management group stay the same.
Forward looking declarations
This news release and associated conversations consist of forward looking declarations made under the “safe harbor” arrangements of the U.S. Personal Securities Lawsuits Reform Act of 1995. Forward looking declarations do not show historic truths and might be determined by words such as “prepare for”, “think”, “continue”, “price quote”, “anticipate”, “means”, “might”, “need to”, “will”, “make sure”, “most likely”, “goal”, “strategy”, “assistance” and comparable expressions and consist of declarations concerning the dedications gotten by the Business from lending institutions to increase its RCF and reallocate its assurance center and modify specific covenants in the center contract and offer a brand-new revolving credit center consisting of the conditions to the foregoing and terms thereof and the predicted boost in offered liquidity and fortifying of the Business’s monetary position, the modifications and updates in management and the Board gone over herein, consisting of the anticipated timing of such modifications, the Business’s and the Board’s strategies, technique and anticipated advantages of the modifications in management and the Board and other non-historical declarations. Such forward looking declarations go through dangers, unpredictabilities, contingencies and other elements might trigger real occasions to vary materially from the expectations revealed or suggested by the positive declarations consisted of herein, consisting of dangers associating with the dedications to increase the size of the Business’s RCF and reallocate the assurance center and modify specific covenants and participate in a brand-new RCF consisting of the danger that the conditions to these dedications are not pleased or the conclusive documents to execute these dedications is not participated in on the contemplated terms, in a prompt way or at all, dangers associating with the Business’s prepared equity offering consisting of the danger that the offering is not finished for the proposed quantity or at all, dangers associating with offered liquidity and liquidity requirements and the Business’s monetary position, dangers associating with the proposed modifications in the Board and management gone over herein, consisting of the danger that SGM approval to increase the size of the Board is not gotten, and other dangers and unpredictabilities explained in the area entitled “Danger Aspects” in our newest yearly report on Type 20-F and other filings with the Securities and Exchange Commission. Such dangers, unpredictabilities, contingencies and other elements might trigger real occasions to vary materially from the expectations revealed or suggested by the forward -looking declarations consisted of herein. These positive declarations are made just since the date of this release. We do not carry out to upgrade or modify the positive declarations, whether as an outcome of brand-new info, future occasions or otherwise.
CONTACT:
Concerns need to be directed to: Magnus Vaaler, CFO, +44 1224 289208
This info was given you by Cision http://news.cision.com
https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited-plans-to-strengthen-the-balance-sheet-for-continued-growth-and-announces-ceo-s,c4189201
SOURCE Borr Drilling Limited