Borr Drilling Limited Announces Strategic Financing and Leadership Updates

Strategic Insights -

Borr Drilling Limited has announced significant updates to its leadership and financing structure, aiming to strengthen its balance sheet and support continued growth. The company has received commitments from commercial banks to increase its super senior revolving credit facility (RCF) by $200 million, reallocate its existing guarantee facility, and add a new senior secured RCF subject to a $100 million equity raise. This move is expected to increase the company's available liquidity by more than $200 million.

Additionally, Borr Drilling has announced the appointment of Bruno Morand as its new Chief Executive Officer, effective September 1, 2025. Morand, a 20-year veteran of the offshore drilling industry, has served as Chief Commercial Officer at the Company since 2023. He will succeed Patrick Schorn, who will become Executive Chairman of the Board of Directors. The transition is part of the company's multi-year succession planning process.

Key Takeaways:

  • Borr Drilling has received commitments from commercial banks to increase its super senior RCF by $200 million, reallocate its existing guarantee facility, and add a new senior secured RCF subject to a $100 million equity raise.
  • The company's available liquidity is expected to increase by more than $200 million.
  • Bruno Morand will become the new Chief Executive Officer of Borr Drilling, effective September 1, 2025.
  • Patrick Schorn will become Executive Chairman of the Board of Directors, and current Chairman Tor Olav Troim will continue to serve as a Director.
  • Thiago Mordehachvili, Founder and Chief Investment Officer of Granular Capital Ltd., will join the Board as a Director, subject to approval by shareholders at the Special General Meeting on August 6, 2025.
  • Jason Crowe will succeed Bruno Morand as Senior Vice President, Commercial, effective September 1, 2025.

Statistics:

  • The company's available liquidity is expected to increase by more than $200 million.
  • Borr Drilling has received commitments to increase its super senior RCF by $200 million.
  • The company has reallocated its existing guarantee facility, freeing up $45 million of capacity under the SSRCF.
  • A new senior secured RCF worth $35 million has been added, subject to a $100 million equity raise.
  • Borr Drilling's financial covenant minimum liquidity has been reduced.

Sources:

  • Borr Drilling Limited
  • PRNewswire (July 2, 2025)
  • Cision (no date provided)