Borr Drilling – Progressing to extend Runway
As stated in its Q3 report, Borr Drilling has been working actively with its creditors to strengthen the liquidity profile of the Company. With considerable support of all secured creditors a liquidity improvement plan amounting to $925 million over the next two years has been devised. Subject to the Company successfully raising USD40m in new equity, the lenders are supportive of the following outcome, subject to final Board and credit committee approvals: · The USD400m syndicated bank facilities to defer maturity to Jan 2023 · The USD195m Hayfin facility to defer maturity to Jan