Borr Drilling Limited enters into new financing arrangement for a newbuild jack-up drilling rig
Borr Drilling Limited (the “Company”) is pleased to announce that the Company has entered into a new financing arrangement for the newbuild jack-up rig Tivar, scheduled to be delivered from the yard in July 2020. The existing US$50 million bank delivery financing for the rig will be replaced with a new US$100 million take out facility maturing in December 31, 2021. As part of the agreement the delivery of the jack up rigs Vale and Var are conditional upon full repayment of the facility or can be carried out 180 days after an early repayment of the financing. The Company’s total remaining