Borr Drilling Limited – Amendment to bank facility covenants
Borr Drilling Limited (the “Company”) is pleased to announce it has agreed with its financing banks to make certain amendments to its financial covenants. The required minimum book equity ratio has been adjusted from 40% to 33.3% and the minimum free liquidity covenant adjusted from 4.0% to 3.0% of Net Interest Bearing Debt. These amendments are effective from year end 2019 and into 2021. The Company continues to be in constructive negotiations with the shipyard for options to extend delivery of three of its remaining newbuilds and expect to conclude these negotiations in the near future.