Hamilton, Bermuda, 9 December 2025 – Borr Drilling Limited has priced an additional tranche of its 10.375% senior secured notes due 2030, raising gross proceeds of about $165 million.
The company said the notes will be issued by its wholly owned subsidiary Borr IHC Limited, together with certain other subsidiaries. The new notes will carry the same terms and conditions as Borr Drilling’s existing senior secured notes maturing in 2030.
Proceeds from the additional notes, alongside funds from the company’s previously announced equity offering, seller financing, and, if required, available cash, are intended to finance the acquisition of five premium jack-up rigs that Borr Drilling announced on 8 December 2025. Any remaining proceeds may be used for general corporate purposes, which can include debt service, capital expenditures, working capita,l and potential mergers and acquisitions.
Settlement of the additional notes is expected to take place on or about 19 December 2025, subject to customary closing conditions.
The company emphasised that this announcement is provided for information purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy or subscribe for, any securities. The notes referred to have not been and will not be registered under the U.S. Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States or to U.S. persons (other than distributors) unless they are registered under the U.S. Securities Act or an exemption from the registration requirements is available.
