Borr Drilling Limited completed a public offering of 21 million common shares at $4.00 each, generating $84 million in gross proceeds. The shares were priced on December 9, 2025 and settled on December 10, 2025, under a shelf registration filed on April 11, 2025. DNB Carnegie and Clarksons Securities coordinated the offering, with Citigroup, Fearnley, Pareto, BTIG and Morgan Stanley serving as bookrunners.
The proceeds will be combined with a concurrent debt offering, seller financing, and available cash to acquire five premium jack‑up rigs announced on December 8, 2025. The acquisition, valued at $360 million, will increase Borr’s fleet from 24 to 29 units, positioning the company as the owner of the youngest premium jack‑up fleet worldwide and strengthening its competitive stance in shallow‑water drilling markets in Mexico and the Middle East.
Borr’s financing package reflects a dual strategy: it seeks to strengthen the balance sheet while expanding operational capacity. The company’s debt load exceeds $2 billion; the equity raise provides fresh capital that can be used to service debt and fund capital expenditures, offsetting the additional leverage that the rig acquisition will introduce. The combination of equity, debt, and seller financing also offers flexibility for working‑capital needs and potential future mergers and acquisitions.
CEO Bruno Morand emphasized that the timing of the deal aligns with a strengthening jack‑up rig cycle. “The market is showing robust demand for modern jack‑up rigs, and our fleet expansion will allow us to capture a larger share of that demand,” he said. The move also supports Borr’s broader goal of maintaining a high‑quality, low‑age fleet, which is a key differentiator in the offshore drilling industry.
Investors have expressed concern over the dilution and increased leverage associated with the equity offering, but the company’s management has highlighted the long‑term value of the acquisition and the strategic benefits of a modern fleet. The dual listing process on Euronext Growth Oslo is also underway, which will broaden Borr’s access to European capital markets and enhance visibility among European investors.
Borr’s equity raise and rig acquisition signal a decisive push to capture growth in the shallow‑water drilling segment. The company’s ability to secure a sizable equity offering while simultaneously arranging debt and seller financing demonstrates strong execution capability and confidence in the market outlook. The transaction is expected to position Borr for sustained growth in the coming years, as demand for jack‑up rigs remains high and new construction is limited.
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