Borr Drilling plans $1.6 billion senior secured notes offering

Borr Drilling Limited (NYSE: BORR) announced that its subsidiaries Borr IHC Limited and Borr Finance LLC intend to offer $1.6 billion in aggregate principal amount of senior secured notes due 2032 and 2034, subject to market conditions.

The notes will be guaranteed by Borr Drilling and certain subsidiaries and secured by most of the company's rigs and other assets. Pricing is expected on or about May 28, 2026.

The company plans to use proceeds from the notes offering, along with cash on hand, to repurchase, redeem or refinance its outstanding 10.000% Senior Secured Notes due 2028 and up to $447.3 million in aggregate original principal amount of its outstanding 10.375% Senior Secured Notes due 2030. After amortization payments, $393.0 million in aggregate principal amount remains outstanding on the 2030 notes.

The proceeds will also cover fees and expenses related to the notes offering and a concurrent tender offer. Settlement of the tender offer depends on certain conditions, including the pricing and settlement of the notes offering.

Borr Drilling is an international drilling contractor incorporated in Bermuda that owns and operates jack-up rigs serving the shallow-water offshore oil and gas industry. The company trades on the New York Stock Exchange since July 2019 and on Euronext Oslo Børs since May 2026.

The securities have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States except under an exemption from registration requirements.

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