Borr Drilling Ltd 6-K, filed Jan 20, 2021
Borr Drilling Ltd (BORR)
6-K
2021-01-20
For: 2021-01-19
View Original
Added on
April 10, 2026
About this 6-K
Borr Drilling Ltd filed this 6-K on January 20, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
January 19, 2021
Commission File Number 001-39007
Borr Drilling Limited
S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F ☒ | Form 40-F ☐ |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes ☐ | No ☒ |
If ‘‘Yes’’ is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
Exhibits
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Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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BORR DRILLING LIMITED
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Date: January 19, 2021
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By:
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/s/ Georgina Sousa
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Name:
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Georgina Sousa
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Title:
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Director
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Exhibit 99.1
Borr Drilling Limited – Creditor Approval for Financing Plan
Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) is pleased to confirm that the liquidity improvement plan announced in December 2020 has received
support from its creditors, including:
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The $400m syndicated bank facilities maturity deferred to January 2023
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The $195m Hayfin facility maturity deferred to January 2023
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$760m PPL facilities maturity amended to May 2023, with interest payments deferred until March 2023, except $6m payment in 2021 and $12m in 2022 (estimated accumulated interest
deferred is in excess of $110m, including the approximately $65m announced in May 2020)
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The $272m Keppel newbuild delivery facilities for three delivered rigs all extended by one year (from five to six year financing) and interest deferred to the fourth anniversary
of the drawdown of each loan. The Company will make payments to Keppel of $6m in 2021 and $12m in 2022
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The $620m in Keppel newbuilding delivery commitments for five rigs deferred to 2023, with the first delivery in May 2023 and the final delivery in December 2023
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In addition, there will be amendments to certain of the current financial covenants, including the minimum value covenants
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These terms have been approved by the credit committees of the syndicate banks and Hayfin. In addition, the Company has a signed term-sheet with PPL, and an
agreement in principle with Keppel, subject to final board approval. The agreements above are subject to conditions, including completion of a $40m equity raise. The Company is working on definitive documentation to reflect these terms expected
to be concluded shortly.
“Borr Drilling is very thankful for the support received from its creditors. The liquidity improvement plan, which started mid-2020, including this recent financing
plan, has contributed over USD 1 billion in total liquidity improvements until 2023 and improved our runway. We remain optimistic about the opportunities for Borr Drilling in the current market environment” says CEO Patrick Schorn
19 January 2021
Hamilton, Bermuda
Forward looking statements
This announcement includes forward looking statements, which are statements that do not reflect historical facts and may be identified by words such as “anticipate”,
“believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions and include statements with respect to the Company's liquidity improvement plan, that such plan has received support from creditors, the terms
of such plan, and the expected benefits of such plan including expected liquidity improvement and improved runway, and the condition of an equity raise including the amount of the equity raise, the Company negotiating definitive documentation
with a view to concluding such documentation shortly and other non-historical statements. These forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, which are, by their nature,
uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause
actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, including risks relating to the liquidity improvement plan including the risk that Keppel board approval for the
agreements above is not obtained, that the Company is unable to reach final agreement and execute definitive documentation with the relevant creditors and risks relating to the final terms of such agreements, risks relating to meeting conditions
to these agreements, including risks relating to the contemplated equity raise and the risk that such conditions are not met, risks relating to our liquidity including the risk that we may have insufficient liquidity to fund our operations; risks
that the expected liquidity improvements do not materialize or are not sufficient to meet our liquidity requirements and other risks relating to our liquidity, the risk that our customers do not comply with their contractual obligations,
including payment or approval of invoices for factoring, that factoring arrangements are not effective in improving cash flow, risks relating to industry conditions and tendering activity, risks relating to cash flows from operations, the risk
that we may be unable to raise necessary funds through issuance of additional debt or equity or sale of assets; risks relating to our debt instruments including risks relating to our ability to comply with covenants and obtain any necessary
waivers and the risk of cross defaults, risks relating to our ability to meet our debt obligations and obligations under rig purchase contracts and our other obligations as they fall due, risks relating to our liquidity requirements, risks
relating to future financings including the risk that future financings may not be completed when required and future equity financings will dilute shareholders and the risk that the foregoing would result in insufficient liquidity to continue
our operations or to operate as a going concern and other risks included in our filings with the Securities and Exchange Commission including those set forth under "Risk Factors" in our annual report on Form 20-F for the year ended December 31,
2019 and in prospectuses filed with the Norwegian Financial Supervisory Authority (FSA).
This announcement does not constitute an offer to buy, sell or subscribe for any securities described herein. The equity raise referenced herein has not been and
will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.