HOUSTON, TEXAS (By Isaac Silvestre, Energy Analytics Institute, 2.Jul.2025, Words: 278) — Borr Drilling Limited received commitments from certain commercial banks related to various senior facilities.
These facilities include: 1) increasing the existing super senior RCF (SSRCF) to $200mn; 2) reallocating the existing $45mn guarantee facility from super senior to senior secured (freeing up $45mn of capacity under the SSRCF); and 3) adding a new $35mn senior secured RCF, subject to a $100mn equity raise.
Additionally, Borr has obtained more favorable terms on the financial covenants in these facilities, including a reduction in the minimum liquidity covenant, the company announced on 2 Jul. 2025 in an official statement.
Changes to the facilities, together with a proposed $100mn equity raise separately, are expected to increase Borr’s available liquidity by over $200mn. Together, these moves would strengthen Borr’s financial position in order to support continued execution of its long-term strategy as well as the pursuit of potential value-added growth opportunities and industry consolidation, the company said.
Succession plan
Borr also revealed that pursuant to its multi-year succession planning process, that the board of directors reached a unanimous decision to appoint Bruno Morand as successor to chief executive officer (CEO) Patrick Schorn, effective 1 Sep. 2025.
At the time of the transition, Schorn will become executive chairman of Borr’s board of directors, while current chairman Tor Olav Trøim will continue to serve as a director of the board.
Additionally, current director Dan Rabun (former CEO and chairman at Ensco plc) will become lead independent director, ensuring the continuity of independent and objective leadership on behalf of Borr’s shareholders, the company said.
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By Isaac Silvestre reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
