Borr Drilling down after $102.5 mln equity offering

Borr Drilling's BORR.N shares down 1.9% before the bell to $2.07 as follow-on prices

Offshore oil and gas driller announces two-part offering of 50 mln shares at $2.05 for gross proceeds of $102.5 mln

Offering price is 2.8% discount to stock's last close

Settlement for 30 mln shares expected on or around Jul 7, while remaining 20 mln shares to be issued in the second settlement, expected on or around Aug 7, following special general meeting (SGM) to approve authorization of 50 mln additional shares for the offering

If SGM condition not met, second settlement will not occur, but shares issued in first settlement will not be impacted

Co plans to use offering proceeds for general purposes, including debt service, capex and working capital

Certain officers and directors indicated interest in buying shares in the offering, most notably board chair Tor Olav Trøim for $10 mln worth, per the prospectus

DNB Carnegie, Clarksons Secs, Citigroup and Goldman are jt bookrunners for the offering

Late Weds, co said its board unanimously decided to appoint Bruno Morand as successor to CEO Patrick Schorn, effective Sept 1, 2025, as part of multi-year succession planning process

Through Weds, BORR shares lost 46% YTD. Stock closed at $6.33 a year ago

Co has ~236.2 mln shares outstanding as of Jul 2

All 7 analysts are bullish on BORR with median PT of $2.40, LSEG data reflects