|Borr Drilling hjemmeside
Borr Drilling er et nytt offshore boreselskap, startet opp av Tor Olav Trøim og kretsen rundt ham fra hans SeaDrill-tid (Lundetræ, Halvorsen, Maier m/flere).
De har foreløpig investert i 12 JU-rigger + 5 JU-byggekontrakter, og gjort 2 store, rettede emisjoner på til sammen US$955 mill.
Angitt/anslått investeringsvolum så langt (dersom siste LOI blir realisert) er ca. US$1.48 mrd, slik at selskapet også ser ut til å ville oppta noe gjeld for å finansiere opp selskapet tilstrekkelig.
Borr Drilling Limited is registered on the NOTC-list
Borr Drilling Limited is registered on the NOTC-list as of 19 December 2016 with ticker code BORR (BORR.OTC). The company has issued 77,500,000 shares each with a par value US$ 0.01, all of which is registered in the VPS with ISIN code BMG575071086. Based on the issue price of USD 2.00 per share (equivalent to NOK 16.89 per share), the market capitalization is USD 155 million equivalent to approx. NOK 1,308,975,000. The company has entered into an agreement whereby it will be able to use the reporting systems as of 19 December 2016.
BORR.OTC: BORR DRILLING LIMITED ANNOUNCE LISTING ON THE NORWEGIAN OTC-LIST
Hamilton, Bermuda - Borr Drilling Limited ("Borr Drilling or the Company"), formerly Magni Drilling Limited, is pleased to announce the successful completion of its USD155 million equity issue at USD2/share. The private placement was completed with support from renowned institutional investors and private capital with significant experience and successful track record from investing in the drilling industry. The proceeds from the placement will be used to finance the acquisition of two modern jack-ups rigs from Hercules Offshore, the Hercules Resilience and Hercules Triumph. The total consideration for the two rigs is USD130 million.
Borr Drilling's ambition is to acquire and operate modern drilling assets purchased at a significant discount to the new build cost price. The industry continues to experience significant overcapacity and historical low activity level. We are building a platform with modern equipment, an experienced management team and a robust capital structure in order to be able to capitalise on the opportunities that will arise in this market environment.
Effective today, Mr Rune Magnus Lundetræ will join the Company as Chief Executive Officer and Mr Svend Anton Maier will join the Company as Chief Operating Officer.
"Through the acquisition of the two Super A class jack-ups, we have executed a very attractive entry into the drilling industry at close to historical low valuations. We believe Borr Drilling can serve as an effective operational platform to further drive and execute distressed asset investments to capitalise on the low assets prices and continued volatility in the offshore industry" Mr Lundetræ comments.
Borr Drilling will start trading on the Norwegian OTC list Monday December 19.
BORR.OTC: BORR DRILLING INTENDS TO ACQUIRE 15 HIGH-SPECIFICATION JACK-UP RIGS FROM TRANSOCEAN
Hamilton, Bermuda - Borr Drilling Limited is pleased to announce the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean's entire jack-up fleet, comprising 10 rigs in Transocean's fleet and 5 new-builds under construction at Keppel FELS Limited.
Total consideration for the transaction is expected to be approximately USD 1.35 bn and includes remaining contract backlog and remaining yard instalments to Keppel FELS for
Endret 20.03.2017 20:33 av OldNick
|the five new-builds. The board of directors of Keppel FELS has pre-approved the novation of the new-building contracts.
A deposit has in line with what has been agreed between the parties been paid from Borr to Transocean. Borr has secured financing for the transaction through a private placement of equity securities. The transaction is subject to the parties executing definitive agreements and satisfying formal closing conditions, including a final approval from the boards of directors of both companies. The completion of the transaction is expected to take place before the end of May 2017.
For å finansiere kjøpet av 10 rigger + 5 byggekontrakter av Jack-up rigger fra Transocean, vil de gjøre en rettet emisjon på hele US$800 mill., bestående ca. 228.6 mill aksjer til US$3.50/aksje (= ca. NOK29.70). Meldingen stadfester at de har dekket "boken" allerede.
Virkelig ambisiøst, og imponerende dette. Vi ser BORR.OTC-aksjen handles opp til NOK34 i dag.
BORR.OTC: BORR DRILLING ANNOUNCES USD 800 MILLION EQUITY OFFERING
Hamilton, Bermuda - Borr Drilling Limited is pleased to announce that it is raising USD 800 million in new equity consisting of 228,600,000 new shares (the "New Shares") at a price of USD 3.5 per share (the "Equity Offering").
The Equity Offering has initially taken place through an accelerated bookbuilding process from a limited number of investors following the execution of wall crossing agreements.
The book is now covered, but a special tranche of the USD800m has been reserved in order to allow for new and existing shareholders to participate. The book will on this basis remain open until 12 am (EDT) on Monday 20 March 2017.
Notification of allotment of the New Shares will be sent to the applicants on or about Tuesday 21 March 2017.
The proceeds of the Equity Offering will be used to secure the funding of the acquisition of Transocean's jack-up fleet, in accordance with the LOI announced this morning.
Clarksons Platou Securities AS, DNB Markets and Fearnley Securities AS have been retained as joint lead managers and bookrunners for the Equity Offering.
Flere nyheter fra selskapet: Borr Drilling News
|BORR.OTC: BORR DRILLING LIMITED COMPLETED PRIVATE PLACEMENT
BORR.OTC: BORR DRILLING - NEW SHARE CAPITAL
Hamilton, Bermuda - Reference is made to the press release published 21 March 2017 regarding the completion of the equity offering. All shares will be delivered to the subscribers today, and as a consequence be tradable from and including today.
The company will as a result of this and exercise of 9,687,500 warrants have 315,792,500 issued shares, each with a par value of USD 0.01, constituting a share capital of USD 3,157,925.
Stordalen hamstrer i Trøims riggsatsing
Petter Stordalen gjør som verdens største oljeserviceselskap - investerer i Tor Olav Trøims nye riggsatsing Borr Drilling
Siri K. Vosgraff, Hegnar.no
Hotellinvestor Petter Stordalen og hans selskap Home Capital eier nå aksjer i Tor Olav Trøims riggselskap Borr Drilling for 45 millioner kroner, skriver Dagens Næringsliv.
Mandag kveld ble det også kjent at at verdens største oljeserviceselskap, Schlumberger, har kjøpt seg kraftig opp i selskapet. Ifølge Finansavisen punger oljegiganten ut 220 millioner dollar i emisjonen som skal finansiere det nylige kjøpet av Transoceans flåte av oppjekkbare rigger.
Kjøpet gjør ifølge DN Schlumberger, gjennom et tidlige-fase-investeringsfond for prosjektfinansiering, til Borr Drillings nest største aksjonær med i overkant 63 millioner aksjer, tilsvarende 20,25 prosent.
Største aksjonær er ifølge avisen en nominee-konto tilhørende Clearstream Banking, med nær 42 prosent. Fra før er det kjent at Tor Olav Trøim har sittet på omkring 45 prosent av selskapet. Fredrik Halvorsens Ubon Partners er inne på en femteplass med 2,38 prosent, mens Kristiansandsbaserte Rasmussen-gruppen er på åttende plass med nær 1,5 prosent.
Øvrige aksjonærer inkluderer også Celina Midelfart, Bergesen-arvingene Christian og Helene Sundt gjennom Sundt AS, mangeårig shipping- og offshorerådgiver Harald Moræus Hansen gjennom sitt selskapet Uthalden AS, og tidligere nevnte Petter Stordalens Home Capital.
|BORR.OTC: Borr Drilling Limited Announces Q1-2017 Results
Hamilton, Bermuda - Borr Drilling Limited ("Borr Drilling" or the "Company") today announces its first quarter unaudited results for the period ended March 31, 2017.
- Borr Drilling completes the delivery of the Frigg and Ran from Hercules Offshore
- Borr Drilling announced the signing of a letter of intent with Transocean for the acquisition of 15 high-specification jack-up rigs
- Borr Drilling completes a US$800 million equity issue at US$3.50 per share
- Borr Drilling and Transocean signed the Asset and Share Purchase Agreement on May 23, 2017
First quarter 2017 results
No operating revenues were reported in 2016 and Q1 2017. The jack-up rigs Frigg and Ran which were acquired during the first quarter 2017 did not have drilling contracts and are currently stacked.
Total operating expenses was US$0.8 million for the full year of 2016 and US$4.9 million in Q1 2017. Total operating expenses consists of rig operating and maintenance expenses, depreciation and amortization, reimbursable expenses, and general and administrative expenses.
Total rig operating & maintenance expenses was US$Nil in 2016 and US$2.3 million in Q1 2017. The two jack-up rigs were acquired on January 23, 2017 and the increase is due to the cost of relocating the Frigg to Cameroon and warm stacking costs related to both rigs.
Total depreciation & amortization was $Nil in 2016 and US$1.0 million in Q1 2017. This relates to depreciation charges for the two jack-up rigs acquired during the first quarter 2017.
Total general and administrative expenses was US$0.8 million in 2016 and US$1.6 million in Q1 2017.
This includes one-time charges of approximately US$0.9 million related to the start-up of the company and fees related to the two-separate asset and business acquisitions.
In 2016, the Company completed a private placement of 77,500,000 ordinary Shares at a subscription price of US$2.0 per share raising gross proceeds of US$155.0 million. In March 2017, the Company completed a private placement of 228,600,000 Shares with a subscription price of US$3.50 per share raising gross proceeds of approximately US$800 million.
As of December 31, 2016, the Company had total assets of $158 million and as of March 31, 2017, the Company had total assets of $945 million. The increase in total assets of the Company is primarily driven by cash and cash equivalents, including restricted cash for future payments to Transocean related to the acquisition of the rig owning entities, and the completed asset acquisition of the two Hercules jack-up rigs.
As of December 31, 2016, equity was $158 million which corresponds to an equity ratio of 99.9 percent. As of March 31, 2017, equity and common shares and common warrants issued subject to put options agreements was $942 million which corresponds to an equity ratio of 99.7 percent.
Total liabilities were US$0.2 million as of December 31, 2016 and US$3 million as of March 31, 2017.
Net cash flow generated from operating activities was negative US$0.1 million in 2016 and negative US$1.6 million as of March 31, 2017.
As of December 31, 2016, the Company's cash and cash equivalents totaled US$138 million and as of March 31, 2017, the Company's cash and cash equivalents totaled US$776 million, including restricted cash of $221 million.
As of May 30, 2017, issued common shares in Borr Drilling totaling 315,792,500 Shares, after the execution of all the warrants issued in December 2016.
In addition to the outstanding shares the Board has authorized up to 10 million options to be used as a long-term incentive program for the company's
Endret 01.06.2017 09:48 av OldNick
On March 21, 2017, the Company issued 4,736,887 warrants to subscribe to new Shares at a subscription price of US$3.50 plus 4% p.a. per Share to Schlumberger Oilfield Holdings Limited ("Schlumberger") for their role, support and participation in the Private Placement in March, 2017.
The Company will issue a further 4,736,887 share warrants to Schlumberger conditional upon the conclusion of a comprehensive collaboration agreement at a subscription price of US$3.50 plus 4% p.a. per share.
The Company registered on the NOTC-list on December 19, 2016 with ticker code BORR.
Acquisition of jack-up rigs from Transocean
On March 15, 2017, the company signed a letter of intent with Transocean Inc. setting out the main commercial terms pursuant to which the Company will acquire 10 jack-up drilling rigs together with spare parts and inventory belonging to them and the rights and obligations pursuant to 5 contracts for new, high-specification jack-up drilling rigs under construction at Keppel FELS Limited's shipyard in Singapore.
The net purchase price was agreed at US$320 million plus an amount equal to the actual remaining revenue after operating expenses under the three drilling contracts in Thailand. A deposit of US$32 million was paid to Transocean on signing of the letter of intent in the middle of March 2017.
Borr Drilling expects to finalize the transaction in the very short term having signed the Asset and Share Purchase Agreement on May 23, 2017.
The Company also signed the Novation and Amendment agreements in respect of the newbuildings with Keppel on May 24, 2017. The agreement sets out Keppel's agreement to a novation of the contracts for the newbuildings to Borr and certain amendments to the terms of these contracts.
To fund the acquisition, the Company completed a private placement of 228,600,000 new shares at a subscription price of US$3.50 per share on March 21, 2017. The placement raised gross proceeds of US$800 million with the support from existing and new investors.
Following the delivery of the two, modern jack-up rigs in January 2017, Borr Drilling has two rigs that are currently located in Cameroon (Frigg) and Rotterdam (Ran) respectively. Both rigs are being hot stacked and are available for operations on short notice.
During the first quarter, the organizational structure of Borr Drilling was established, introducing the roles needed in our international teams to build an international drilling company. Borr Drilling announced approximately 25 available positions, 20 positions in Dubai and five positions in the headquarter in Oslo, Norway. We received more than 7,000 applications, among these very strong, experienced candidates. We expect the majorities of the roles to be filled within the next months.
The company has established operating procedures and systems qualifying Borr Drilling as a fully integrated drilling contractor.
Borr Drilling is actively working with Schlumberger/Cameron/MI Swaco to develop the next generation of drilling rigs and drilling services. This is likely to include a closer integration between the services offered by Schlumberger and the services offered by the drilling contractor. The Board expect this partnership to give the company a strong competitive position compared to its peer group.
As we enter the next phase of Borr Drilling's development, we are fully committed to building on the experiences of our existing management and new hires, transforming Borr into one of the largest, and most efficient jack-up companies in the world.
The global marketed utilization for Independent Cantilever (IC) jack-ups has currently reached 70% (May 2017), up from 68% at the start of the year. Jack-up contracting activity has been on a steady increase in 2017, number of contract awards year-to-date is almost 40% higher comparted to the same period in 2016. Also, 60% of the contract awards in 2017 have been made
Endret 01.06.2017 09:48 av OldNick
|to rigs that are 10 years of age or younger, which is an indication that oil companies prefer modern and high-spec rigs, as only 41 % of the fleet belong to this group.
Jack-up attrition since the start of 2014 now totals 38 rigs of which 58% have been retired since the start of 2016.Tenders and market inquiries have been on a steady increase since inception of the company late 2016. This trend is visible across all our key focus regions and we remain optimistic about contract opportunities for our young and highly capable fleet of jack-ups.
The values of high-spec jack-up rigs has continued to increase since the Hercules transaction was entered into in the end of 2016. This has been further confirmed by recent transaction completed by Shelf Drilling and the Ensco / Atwood merger.
Borr DrillingZs ambition is to acquire and operate modern offshore drilling assets purchased at a significant discount to the new build cost price.
Following the delivery of the two, modern jack-up rigs from Hercules Offshore in January 2017 and the closing of the acquisition of the high-specification jack-up fleet from Transocean expected on May 31, 2017, Borr Drilling will be the owner of a fleet of 12 jack-up drilling rigs, most of which are modern, high-specification units. Also, the Company will have 5 high-specification jack-up rigs on order from Keppel with delivery dates from Q1 2018 to Q4 2020.
The two transactions will make Borr Drilling among the top five premium jack-up companies globally, and with the youngest fleet.
The industry continues to experience significant overcapacity and historical low activity level. We believe Borr Drilling can serve as an effective operational platform to further drive and execute distressed asset investments to capitalise on the low asset prices and continued volatility in the offshore sector. The key factors to achieve this will be the development of a low cost base, building a strong organizational culture, combined with a unique capital structure and continued support from the capital market.
Borr Drilling has made good progress towards a listing of the company on a reputable stock exchange with a target to be listed within Q3, 2017.
The second quarter results are not likely to generate any significant revenue. The operating costs and amortization and depreciation will increase as a function of the delivery of the Transocean fleet of 15 high-specification jack-ups. The running G&A of the company will remain low and net financial items is expected to be positive.
The company is currently actively participating in tenders and direct negotiations with a target of employing part of the operating capacity. Based on the contents of these current discussions the Board expects several of the rigs will get contracts to return to work during the second half of 2017.
The Board is pleased with the progress made so far. The company is well positioned for anticipated increase in activity level within the jack-up segment. The recent proposed merger between Ensco and Atwood can be seen as the kick off of much needed consolidation in the drilling industry. Borr has with its strong balance sheet and good shareholder structure the ability to participate in this consolidation going forward. We will actively evaluate opportunities to grow our company through M&A in addition to single asset acquisitions. However, our main focus will remain modern, high-specification jack-up rigs.
About Borr Drilling
Borr Drilling Limited is an international drilling contractor to the oil and gas industry, with the ambition of acquiring and operating modern drilling assets. With our fleet of rigs we will deliver safe and high quality drilling operations to our customers.
May 31, 2017
The Board of Directors
Borr Drilling Limited
Ekstern link: http://borrdrilling.com
Endret 01.06.2017 09:48 av OldNick
|BORR.OTC: BORR DRILLING COMPLETES TRANSACTION WITH TRANSOCEAN FOR THE ACQUISITION OF JACK-UP FLEET
Hamilton, Bermuda - With reference to the press release issued March 20, 2017 Borr Drilling Limited ("Borr Drilling" or "Company") is pleased to announce the completion of the transaction with Transocean for the acquisition of 15 high-specification jack-up rigs. The transaction consists of Transocean's entire jack-up fleet, comprising 10 rigs in Transocean's fleet and five new-builds under construction at Keppel FELS Limited ("Keppel").
Total consideration for the transaction is expected to be approximately USD1.35 billion and includes remaining contract backlog net of operating costs and remaining yard instalments to Keppel for the five new-builds.
Borr Drilling secured financing for the transaction through a private placement of USD800 million on March 21, 2017.
The Company will now have full marketing rights for the rigs and is already participating in tendering activities with potential clients.
June 1, 2017
The Board of Directors
Borr Drilling Limited