Borr Drilling Boosts Liquidity By Over $200M With Expanded Credit Facilities And $100M Equity Raise To Support Growth Strategy

Borr Drilling Limited (NYSE:BORR, ", Borr", , ", Borr Drilling", or the ", Company", ))) has announced today that the Company has received commitments from certain commercial banks to: 1) increase existing super senior RCF (SSRCF) to $200 million; 2) reallocate the existing $45 million Guarantee Facility from super senior to senior secured (freeing up $45 million of capacity under the SSRCF);  and 3) add a new $35 million senior secured RCF, subject to a $100 million equity raise. Additionally, the Company has obtained more favorable terms on the financial covenants in these facilities, including a reduction in the minimum liquidity covenant.

The changes to the facilities, together with a proposed $100 million equity raise separately announced by the Company, are expected to increase the Company's available liquidity by more than $200 million. Together, these moves would strengthen the Company'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.