Brief: Borr Drilling Limited - Entering MoU To Streamline Mexico Operations And Improve Liquidity

Borr Drilling

15/06/2021 07:53

June 15 (Reuters) - Borr Drilling Ltd  BDRILL.OL :
    * BORR DRILLING LIMITED - ENTERING MOU TO STREAMLINE MEXICO OPERATIONS AND IMPROVE LIQUIDITY
    * BORR DRILLING LTD - PROGRAM  IS EXPECTED TO EMPLOY FIVE BORR DRILLING RIGS UNTIL END OF
2022.
    * BORR DRILLING LTD - TRANSACTION IS EXPECTED TO FREE UP A GROSS AMOUNT OF $28 MILLION FOR
BORR
DRILLING
    * BORR DRILLING LTD - MEXICAN PARTNER WILL BUY BORR DRILLING'S 49% STAKE OF INTEGRATED
SERVICES
JVS OPEX AND AKAL
    * BORR DRILLING LTD - BORR DRILLING WILL ACQUIRE AN INCREMENTAL 2% STAKE OF JOINT VENTURES
PERFORMING DRILLING SERVICES ( "DRILLING JVS") FROM MEXICAN PARTNER, AND BY THAT HOLD A 51%
MAJORITY OWNERSHIP POSITION
    * BORR DRILLING LTD - $28 MILLION GROSS SETTLEMENT FOR TRANSACTION IS IN ADDITION TO THIS
AMOUNT.
    * BORR DRILLING LTD - CASH GENERATED BY COMPANY'S 13 OPERATING RIGS IS EXPECTED TO COVER
FINANCE,
STACKING AND G&A CASH COST FOR Q3 2021.
    * BORR DRILLING LTD - PROCEEDS FROM SALE OF IWS JVS, AND AN OVERALL ACTIVITY FOR COMPANY IN
EXCESS
OF 13 RIGS SHOULD PROVIDE COMPANY WITH SUFFICIENT LIQUIDITY RUNWAY UNTIL CURRENT DEBT MATURITIES
IN 2023
    * BORR DRILLING LTD - COMPANY IS ALSO OPTIMISTIC ABOUT RE-ACTIVATIONS OF ADDITIONAL WARM
STACKED
RIGS DUE TO IMPROVED MARKET CONDITIONS

Source text for Eikon:  ID:nWkr5Yjf6g 
Further company coverage:  BDRILL.OL 

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