Borr Drilling drops after announcing $250 mln convertible bond offering

Borr Drilling

14/04/2026 21:29

** Offshore oil and gas contractor Borr Drilling's BORR.N shares down 3.3% post-market to $5.51 as it looks to raise capital

** Co announces private offering of $250 mln convertible bonds (CBs) due 2033

** Intends to use net offering proceeds to repurchase its existing 5% CBs due 2028 and for general corporate purposes

** With ~307.7 mln shares outstanding, BORR has ~$1.8 bln market cap

** BORR shares ended down 4.4% at $5.70 on Tues, trimming YTD gain to 41%

** 5 of 8 analysts rate the stock "strong buy" or "buy", 3 "hold"; median PT $5.60, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))