Presentation

Borr Drilling was established by Tor Olav Trøim’s Magni Partners in December 2016 for the purpose of acquiring high spec jackups. Borr was listed on the Oslo Stock Exchange in 2017 and the New York Stock Exchange in August 2019.

Borr has since its inception followed an aggressive growth strategy, acquiring a substantial number of jackups and one semi-submersible. In December 2016, the company acquired two stacked KFELS Super A jackups from Hercules Offshore for USD 65m per unit. In 2017 the company went on to acquire (i) Transocean’s entire jackup fleet, comprising ten operational units and five newbuilds at Keppel and (ii) nine newbuilds from PPL. In 2018 the company continued its growth strategy by acquiring Paragon Offshore in March and five newbuilds from Keppel in May. Lastly, in March 2019, Borr purchased a jackup from BOT Lease. The company’s only semi-submersible was sold for scrap in May 2020, and several jackups have been sold off as well. The company’s fleet growth has been financed by a series of equity offerings and various forms of debt financing.

As of August 2021, 14 of the 23 delivered jackups in Borr’s fleet are on contract/contracted in the North Sea, SE Asia, West Africa and Mexico. Additionally, the company has five premium jackups currently under construction expected to be delivered in 2023.