Borr Drilling Launches US IPO

Offshore drilling contractor Borr Drilling has launched the initial public offering (IPO) in the United States of 5 million of its common shares on July 29.

The drilling company that operates 27 rigs said that the offering of common shares on the New York Stock Exchange is at prices it expects to be ‘substantially similar’ to its share price on the Oslo Bors.

The IPO price will be determined based on the book-building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering. The offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the company do not have any pre-emptive rights.

NYSE approved the company to list under the ticker symbol BORR. However, Borr will continue to be listed under the ticker ‘BDRILL’ on the Oslo Stock Exchange where it has been listed since 2017.

The offshore driller says it will use the funds raised for general corporate purposes, which may include future mergers, acquisitions, maintaining liquidity, repayment of indebtedness or investments.

Goldman Sachs & Co. LLC and DNB Markets, Inc. are acting as joint book-running managers for the Offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc. and Evercore Group L.L.C. are also acting as book-running managers for the Offering.