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Borr Drilling settles rescue plan with creditors and yards

Rig operator Borr Drilling has reached an agreement with its lenders and yards, which ensures the company's operations until mid-2022. The deal includes postponement of the delivery of five rigs by two years.

Borr Drilling was established in 2016 by Norwegian investor Tor Olav Trøim. | Photo: PR / Marine Money/Marine Money

Strained rig operator Borr Drilling, which is hit hard by the collapse in the oil market, has now settled an agreement with its creditors.

The deal was entered with the secured lenders and several shipyards and means, among other things, that interest payments and rig deliveries are postponed.

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