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Borr Drilling secures financing and plans to raise further capital

Borr Drilling, founded by Tor Olav Trøim, has landed an agreement with its creditors and now plans to raise further capital. The two initiatives will strengthen the strained company's liquidity, says CEO.

Tor Olav Trøim is currently a member of the board at Borr Drilling. He helped found the company in 2016. | Photo: PR / Marine Money/Marine Money

Strained drilling company Borr Drilling plans to raise new capital and has now reached an agreement with its lenders.

In notices to the Oslo Stock Exchange, Borr Drilling says that it plans to raise between USD 40-50 million in new equity through a targeted emission. The company has also reached agreement with its banks and fund Hayfin to extend maturity for loans totaling USD 595 million until January 2023.

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