Borr Drilling reaches "agreements in principle" with shipyards to defer billion-dollar debt

Borr Drilling announces an agreement made with its largest creditors in the form of Singapore shipyards to postpone debt payments totaling USD 1.4 billion. The deal is dependent on separate agreements with other creditors, among other things.

Photo: PR / Marine Money/Marine Money

Borr Drilling has "reached agreements in principle with its largest creditors" in the form of Singapore-based shipbuilders – PPL and Keppel, according to Dagens Næringsliv – to refinance and defer debt payments totaling USD 1.4 billion by two years.

A statement issued by the debt-ridden drilling firm on Monday reveals that the payments due in 2023 will be postponed until 2025 under the agreement.

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