Borr Drilling lands rescue plan agreement

Rig company Borr Drilling has managed to secure a refinancing deal with the majority of its lenders. The agreement ensures a loan extension.

Photo: PR / Marine Money/Marine Money

Strained rig company Borr Drilling, founded by Tor Olav Trøim in an opportunistic bet on the rig market, has landed an agreement on refinancing with the majority of its creditors, according to a stock exchange notice.

This means the drilling firm has now secured a deal extending its secured debt until 2025. However, full refinancing will still depend on an equity infusion that Borr Drilling expects to secure after issuing its financial statement for the second quarter on Aug. 11.

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