Norwegian jackup rig owner Borr Drilling has moved to raise around $250m via a public offering of its common shares in the US.
The Oslo and New York-listed company has also granted the underwriters a 30-day option to purchase up to an additional $25m worth of common shares at the offering price minus underwriting discounts.
No securities in the NYSE offering will be offered or listed on the Oslo Stock Exchange.
The bookrunning managers for the offering are DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier, Arctic Securities, Fearnley Securities and SpareBank 1 Markets. Cleaves Securities is a co-manager for the offering.
Borr Drilling said it plans to use the proceeds to consummate a refinancing with its lenders and shipyard delivery financing arrangements and for general corporate purposes, such as repayments of its debt, payments to its creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of its working capital.
