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Borr Drilling secures relaxation of financial covenants

Tor Olav Troim’s Borr Drilling has agreed with its financing banks to make certain amendments to its financial covenants.

The required minimum book equity ratio has been adjusted from 40% to 33.3% and the minimum free liquidity covenant adjusted from 4.0% to 3.0% of net interest bearing debt.

The amendments are effective from year end 2019 and into 2021.

In the meantime, the company continues constructive negotiations for options to extend delivery of three of its remaining newbuilds and expect to conclude these negotiations in the near future.

Borr Drilling currently operates a fleet of 28 offshore platforms and has eight jackup rigs on order at Singapore’s Keppel FELS shipyard.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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