Norway’s Borr Drilling has announced that the company’s liquidity improvement plan has received support from its creditors.
Under the plan, the company will defer a series of loan facilities of $2.24bn in total by up to two years.
The facilities include $272m newbuild delivery facilities for three rigs delivered by Keppel and $620m in newbuilding delivery commitments for another five rigs at Keppel.
“Borr Drilling is very thankful for the support received from its creditors. The liquidity improvement plan, which started mid-2020, including this recent financing plan, has contributed over $1bn in total liquidity improvements until 2023 and improved our runway. We remain optimistic about the opportunities for Borr Drilling in the current market environment,” said Borr Drilling CEO Patrick Schorn.