Borr Drilling IPO: What You Need To Know

An oilfield services company operating internationally is making its way to the Wall Street with its proposed initial public offering.

The IPO Terms

Norwegian drilling contractor Borr Drilling Limited plans to offer 5 million shares in an IPO, with the pricing fixed at $9.30 per share.

Based on the IPO price, the offering is expected to raise gross proceeds of $46.50 million.

The company said in the F-1/A filing the final IPO price will be determined based on the book building process and the closing price of its shares on the Oslo Børs on the date of the offering.

Dhares of Borr have been approved for listing on the NYSE under the ticker symbol BORR.

Goldman Sachs and DNB Markets are the lead underwriters for the offering.

The Company

Borr is an international offshore shallow-water drilling contractor providing offshore drilling services to the oil and gas industry. It primarily owns, contracts and operates jack-up rigs for operations in shallow-water areas of depth up to about 400 feet.

The company owns 27 rigs, including 26 jack-up rigs and one semi-submersible rig. With the additional eight jack-up rigs the company is expected to take delivery by the end of 2020, it will have a fleet of 30 jack-up rigs.

Borr currently operates in significant oil producing geographies throughout the world, including the North Sea, the Middle East, Mexico, West Africa and Southeast Asia.

As of Dec. 31, 2018, the company had a total contract backlog of $377.5 million.

The Finances

Borr reported operating revenues of $164.9 million and a loss of $190.3 million for the fiscal year 2018.

For the three months ended March 31, the company reported revenues of $51.9 million, higher than the year-ago revenues of $10.6 million. The loss for the quarter widened year-over-year from $33.8 million to $63.7 million.

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