Borr Drilling, an offshore drilling player, has taken steps to strengthen its balance sheet for continued growth, with a financing package, and revealed its Chief Executive Officer (CEO) succession plan.

Borr Drilling has received commitments from certain commercial banks to increase existing super senior RCF (SSRCF) to $200 million; reallocate the existing $45 million guarantee facility from super senior to senior secured, freeing up $45 million of capacity under the SSRCF; and add a new $35 million senior secured RCF, subject to a $100 million equity raise.