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.
Aside from this, the firm also got more favorable terms on the financial covenants in these facilities, including a reduction in the minimum liquidity covenant. As a result, the changes to the facilities, together with a proposed $100 million equity raise separately announced by the company, are expected to increase the available liquidity by more than $200 million.
According to Borr Drilling, these moves will strengthen its financial position to support continued execution of its long-term strategy, alongside the pursuit of potential value-added growth opportunities and industry consolidation.
New CEO taking the reins this September
With its multi-year succession planning process in mind, the firm’s board of directors has reached a unanimous decision to appoint Bruno Morand as Patrick Schorn ’s successor. He will become the new CEO effective September 1, 2025.
Schorn will become Executive Chairman of the company’s board of directors, while Tor Olav Trøim, who currently has this role, will continue to serve as Director of the board, which will see Dan Rabun , former Chief Executive Officer and Chairman at Ensco, become Lead Independent Director.
Trøim highlighted: “During Patrick’s seven years at Borr Drilling initially as a Director and subsequently as our CEO, the company has established itself as the leading international jackup drilling contractor. In building the company, including the development of a world-class leadership team, it is a natural progression for the Company to promote from within.
“We are thrilled to be able to tap someone of Bruno’s caliber to lead the company through the next phase. With decades of experience in the industry, he brings the optimal mix of continuity and fresh perspectives; and we expect that his dynamic leadership, customer-centric approach, and market acumen will both drive our current strategy forward and also expand our perspectives on new opportunities.”
In addition, Trøim announced the nomination of Thiago Mordehachvili , Founder and Chief Investment Officer of Granular Capital, holding more than 19% of Borr Drilling’s shares, to join the board as a director, following a special general meeting (SGM) planned for August 6, 2025, subject to approval of shareholders at the SGM to increase the number of board members. Jason Crowe will succeed Morand as SVP Commercial, effective September 1, 2025.
Mordehachvili underlined: “As a significant shareholder of Borr Drilling for several years, Granular Capital has seen firsthand the impact of the company having superior assets, operations and culture in an otherwise volatile industry. These attributes are powerful and further differentiate Borr as the sector evolves going forward.
“By bringing additional capital markets expertise to an already experienced board of directors, we believe our involvement can further solidify Borr Drilling’s position as a leader in the shallow water development drilling market.”
Borr Drilling recently confirmed assignments for four jack-up rigs in the Middle East, Southeast Asia, and North America.