BUZZ-Borr Drilling slips after announcing $100 mln stock sale, CEO succession plan

Reuters
2025/07/03
BUZZ-<a href="https://laohu8.com/S/BORR">Borr Drilling</a> slips after announcing $100 mln stock sale, CEO succession plan

** Borr Drilling's BORR.N shares down 9% post-market to $1.92 as co seeks equity raise to bolster its balance sheet amid CEO succession plan

** Offshore oil and gas exploration firm announces proposed $100 mln offering through an offering of approx 50 mln shares

** It plans to use proceeds for general purposes, including debt service, capex and working capital

** Co also says pursuant to multi-year succession planning process, its board unanimously decided to appoint Bruno Morand as successor to CEO Patrick Schorn, effective Sept 1, 2025

** DNB Carnegie, Clarksons Secs, Citigroup and Goldman are jt bookrunners for the equity offering

** BORR shares on Weds closed up 8.2% at $2.11

** Co has ~236.2 mln shares outstanding as of Jul 2, per the prospectus, giving co nearly $500 mln market cap

** All 7 analysts are bullish on BORR with median PT of $2.40, LSEG data reflects

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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