Added to YB: 2026-06-01
Pitch date: 2026-05-27
BORR [neutral]
Borr Drilling Limited
-3.43%
current return
Author Info
Dayrate Duration provides independent analysis of the offshore drilling and deepwater E&P industry with a focus on high yield credit markets. Visit Site
Company Info
Borr Drilling Limited operates as an offshore shallow-water drilling contractor to the oil and gas industry in the Americas, Southeast Asia, West Africa, the Middle East, North Africa, and Europe.
Market Cap
$1.6B
Pitch Price
$5.25
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.58
P/E
42.91
EV/Sales
3.44
Sector
Energy Equipment and Services
Category
turnaround
Borr: 10 Thoughts on the Bond Refinancing
BORR (update): Launching $1.6B senior secured notes (2032/34) to refi $1.13B 2028s + up to $447M 2030s, extending maturity profile. Post-refi ~4.5x secured net leverage at $462.5M LTM EBITDA. 100% jackup fleet (younger/higher-spec vs peers) w/ 71% 2026 contract coverage at $130-140k dayrates (targeting $170k in West Africa). Mexico exposure (8-11 rigs post-Paratus) = upside if PEMEX improves. Aramco suspension unwound 1H24 demand surge, but Saudi re-engagement possible. Mandatory amortization benefits bondholders. Risks: jackup volatility, Mexico receivables, 5.1x total leverage, oil price sensitivity.
Read full article (6 min)