0001140361-20-000011.txt : 20200102 0001140361-20-000011.hdr.sgml : 20200102 20200102090055 ACCESSION NUMBER: 0001140361-20-000011 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200102 FILED AS OF DATE: 20200102 DATE AS OF CHANGE: 20200102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Borr Drilling Ltd CENTRAL INDEX KEY: 0001715497 STANDARD INDUSTRIAL CLASSIFICATION: DRILLING OIL & GAS WELLS [1381] IRS NUMBER: 000000000 STATE OF INCORPORATION: D0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-39007 FILM NUMBER: 20500273 BUSINESS ADDRESS: STREET 1: THISTLE HOUSE STREET 2: 4 BURNABY STREET CITY: HAMILTON HM 11 STATE: D0 ZIP: 0000 BUSINESS PHONE: 4722483000 MAIL ADDRESS: STREET 1: THISTLE HOUSE STREET 2: 4 BURNABY STREET CITY: HAMILTON HM 11 STATE: D0 ZIP: 0000 6-K 1 form6k.htm 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 6-K


REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2020

Borr Drilling Limited

S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Financial Statements and Exhibits.

Exhibit
  
Description
     
99.1
  

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

   
BORR DRILLING LIMITED
       
Date:
January 2, 2020
By:
/s/ Svend Anton Maier
     
Svend Anton Maier
     
Chief Executive Officer


EX-99.1 2 ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Borr Drilling Limited – Amendment to bank facility covenants

Borr Drilling Limited (the “Company”) is pleased to announce it has agreed with its financing banks to make certain amendments to its financial covenants. The required minimum book equity ratio has been adjusted from 40% to 33.3% and the minimum free liquidity covenant adjusted from 4.0% to 3.0% of Net Interest Bearing Debt. These amendments are effective from year end 2019 and into 2021.

The Company continues to be in constructive negotiations with the shipyard for options to extend delivery of three of its remaining newbuilds and expect to conclude these negotiations in the near future.

2 January 2020
Borr Drilling Limited
Hamilton, Bermuda

Questions should be directed to:
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management (UK)
+ 47 41427129

Forward looking statements:

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions and include expectations regarding outcome of negotiations about the delivery of newbuilds including expected delivery timing. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein. In addition to the important factors and matters discussed elsewhere in this report, important factors that, in our view could cause actual results to differ materially from those discussed in the forward looking statements are included in our most recent annual report. The information, opinions and forward-looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.