Norwegian contractor Borr Drilling this week reached a loan deal that will allow the company to refinance all its short-term debt and pay for its newbuilds, addressing concerns about financing that had seen its share price fall 30% in the past month.
Five lenders have pledged to give the jack-up specialist long-term credit commitments totalling $645 million, allowing it to replace short-term debt facilities of $510 million and push its first debt maturity to 2022.
