OSLO, Norway, Jan. 2, 2020 /PRNewswire/ -- 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.
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.
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SOURCE Borr Drilling Limited