Borr inks US$360M deal to acquire five rigs, readies offering and dual listing

Borr Drilling has struck a US$360M deal to acquire five rigs from Noble Corp and plans to raise approximately US$85M in gross proceeds though an offering of 21M shares.

The Big Board-listed drilling contractor reported entering an agreement to acquire five premium jack-up rigs from Noble, consisting of three Friede & Goldman JU-3000N design rigs and two Gusto MSC CJ50 design rigs.

Upon completion of the acquisition, Borr’s fleet size will increase from 24 to 29 rigs.

Two of the rigs will be chartered back to Noble on a bareboat basis for 12 months, allowing it to complete the current drilling contracts for these rigs. The bareboat contract earnings are net of operating costs, providing Borr with earnings and cash flow certainty in the period. The rigs are expected to generate total earnings of US$29M before debt service.

Borr Drilling chief executive, Bruno Morand, said, “We are acquiring these rigs at an attractive price and at a point in the jack-up rig cycle where demand is showing signs of strengthening.”

The acquisition is expected to close in Q1 2026, subject to customary closing conditions.

Borr Drilling is in the process of listing its shares on the Euronext Growth Oslo, as a first step towards relisting on the Oslo Stock Exchange (OSE). Following satisfaction of customary listing requirements, Borr’s shares are expected to begin trading on the Euronext Growth Oslo on 19 December. Participants in the equity offering may convert to and receive delivery of newly issued shares in the Norwegian VPS and, upon completion of the listing, trade their shares on the Euronext Growth Oslo.

Upon completion of the OSE relisting, Borr will be dual listed on the OSE and the NYSE, with the NYSE remaining its primary listing.

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