June 8th, 2020 
Jason Jiang Europe, Offshore 0 comments
Norwegian offshore driller Borr Drilling has obtained significant amendments to facilities from its secured lenders and shipyards that will provide total liquidity improvement of more than $315m until the first quarter of 2022.
Under the amendment agreement, the company will defer the delivery of five newbuild jack-ups rigs until mid-2022, and defer certain interest payment and debt amortisation until 2022.
Additionally, the company will amend certain financial covenants including reduction of the minimum liquidity covenant from 3% of net interest bearing debt, to $5m with a gradual step-up to $20m, change of the minimum book equity ratio from 33.3% to 25%, and suspension of …
Read the full article at: https://splash247.com/borr-drilling-completing-financial-restructuring/