Borr Drilling: Another Step Forward With Amended Bank Covenants

|
About: Borr Drilling Limited (BORR)
by: Vladimir Zernov
This article is exclusive for subscribers.
Vladimir Zernov
Long/short equity
Summary

Borr Drilling amends minimum book equity ratio and minimum free liquidity covenants.

The company remains in talks with the shipyard regarding the delay of newbuild deliveries.

I remain fundamentally bullish on Borr, but I'm cautious about short-term stock price perspectives for the whole offshore drilling sector.

Prospector 1

Borr Drilling (BORR) started this year with an important move – the company announced that its banks agreed to make amendments to financial covenants. Borr Drilling initially announced that it was