The stock price of Borr Drilling Limited (NYSE:BORR) fell 13.69% between December 10 and 17, 2025, placing it between Energy stocks that lost the most this week.
Borr Drilling Limited (NYSE:BORR) is a shallow water offshore drilling contractor providing offshore drilling services to the oil and gas industry worldwide.
Borr Drilling Limited (NYSE:BORR) fell after announcing a stock offering of 21 million shares on December 8, expecting to raise $84 million in total gross proceeds. The company has priced the offering at $4 per share and plans to use the proceeds for the $360 million acquisition of five jack-up rigs from Noble Corporation plc (NYSE:NE) and for general corporate purposes.
The deal will be financed through $150 million of additional senior secured notes due 2030 and a $150 million seller facility due 2032, in addition to the equity offering. The acquisition, which is expected to close in the first quarter of 2026, will expand Borr’s fleet size to 29 rigs.
Bruno Morand, CEO of Borr Drilling Limited (NYSE:BORR), commented:
“This acquisition represents a compelling strategic and financial opportunity for Borr Drilling. We are acquiring these rigs at an attractive price and at a point in the jackup rig cycle where demand is showing signs of strengthening. We expect the transaction to immediately increase adjusted EBITDA and reduce our debt per rig. Borr Drilling’s platform, built on operational excellence, customer focus and our premium jackup fleet, remains our defining competitive advantage. We believe this expanded platform will deepen customer relationships and drive attractive long-term value for shareholders.”
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