HAMILTON, Bermuda, Jan. 13, 2021 /PRNewswire/ -- Borr Drilling
Limited (the "Company") (NYSE: BORR) and (OSE: BORR) refers to
an article initially published in the Norwegian newspaper "Dagens
Næringsliv" today, which refers to a potential alternative plan
discussed by two creditors.
The Board and Management are highly confident that the Company
can execute the liquidity improvement plan and equity raise as
announced in a press release on 24 December
2020. The Company is working closely and constructively with
all lenders to achieve the best possible solution for all
stakeholders.
Forward looking statements
This announcement includes forward looking statements, which are
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 the statement that the Board and
management are highly confident that it can execute the liquidity
improvement plan and equity raise announced on December 24, 2020 and other non-historical
statements. These forward-looking statements are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, which 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, including risks relating to the
liquidity improvement plan including the risk that the Company is
unable to reach final agreement and definitive documentation with
the relevant creditors and risks relating to the final terms of
such agreements, risks relating to meeting conditions to these
agreements, including risks relating to the contemplated equity
raise, risks relating to our liquidity including the risk that we
may have insufficient liquidity to fund our operations; risks that
the expected liquidity improvements do not materialize or are not
sufficient to meet our liquidity requirements and other risks
relating to our liquidity, the risk that our customers do not
comply with their contractual obligations, including payment or
approval of invoices for factoring, risks relating to industry
conditions and tendering activity, risks relating to cash flows
from operations, the risk that we may be unable to raise necessary
funds through issuance of additional debt or equity or sale of
assets; risks relating to our debt instruments including risks
relating to our ability to comply with covenants and obtain any
necessary waivers and the risk of cross defaults, risks relating to
our ability to meet our debt obligations and obligations under rig
purchase contracts and our other obligations as they fall due,
risks relating to our liquidity requirements, risks relating to
future financings including the risk that future financings may not
be completed when required and future equity financings will dilute
shareholders and the risk that the foregoing would result in
insufficient liquidity to continue our operations or to operate as
a going concern and other risks included in our filings with the
Securities and Exchange Commission including those set forth under
"Risk Factors" in our annual report on Form 20-F for the year ended
December 31, 2019.
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SOURCE Borr Drilling Limited