Borr Drilling Limited refered to its communication of 30 June 2022 regarding the status of the negotiation with its secured creditors. The Company's board announced that agreements in principle have been reached with most of the secured creditors to extend the majority of secured debt to 2025. These agreements are subject to the respective board's approvals and binding documentation.

The company is seeking the required consents and waiver extensions from lenders to complete the transaction. Once these agreements are in place, the Company will have long term financing on approximately $1.4 billion and has also maintained the long-term financing on the 2 new builds in the amount of $260 million. The agreements in principle contemplate partial paydown of the senior secured facility collateralized by 8 rigs from $313 million to $250 million out of which $100 million is subject to successful syndication.

In case this facility is reduced to $150 million drawn, then 3 rigs will be unencumbered assets that could be sold to reduce capital requirements. In addition, the agreements in principle contemplate a $30 million paydown of the Hayfin facility.