HAMILTON, Bermuda, Jan. 30,
2025 /PRNewswire/ -- Borr Drilling Limited
(NYSE: BORR) (the "Company") is pleased to announce that it
has agreed with its major Mexican customer to receive payment
settlement for approximately $125
million related to its outstanding receivables.
The Company expects to collect this amount in the first half of
February 2025. These payments
represent over 75% of the outstanding receivables with this
customer as of December
31st, 2024. These collections will be subject to
an agreed financing fee in the mid-single digit percentage
range.
Patrick Schorn, CEO of Borr
Drilling, commented: "The commitments by the Mexican government and
the PEMEX administration towards establishing a sustainable
supplier payment mechanism, of which this payment proves, will in
our opinion favorably reflect on future offshore drilling
opportunities in Mexico".
Hamilton, Bermuda
30 January 2025
Forward looking statements
This press release includes forward looking statements, which do
not reflect historical facts and may be identified by words such as
"expects" and similar expressions and include statements relating
to timing and amounts of outstanding receivable settlements,
establishing of sustainable payment mechanisms of customers, future
offshore drilling opportunities in Mexico and other non-historical statements.
Such forward looking statements are subject to 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 related to contracting, and other risks and
uncertainties described in the section entitled "Risk Factors" in
our most recent annual report on Form 20-F and other filings with
the Securities and Exchange Commission. 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. These forward-looking
statements are made only as of the date of this release. We do not
undertake to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT:
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited
