Borr Drilling, an offshore drilling company that operates 27 rigs, has filed a registration statement with the SEC in an attempt to raise up to $50 million in an initial public offering.
Borr Drilling said on Wednesday that it filed a registration statement with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of its common shares on the New York Stock Exchange (NYSE).
According to the company, it intends to raise from $10 million to $50 million in the offering. The company has not yet determined the number of common shares to be offered.
Borr added that the proceeds of the offering were intended for general corporate purposes.
It intends to have its common shares listed on the NYSE under the symbol ‘BORR’, but following the registration statement filing and the application for listing on NYSE, Borr will continue to be listed under the ticker ‘BDRILL’ on the Oslo Stock Exchange where it has been listed since 2017.
It is worth noting that Goldman Sachs and DNB Markets are the joint bookrunners on the deal. Pricing terms were left undisclosed.
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