Borr Drilling, an offshore shallow-water drilling company with a global fleet of 27 rigs, announced terms for its IPO on Tuesday.
The Dubai, UAE-based company plans to raise $51 million by offering 5 million shares based on a price of $10.16, the as-converted last close of its shares on the Oslo Børs (BDRILL). At $10.16, Borr Drilling would command a market value of $1.1 billion.
Borr Drilling was founded in 2016 and booked $206 million in revenue for the 12 months ended March 31, 2019. It plans to list on the NYSE under the symbol BORR. Goldman Sachs and DNB Markets are the joint bookrunners on the deal.
