04:57 PM EDT, 07/02/2025 (MT Newswires) -- Borr Drilling ( BORR ) has appointed Bruno Morand as chief executive and proposed a public offering of 50 million shares for gross proceeds of $100 million, the company said late Wednesday in separate statements.

Morand will succeed Patrick Schorn, effective Sept. 1. Schorn will assume the role of executive chairman of the board, succeeding Tor Olav Troim, who will continue as a board director, the company said.

Meanwhile, proceeds from the offering will be used for general corporate purposes, the company said.

Borr also said it has secured financing commitments from commercial banks to amend certain facilities. These amendments, along with the proposed $100 million equity raise, are expected to increase liquidity by $200 million and bolster its balance sheet.

Shares of the company were down past 12% during after-hours activity.

Price: 1.85, Change: -0.26, Percent Change: -12.32