Why These Energy Stocks are Losing This Week

7. Borr Drilling Limited (NYSE:BORR)

Share Price Decline Between Dec. 10 – Dec. 17: 13.69%

Borr Drilling Limited (NYSE:BORR) is an offshore shallow-water drilling contractor providing worldwide offshore drilling services to the oil and gas industry.

Borr Drilling Limited (NYSE:BORR) slid after announcing an equity offering of 21 million shares on December 8, expecting to raise $84 million in gross total proceeds. The company has priced the offering at $4 per share and plans to use the proceeds for the acquisition of five jackup rigs from Noble Corporation plc (NYSE:NE) for $360 million and for general corporate purposes.

The deal will be financed through $150 million in additional senior secured notes due 2030 and $150 million seller’s credit due 2032, on top of the equity offering. The acquisition, expected to close in Q1 2026, will expand Borr’s fleet size to 29 rigs.

Bruno Morand, CEO at Borr Drilling Limited (NYSE:BORR), commented:

“This acquisition represents a compelling strategic and financial opportunity for Borr Drilling. We are acquiring these rigs at an attractive price and at a point in the jack-up rig cycle where demand is showing signs of strengthening. We expect the transaction to be immediately accretive to Adjusted EBITDA and reduce our debt per rig. The Borr Drilling’s platform – built on operational excellence, customer centricity, and our premium jack-up fleet – remains our defining competitive advantage. We believe this expanded platform will deepen customer relationships and drive attractive long-term value for shareholders.”