** Borr Drilling's BORR.N shares down 9% post-market to $1.92 as co seeks equity raise to bolster its balance sheet amid CEO succession plan
** Offshore oil and gas exploration firm announces proposed $100 mln offering through an offering of approx 50 mln shares
** It plans to use proceeds for general purposes, including debt service, capex and working capital
** Co also says pursuant to multi-year succession planning process, its board unanimously decided to appoint Bruno Morand as successor to CEO Patrick Schorn, effective Sept 1, 2025
** DNB Carnegie, Clarksons Secs, Citigroup and Goldman are jt bookrunners for the equity offering
** BORR shares on Weds closed up 8.2% at $2.11
** Co has ~236.2 mln shares outstanding as of Jul 2, per the prospectus, giving co nearly $500 mln market cap
** All 7 analysts are bullish on BORR with median PT of $2.40, LSEG data reflects
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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