Description
Background: BORR Drilling is a newly established drilling company focusing on strategic acquisitions of high-end rigs at all-time low asset values. The company recently acquired two 2013-built high-spec harsh-environment (HS/HE) KFELS Super A Class jack-ups from Hercules Offshore at all-in cost of $130mm ($65mm per rig). In relation to this, BORR completed a $155mm private placement to finance this acquisition. While the company is currently unlevered and small (2 rigs), it has clearly stated its intention to grow, taking advantage of historically low asset values in the private market. BORR trades OTC in Norway, and volume is very limited, though the company has indicated they will be listing on an exchange sometime this year.
BORR is led by Tor Olav Troim, who owns approximately 20% of the company through his vehicle the Magni group according to public reports. Sell side reports also indicate that Magni Group has received about 9.7m warrants that may be used to subscribe for one new share at par. The warrants are exercisable at different share price (1/5 at $2.40, 1/5 at $2.80, 1/5 at $3.20, 1/5 at $3.60 and 1/5 at $4.00). Tor Olav led SDRL through their aggressive expansion. The company’s management also includes former Seadrill CFO, Rune Magnus Lundetræ, who is now Borr CEO. The company’s COO, Svend Anton Maier, also worked for Seadrill from 2007 until 2016.
There’s been an awful lot written on this board about the offshore drilling market (I counted 10 write-ups since 2014) and I’m not sure I have anything to add to those. My own macro view is that 1) the offshore market remains extremely depressed in terms of activity and day-rates by any historical measure and 2) I cannot predict when the ultimate recovery will take place, could be 2 years could be 10, and that obviously impacts your IRR. With that context, here’s why I like BORR:
The balance sheet is clean, and capex costs are low, giving a long runway. Company has $25MM in net cash (155 private placement less 130 for the rig acquisition) and no newbuild capex commitments. Additionally, maint capex should be low on these assets as they are new (LSD $MM’s per year), giving the company an exceptionally long runway to put them to work.
The assets are new, and likely to actually participate in a recovery. One of the problems with the book value analysis for many of the current drillers is that some of the older assets will simply not make it to the other side of the cycle. This is true even if the recovery happened tomorrow. If a recovery takes an extra 5 years, there will be additional marginal rigs which are pushed out from ever returning to the market. These rigs were built only 2 years ago, and at a cost of 2x their current implied value, giving both significant upside and a sufficiently long runway to see it. For what it's worth the general consensus is that the jackup market will recover before the UDW market.
Low operating costs mean rigs are reasonably likely to find work, generating decent FCF even here in the downturn. I estimate all in cash operating costs of 58k/day. Current fixture rates are in the 100k/day range for similar harsh environment high specification jackups in North Sea ex Norway. Last two datapoints we have dayrates for are a Paragon jackup in the Netherlands at 113k/day (11/24/16) and an Ensco jackup for Ithaca in the UK for 100k/day (12/7/16). There are also a number of fixtures we don’t have dayrates for I have assumed the BORR rigs are contracted over the course of the year at 90k/day, generating 15-16MM in FCF by 2018, a 6% yield at this point in the cycle. The “average” day rate for similar rigs has been ~170k/day over the last 15 years, but there are good reasons, mainly lower costs why those day rates are likely to be above normal. I have assumed a normalized dayrate of 145k/day which triangulates to a 7-8% ROI off the construction/replacement cost of $285MM /rig. In reality as rates go higher costs are likely to inch up as well but the margin is what matters.
![](data:image/png;base64,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)
You get an option on a future growth story with significant upside. The company’s strategy is to quickly contract these rigs at prevailing rates, and lever up to do more distressed deals to the extent they are available.
![](data:image/png;base64,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)
While the company has failed to include the descending half of “mount seadrill” to the right of the chart, the fact is that once these rigs are contracted, Tor Olav is likely to continue buying distressed assets. He will face competition from his old partner from SDRL who has started a similar vehicle, which is actually called Sandbox, but limited competition from the established drilling players who are for the most part in “deleveraging mode”. While it’s silly to model values for new deals, given the unlevered balance sheet and low cost of new incremental debt post contracting, it’s easy to see an earnings growth story develop even as the market stays in its current depressed state.
Risks:
Public vs Private market valuation – current prices imply $125MM per jackup, which is almost double what they paid for these assets 2 months ago. The auction itself was conducted a few months ago and oil has rallied a bit, but it’s still a wide gap. $125MM is also, however, less than ½ of newbuild cost and a little under what the implied value of other publicly traded drillers trade at, so this is hedgeable if you think prices will converge down to this deal rather than up to normalized values.
Contracting Risk- it could take longer than I expect for these rigs to get contracts and/or the ultimate contract rate could be lower than I expect. There’s good reason to think, given their stated rig costs are lower than those of competitors that BORR will be aggressive in bidding for work.
Bad deals- while the current assets are new/solid and were acquired at huge discounts to replacement costs, future deals are likely to be worse if the market recovers and eventually may be actively “bad”
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise do not hold a material investment in the issuer's securities.
Catalyst
Contracting of rigs
Listing on exchange/ more reporting and disclosure
New accretive acquisitions