At the end of the first quarter of 2020 and into the second quarter 2020, the Company also received certain waivers from its lenders, including a waiver of its minimum free liquidity threshold as well as interest payment deferrals, the company said. In order to reach an agreement with the shipyards and the creditors, Borr Drilling is contemplating to offer up to USD 30 million in new depositary receipts representing the beneficial interests in the same number of the Company's underlying common shares, each with a par value of USD 0.05. Borr Drilling said the plan was to improve the liquidity until the beginning of 2022 by USD 315 million, and lower the Company's cash bareboat break-even rate to $20k/day until the end for 2021. "This number is calculated based full SG&A, stacking and cash interest cost. This number is based on only 12 out of 23 rigs delivered rig being in operation," Borr Drilling said.