When a company thats NOT a specialist (deepwater/ultra-deepwater) driller, is overloaded with debt, has very little contract backlog and run by greedy management, decides to issue MORE stock simply to keep the lights on in lieu of revenues/earnings, its a sure sign of impending trouble. Major trouble. As in financial restructuring (out of court unlikely as bondholders will push it to the brink) or maybe reverse split to keep shares listed.
Either ways, Borr Drilling went public at the most inopportune time - just did not have enough runway to ramp up business. Bad timing followed by bad business decisions are a recipe for failure. Enough said.
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