HAMILTON, Bermuda, Nov. 12,
2024 /PRNewswire/ -- Borr Drilling Limited ("Borr
Drilling" or the "Company") (NYSE and OSE: BORR) refers to its
announcement on 6 November 2024,
where the Company's Board of Directors authorized the commitment to
repurchase $20 million worth of
shares within year end 2024, under its previously announced
$100 million share repurchase
authorisation. The intention of the program is to service its
shareholders by way of reducing the share capital. As an initial
step under the repurchase program, the Board has authorized the
Company to purchase up to $10 million
of the Company's shares (the "First Tranche") by November 30, 2024, and the Company has entered an
agreement with DNB Markets ("DNB") to effect the First Tranche in
open market transactions on OSE and NYSE.
The First Tranche will commence on November 13, 2024, and will be completed by
November 30, 2024; provided, however,
that the Company may discontinue or suspend the repurchases under
the First Tranche at any time without notice. Aggregate repurchases
under the First Tranche are capped at $10
million and 3 million shares, and the maximum amount payable
per share is USD 5. The Company
cannot predict how many shares will be repurchased or the timing of
any shares repurchased under the First Tranche.
DNB will carry out the Company's instructions on the acquisition
of shares, and will make its trading decisions independently of,
and uninfluenced by, the Company. The First Tranche will be
completed in accordance with the Market Abuse Regulation (EU) No
596/2014 ("MAR") and Commission Delegated Regulation (EU) 2016/1052
("Safe Harbour Regulation").
This information is subject of the disclosure requirements
pursuant to Section 5-12 of the Norwegian Securities Trading Act
and Article 5 of the Market Abuse Regulation.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts
included in this press release, are forward-looking statements,
including statements regarding the repurchase program announced in
this release, the First Tranche, the timing and amount of
repurchases of the shares that may be made under the repurchase
program including the First Tranche and other non-historical
statements. Such forward looking statements are based upon
management's current plans, expectations, assumptions and beliefs
and are subject to a number of risks, uncertainties and assumptions
that could cause actual results to differ materially from those
expressed or implied in the forward-looking statements, including
risks related to the actual amount of shares ultimately repurchased
under the share repurchase program including the First Tranche and
the prices and timing thereof, risks relating to available
liquidity, limits under debt instruments and other limits on our
ability to repurchase shares and other risks and uncertainties
described in the section entitled "Risk Factors" in our most recent
annual report on Form 20-F filed with (and other filings with) the
Securities and Exchange Commission. These forward-looking
statements are made only as of the date of this release. We do not
undertake to update or revise the forward-looking statements,
whether as a result of new information, future events or
otherwise.
CONTACT:
Questions should be directed to: Magnus
Vaaler, CFO, +44 1224 289208
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SOURCE Borr Drilling Limited
