Borr Drilling Limited - Update on Share Repurchase Program
Borr Drilling Limited - Update on Share Repurchase Program
Hamilton, Bermuda, November 12, 2024. 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.
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208