HAMILTON, Bermuda, Dec. 12,
2024 /PRNewswire/ -- Borr Drilling Limited ("Borr
Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) refers to i)
its announcement on 6 November 2024,
where the Company announced the authorization by its Board of
Directors of a commitment to repurchase $20
million worth of shares within year end 2024, under its
previously announced $100 million
share repurchase authorization, and ii) the announcement on
November 20, 2024, where the Company
announced the completion of the first $10
million repurchases under the $20
million authorization (the "First Tranche").
The Company has entered a new agreement with DNB Markets ("DNB")
to effect the purchase of the remaining $10
million worth of shares under the $20
million authorization in open market transactions on OSE and
NYSE by December 31, 2024 (the
"Second Tranche").
The purchases under the Second Tranche will commence on
December 13, 2024, and will be
completed by December 31, 2024,
provided, however, that the Company may discontinue or suspend the
repurchases at any time without notice.
The intention of the repurchase program is to service its
shareholders by way of reducing the share capital. Aggregate
repurchases under the Second Tranche are capped at $10 million and 4 million shares, and the maximum
amount payable per share is USD 5.00.
The Company cannot predict how many shares that will be repurchased
or the timing of any purchases under the Second 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 Second Tranche of the
repurchase program 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 Second Tranche, the timing and amount of
repurchases of the shares that may be made under the repurchase
program including the Second 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 Second 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