+1-786-628-7980
Sign Up/Sign In 
Borr Drilling Limited announced the first settlement of its previously announced US public offering of 69,444,444 US common shares of the Company, at a price per share of $3.60 per common share for total gross proceeds of $250 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 6,944,444 common shares at the offering price minus underwriting discounts.
The first settlement was completed for 41,666,667 common shares as the conditions to this settlement were met on August 16, 2022. The second settlement for the remainder of the shares offered (including any additional common shares issued pursuant to the underwriters’ option, if exercised prior to the second settlement date) is expected on August 26, 2022, provided that the Company’s authorized share capital is increased by 35,000,000 common shares pursuant to a second special general meeting to be held on August 25, 2022. Existing shareholders holding an aggregate of approximately 54% of the outstanding common shares of the Company have undertaken to vote in favor of the increase in the authorized share capital at the special general meeting to be held on August 25, 2022.
No securities in the offering were offered or will be listed on Oslo Stock Exchange.
The Company plans to use the proceeds from the offering to consummate a refinancing with its lenders under its Syndicated Facility, New Bridge Facility, Hayfin Facility and shipyards Keppel and PPL, and for general corporate purposes, which may include, among other things, repayments of its debt obligations, payments to its creditors in return for potential concessions or extensions of current facilities, capital expenditures, including costs in connection with activations and re-activations of rigs being brought into operations, or funding of its working capital.
DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA, Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book-running managers for the offering. Cleaves Securities AS is a co-manager for the offering.
Following the first settlement of this offering, the Company’s issued share capital increased by $4,166,666.70 to $ 19,456,817.50, divided into 194,568,175 shares, each with a nominal value of $0.10 per share.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations of the Company, on 17 August 2022 at 17:45 CEST
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock Exchange on July 31, 2019 under the ticker “BORR”. The Company owns and operates jack-up rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. Please visit the Company’s website at: www.borrdrilling.com
