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.
