The board of directors of Borr Drilling Limited has resolved to grant 10,300,000 share options under the Company’s approved share option scheme to 23 of its employees, including two persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation.
Each share option gives the right to subscribe for one share in the Company. The options will have a strike price of $1.00 which compares to a current market price of $0.70. The options will vest equally over a three-year period commencing two years from the date of grant and will expire after five years.
The following PDMRs have been granted options:
Patrick Schorn – Chief Executive Officer –2,400,000 options
Magnus Vaaler – Chief Financial Officer – 1,100,000 options
The board of directors, through this multi-year option grant, aims to establish an incentive reward that creates the optimum long-term alignment between the Company’s shareholders and management.
