Borr Drilling Limited - 2021 AGM Results Notification

Rhea-AI Summary

Borr Drilling Limited (NYSE: BORR) held its 2021 Annual General Meeting on June 24, 2021, in Hamilton, Bermuda. The meeting featured the presentation of the audited financial statements for the year ending December 31, 2020. Key outcomes included the re-election of five directors: Paal Kibsgaard, Tor Olav Trøim, Alexandra Kate Blankenship, Georgina E. Sousa, and Neil J. Glass. The Company also approved an increase in authorized share capital from US$14.5 million to US$18 million, allowing for an additional 70 million common shares. PricewaterhouseCoopers LLP was reappointed as auditors with a total Board remuneration capped at US$1.2 million for 2021.

Positive

• Re-election of five experienced directors strengthens leadership team.
• Increase in authorized share capital supports potential growth initiatives.

Negative

• Approval of additional shares may lead to shareholder dilution.

HAMILTON, Bermuda, June 24, 2021 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR) advises that the 2021 Annual General Meeting of the Company was held on June 24, 2021 at 09:30 ADT at 2^nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2020 were presented to the Meeting.

The following resolutions were passed:

1. To re-elect Paal Kibsgaard as a Director of the Company.
2. To re-elect Tor Olav Trøim as a Director of the Company.
3. To re-elect Alexandra Kate Blankenship as a Director of the Company.
4. To re-elect Georgina E. Sousa as a Director of the Company.
5. To re-elect Neil J. Glass as a Director of the Company.
6. To approve the increase of the Company's authorized share capital from US$14,500,000.00 divided into 290,000,000 common shares of US$0.05 par value each to US$18,000,000.00 divided into 360,000,000 common shares of US$0.05 par value each by the authorization of an additional 70,000,000 common shares of US$0.05 par value each.
7. To re-appoint PricewaterhouseCoopers LLP as auditors and to authorize the Directors to determine their remuneration.
8. To approve remuneration of the Company's Board of Directors of a total amount of fees not to exceed US$1,200,000 for the year ended December 31, 2021.

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SOURCE Borr Drilling Limited

FAQ

What were the outcomes of Borr Drilling's 2021 Annual General Meeting?

The 2021 AGM resulted in the re-election of five directors, approval of increased share capital to US$18 million, and the reappointment of PricewaterhouseCoopers LLP as auditors.

How much was the Board's remuneration approved for 2021?

The Board's total remuneration was approved not to exceed US$1.2 million for the year 2021.

What is Borr Drilling's stock symbol?

Borr Drilling trades under the stock symbol 'BORR' on NYSE.

When was Borr Drilling's AGM held?

Borr Drilling's AGM was held on June 24, 2021.

What changes were made to the authorized share capital?

The authorized share capital was increased from US$14.5 million to US$18 million, adding 70 million common shares.