Borr Drilling Limited - Grant of Restricted Stock Units and Share Options

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Borr Drilling Limited (BORR) Grants Restricted Stock Units and Share Options to Directors and Employees. The Board of Directors has approved the granting of 112,780 Restricted Stock Units (RSUs) and 2,100,000 share options to certain employees. The RSUs will vest in full on September 30, 2024, and the Options will vest equally over a three-year period commencing on March 1, 2025, with a strike price of $6.65. PDMRs have also been granted and accepted RSUs and Options. This information is disclosed in compliance with the Market Abuse Regulation and Norwegian Securities Trading Act.

HAMILTON, Bermuda, Nov. 17, 2023 /PRNewswire/ -- The Board of Directors of Borr Drilling Limited (the "Company") (OSE and NYSE "BORR") has today resolved to grant 112,780 Restricted Stock Units (each, a "RSU") to its Directors, and 2,100,000 share options (each, an "Option") under the Company's approved share option scheme to certain of its employees.

Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2024, and will be conditional on continuing to serve as a Director of the Company at the date of vesting. The RSUs will be settled through issuance of shares in the Company.

Each Option gives the right to subscribe for one share in the Company. The Options will have a strike price of $6.65 and will vest equally over a three year period commencing on March 1, 2025. The Options will expire five years from the date of grant.

Persons discharging managerial responsibilities ("PDMRs"), as defined by the (EU) Market Abuse Regulation, have been granted and accepted the following RSUs and Options:           

• Tor Olav Troim - Chairman of the Board - 22,556 RSUs           
• Kate Blankenship - Director - 22,556 RSUs           
• Neil Glass - Director - 22,556 RSUs           
• Dan Rabun - Director - 22,556 RSUs           
• Jeffrey Currie - Director - 22,556 RSUs           
• Magnus Vaaler - Chief Financial Officer - 300,000 Options 

Please see the attached form of notification and public disclosure by the PDMRs.

This information is subject to the disclosure requirements in article 19 of the Regulation (EU) 596/2014 (the Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

The following files are available for download:

https://mb.cision.com/Public/16983/3878302/bca260ca116fc330.pdf

231117 PDMR Form

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--grant-of-restricted-stock-units-and-share-options-301992362.html

SOURCE Borr Drilling Limited

FAQ

What is the grant of Restricted Stock Units and Share Options by Borr Drilling Limited about?

Borr Drilling Limited has approved the granting of 112,780 Restricted Stock Units (RSUs) and 2,100,000 share options to certain employees.

When will the RSUs and Options vest?

The RSUs will vest in full on September 30, 2024, and the Options will vest equally over a three-year period commencing on March 1, 2025.

What is the strike price of the Options?

The Options will have a strike price of $6.65.

Who has been granted and accepted RSUs and Options?

Persons discharging managerial responsibilities (PDMRs) including the Chairman of the Board, Directors, and the Chief Financial Officer have been granted and accepted RSUs and Options.

In compliance with which regulations is this information disclosed?

This information is disclosed in compliance with the Market Abuse Regulation and Norwegian Securities Trading Act.