Borr Drilling Limited - Grant of Restricted Stock Units

Rhea-AI Summary

Borr Drilling 's Board of Directors has approved the grant of 136,612 Restricted Stock Units (RSUs) to its Directors. Each RSU represents one company share and will vest fully on September 30, 2025, contingent on continued service as a Director. Five PDMRs (Persons Discharging Managerial Responsibilities) received 27,322 RSUs each: Tor Olav Troim (Chairman), Kate Blankenship, Neil Glass, Dan Rabun, and Jeffrey Currie. The RSUs will be settled through the issuance of company shares.

Positive

• None.

Negative

• Potential shareholder dilution due to future issuance of 136,612 new shares

Insights

Financial Analyst

The RSU grant of 136,612 shares to board directors represents a relatively minor dilution event, equating to approximately 0.05% of Borr Drilling's outstanding shares. The equal distribution among directors (27,322 RSUs each) aligns with standard board compensation practices. With a current market cap of $1.07 billion, this equity compensation package values at roughly $1.1 million based on current share prices. The one-year vesting period tied to continued board service is a typical retention mechanism. While this represents standard corporate governance practice, the impact on shareholders and company financials is minimal.

HAMILTON, Bermuda, Nov. 6, 2024 /PRNewswire/ -- The Board of Directors of Borr Drilling Limited (the "Company") (OSE and NYSE "BORR") informs that it has resolved to grant 136,612 Restricted Stock Units (each, a "RSU") to its Directors.

Each RSU represents one share in the Company. The RSUs will vest in full on September 30, 2025, 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.

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

• Tor Olav Troim - Chaiman of the Board - 27,322 RSUs

• Kate Blankenship - Director - 27,322 RSUs

• Neil Glass - Director - 27,322 RSUs

• Dan Rabun - Director - 27,322 RSUs

• Jeffrey Currie - Director - 27,322 RSUs

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

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---grant-of-restricted-stock-units,c4061844

The following files are available for download:

https://mb.cision.com/Public/16983/4061844/97a087e579358c08.pdf

241106 PDMR Form

View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--grant-of-restricted-stock-units-302298080.html

SOURCE Borr Drilling Limited

FAQ

How many Restricted Stock Units (RSUs) did Borr Drilling (BORR) grant to its directors in November 2024?

Borr Drilling granted a total of 136,612 Restricted Stock Units (RSUs) to its Directors, with each of the five directors receiving 27,322 RSUs.

When will Borr Drilling's (BORR) 2024 RSU grant vest?

The RSUs granted in November 2024 will vest in full on September 30, 2025, subject to continued service as a Director.

Who received RSUs in Borr Drilling's (BORR) November 2024 grant?

Five directors received RSUs: Tor Olav Troim (Chairman), Kate Blankenship, Neil Glass, Dan Rabun, and Jeffrey Currie, each receiving 27,322 RSUs.