Borr Drilling Limited - Mandatory notification of trades

Rhea-AI Summary

Borr Drilling Limited announced a successful equity offering on September 30, 2020, raising USD 27.5 million through the subscription of 51,886,793 new depositary receipts. Each share was offered at USD 0.53, equivalent to NOK 5.01. Key insiders participated in the offering, including Chairman Paal Kibsgaard with 120,000 shares, Vice Chairman Tor Olav Trøim with 4,579,377 shares, and CEO Patrick Schorn with 981,000 shares. Borr Drilling's shares will be listed on the Oslo Stock Exchange.

Positive

• Successfully raised USD 27.5 million through an equity offering.
• Key insiders, including the CEO and Chairman, have increased their ownership stakes.

Negative

• None.

OSLO, Norway, Sept. 30, 2020 /PRNewswire/ -- Reference is made to Borr Drilling Limited's ("Borr Drilling") (NYSE: "BORR") (OSE: "BDRILL") stock exchange announcements of September 30, 2020, relating to the successfully completed equity offering through the subscription and allocation of 51,886,793 new depositary receipts (the "Offer Shares"), representing the beneficial interests in the same number of the Borr Drilling's underlying common shares, each at a subscription price of USD 0.53 per Offer Share, equivalent to NOK 5.01 per Offer Share (the "Subscription Price"), raising gross proceeds of USD 27.5 million (the "Equity Offering"). The Offer Shares will be listed on Oslo Stock Exchange.The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Paal Kibsgaard, Chairman of the Borr Drilling's Board of Directors: 120,000 Offer Shares. After delivery, Kibsgaard will own 452,069 shares in the Company. 

Companies affiliated with Director and Vice Chairman Tor Olav Trøim: 4,579,377 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 14,210,719 shares in the Company, or 6.8% of the outstanding shares.

Patrick Schorn, Chief Executive Officer of Borr Drilling: 981,000 Offer Shares. After delivery, Mr. Schorn will own 1,000,000 shares in the Company. 

September 30, 2020

September 30, 2020

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

For further information, please contact:

Magnus Vaaler
VP Investor Relations and Treasury
+47-22-48-30-00  

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SOURCE Borr Drilling Limited

FAQ

What was the outcome of Borr Drilling's equity offering on September 30, 2020?

Borr Drilling successfully raised USD 27.5 million by offering 51,886,793 new depositary receipts at USD 0.53 each.

Who participated in the Borr Drilling equity offering?

Key insiders such as Chairman Paal Kibsgaard, Vice Chairman Tor Olav Trøim, and CEO Patrick Schorn participated in the equity offering.

Where will the new shares from Borr Drilling's offering be listed?

The new shares will be listed on the Oslo Stock Exchange.

What was the subscription price for Borr Drilling's equity offering?

The subscription price for the new depositary receipts was USD 0.53 each.

What is the total number of new shares issued by Borr Drilling in the recent offering?

Borr Drilling issued a total of 51,886,793 new depositary receipts in the equity offering.