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Borr Drilling - Update on Share Repurchase Program

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Borr Drilling (NYSE: BORR) has provided an update on its share repurchase program initiated on December 13, 2024. The company has purchased 2,279,305 shares at an average price of $3.763 per share, totaling $8.58 million through December 20, 2024. This represents the First Tranche of a larger $10 million repurchase program, which is part of the Board's authorized $20 million share buyback commitment for 2024. Following these transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued shares.

Borr Drilling (NYSE: BORR) ha fornito un aggiornamento sul suo programma di riacquisto di azioni avviato il 13 dicembre 2024. L'azienda ha acquistato 2.279.305 azioni a un prezzo medio di $3,763 per azione, per un totale di $8,58 milioni fino al 20 dicembre 2024. Questo rappresenta la Prima Tranche di un programma di riacquisto più ampio da $10 milioni, che fa parte dell'impegno di riacquisto di azioni autorizzato dal Consiglio di Amministrazione per un totale di $20 milioni per il 2024. Dopo queste transazioni, Borr Drilling ha riacquistato un totale di 4.745.586 azioni, rappresentando l'1,80% del totale delle azioni emesse dall'azienda.

Borr Drilling (NYSE: BORR) ha proporcionado una actualización sobre su programa de recompra de acciones iniciado el 13 de diciembre de 2024. La compañía ha adquirido 2,279,305 acciones a un precio promedio de $3.763 por acción, totalizando $8.58 millones hasta el 20 de diciembre de 2024. Esto representa la Primera Tramo de un programa de recompra más grande de $10 millones, que es parte del compromiso de recompra de acciones autorizado por la Junta de $20 millones para 2024. Tras estas transacciones, Borr Drilling ha recomprado un total de 4,745,586 acciones, lo que representa el 1.80% del total de acciones emitidas de la compañía.

Borr Drilling (NYSE: BORR)는 2024년 12월 13일 시작된 자사주 매입 프로그램에 대한 업데이트를 제공했습니다. 회사는 2,279,305주를 평균 $3.763 per 주의 가격에 구매했으며, 2024년 12월 20일까지 총 $8.58 백만을 지출했습니다. 이는 1,000만 달러 규모의 더 큰 자사주 매입 프로그램의 첫 번째 트렌치에 해당하며, 2024년을 위한 이사회 승인 총 2천만 달러의 자사주 매입 공약의 일환입니다. 이러한 거래 이후, Borr Drilling은 총 4,745,586주를 재구매했으며, 이는 회사가 발행한 총 주식의 1.80%에 해당합니다.

Borr Drilling (NYSE: BORR) a fourni une mise à jour sur son programme de rachat d'actions lancé le 13 décembre 2024. L'entreprise a acheté 2 279 305 actions à un prix moyen de 3,763 $ par action, totalisant 8,58 millions $ jusqu'au 20 décembre 2024. Cela représente la première tranche d'un programme de rachat plus important de 10 millions $, qui fait partie de l'engagement de rachat d'actions autorisé par le conseil d'administration de 20 millions $ pour 2024. Suite à ces transactions, Borr Drilling a racheté un total de 4 745 586 actions, représentant 1,80% du total des actions émises par la société.

Borr Drilling (NYSE: BORR) hat ein Update zu seinem am 13. Dezember 2024 gestarteten Aktienrückkaufprogramm bereitgestellt. Das Unternehmen hat 2.279.305 Aktien zu einem Durchschnittspreis von 3,763 $ pro Aktie gekauft, was bis zum 20. Dezember 2024 insgesamt 8,58 Millionen $ ausmacht. Dies stellt die erste Tranche eines größeren Rückkaufprogramms über 10 Millionen $ dar, das Teil des vom Vorstand genehmigten Aktienrückkaufverpflichtungen von 20 Millionen $ für 2024 ist. Nach diesen Transaktionen hat Borr Drilling insgesamt 4.745.586 Aktien zurückgekauft, was 1,80% der insgesamt ausgegebenen Aktien des Unternehmens entspricht.

Positive
  • Board authorized substantial $20 million share buyback commitment
  • Already executed 85.8% ($8.58M) of the First Tranche ($10M) within first week
  • Share repurchases demonstrate management's confidence in company value
Negative
  • Significant cash outlay of $8.58M for share repurchases could impact working capital

Insights

The share repurchase program represents a substantial capital allocation decision, with $10 million dedicated to the First Tranche of buybacks. Through December 20, Borr has already deployed $8.57 million, acquiring 2,279,305 shares at an average price of $3.763. The total buyback program of $20 million demonstrates management's confidence in the company's valuation and commitment to returning capital to shareholders. With a market cap of $882.9 million, the total program represents approximately 2.27% of the company's value. The accelerated pace of purchases in the First Tranche, completing 85.7% of the allocated amount in just one week, indicates strong execution and potentially signals management's view that shares are undervalued at current levels. The cumulative repurchases of 4,745,586 shares, representing 1.80% of outstanding shares, effectively reduces the float and could provide support for the stock price.

This share buyback demonstrates strong financial positioning in the offshore drilling sector, where cash flow allocation is crucial. The aggressive execution rate suggests management's strategic timing in the current market environment. The average purchase price of $3.763 provides a clear reference point for market participants to evaluate the company's own assessment of fair value. For retail investors, share repurchases typically signal management's belief that the stock is undervalued and can lead to improved earnings per share metrics through reduced share count. The program's completion deadline of December 31, 2024, creates a defined timeline that could influence near-term trading patterns. The transparency in reporting daily transactions through DNB Markets adds credibility to the execution process and allows investors to track the program's progress effectively.

HAMILTON, Bermuda, Dec. 23, 2024 /PRNewswire/ -- Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) initiated a share repurchase program on December 13, 2024 to repurchase USD 10 million of the Company's common shares in open market transactions ("the First Tranche") on the OSE and NYSE until no later than December 31, 2024 pursuant to an agreement with DNB Markets, a part of DNB Bank ASA ("DNB Markets"). This was the second step under the Board of Directors authorized commitment to repurchase $20 million worth of shares before the end of 2024.

For the period from and including December 13, 2024 through December 20, 2024, the Company purchased a total of 2,279,305 shares at an average price of USD 3.763 per share, equal to a total of USD 8,575,975.

The transactions effected through the agreement with DNB Markets comprise all the share buybacks effected by or on behalf of Borr Drilling during the period.

The issuer's holding of repurchased shares: 4,745,586.

Following the completion of the above transactions, the Company had repurchased a total of 4,745,586 shares, corresponding to 1.80% of the Company's total issued share count.

Appendix:

An overview of all transactions made under the Company's repurchase program and its agreement with DNB Markets that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

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---update-on-share-repurchase-program,c4086105

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https://mb.cision.com/Public/16983/4086105/b5b16935755d6caa.pdf

BORR trade log 13 Dec to 20 Dec 2024

Cision View original content:https://www.prnewswire.com/news-releases/borr-drilling---update-on-share-repurchase-program-302338068.html

SOURCE Borr Drilling Limited

FAQ

How many shares has Borr Drilling (BORR) repurchased in December 2024?

Borr Drilling repurchased 2,279,305 shares between December 13-20, 2024, at an average price of $3.763 per share, totaling $8.58 million.

What is the total value of Borr Drilling's (BORR) share repurchase program for 2024?

The Board of Directors authorized a total share repurchase program of $20 million to be completed before the end of 2024.

What percentage of Borr Drilling's shares have been repurchased as of December 2024?

Following the recent transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued share count.

What is the First Tranche value of Borr Drilling's (BORR) December 2024 share repurchase program?

The First Tranche of the share repurchase program is valued at $10 million, to be completed by December 31, 2024.

Borr Drilling Limited

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