The Green Organic Dutchman Provides Update on Export Pipeline

Rhea-AI Summary

Borr Drilling Limited announced the completion of an equity offering on September 30, 2020, raising gross proceeds of USD 27.5 million by issuing 51,886,793 new depositary receipts at a subscription price of USD 0.53 each. Key insiders, including Chairman Paal Kibsgaard and CEO Patrick Schorn, participated in the offering. Kibsgaard will hold 452,069 shares post-offering, while Schorn will own 1,000,000 shares. The shares will be listed on the Oslo Stock Exchange, reflecting continued confidence from leadership.

Positive

• Raised gross proceeds of USD 27.5 million through equity offering.
• Key insiders participated, indicating confidence in the company's future.
• Shares to be listed on the Oslo Stock Exchange, enhancing liquidity.

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  

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

https://news.cision.com/borr-drilling-limited/r/borr-drilling-limited---mandatory-notification-of-trades,c3205317

 

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SOURCE Borr Drilling Limited

FAQ

What was the gross proceeds from Borr Drilling's equity offering on September 30, 2020?

Borr Drilling raised gross proceeds of USD 27.5 million from the equity offering.

What was the subscription price for the new shares in Borr Drilling's offering?

The subscription price for the new shares was USD 0.53 each.

Who are the major insiders that subscribed for shares in Borr Drilling's equity offering?

Major insiders include Paal Kibsgaard, who subscribed for 120,000 shares, and Patrick Schorn, who subscribed for 981,000 shares.

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

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

How many new depositary receipts were issued by Borr Drilling?

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