Hamilton, Bermuda, August 17, 2022. Borr Drilling Limited (the “Company”) (NYSE
and OSE: BORR) announced today the first settlement of its previously announced
US public offering of 69,444,444 US common shares of the Company, at a price per
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share of $3.60 per common share for total gross proceeds of $250 million. The
Company has also granted the underwriters a 30-day option to purchase up to an
additional 6,944,444 common shares at the offering price minus underwriting
discounts.
The first settlement was completed for 41,666,667 common shares as the
conditions to this settlement were met on August 16, 2022. The second
settlement for the remainder of the shares offered (including any additional
common shares issued pursuant to the underwriters’ option, if exercised prior to
the second settlement date) is expected on August 26, 2022, provided that the
Company’s authorized share capital is increased by 35,000,000 common shares
pursuant to a second special general meeting to be held on August 25, 2022.
Existing shareholders holding an aggregate of approximately 54% of the
outstanding common shares of the Company have undertaken to vote in favor of the
increase in the authorized share capital at the special general meeting to be
held on August 25, 2022.
No securities in the offering were offered or will be listed on Oslo Stock
Exchange.
The Company plans to use the proceeds from the offering to consummate a
refinancing with its lenders under its Syndicated Facility, New Bridge Facility,
Hayfin Facility and shipyards Keppel and PPL, and for general corporate
purposes, which may include, among other things, repayments of its debt
obligations, payments to its creditors in return for potential concessions or
extensions of current facilities, capital expenditures, including costs in
connection with activations and re-activations of rigs being brought into
operations, or funding of its working capital.
DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA,
Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book
-running managers for the offering. Cleaves Securities AS is a co-manager for
the offering.
Following the first settlement of this offering, the Company’s issued share
capital increased by $4,166,666.70 to $ 19,456,817.50, divided into 194,568,175
shares, each with a nominal value of $0.10 per share.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy securities, nor will there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of any such
jurisdiction.
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice
was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations
of the Company, on 17 August 2022 at 17:45 CEST
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor incorporated in
Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on
the New York Stock Exchange on July 31, 2019 under the ticker “BORR”. The
Company owns and operates jack-up rigs of modern and high specification designs
and provides services focused on the shallow water segment to the offshore oil
and gas industry worldwide. Please visit the Company’s website at:
www.borrdrilling.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. You can identify these forward
-looking statements by words or phrases such as “may,” “will,” “anticipate,”
“plan,” “expect,” or other similar expressions. These forward-looking statements
include statements with respect to the offering, the condition to the second
settlement, the intended use of proceeds and other non-historical statements.
The forward-looking statements included in this press release are subject to
significant risks, uncertainties, contingencies and factors that may cause the
Company’s actual results, performance or achievements to be materially different
from those expressed or implied by the forward-looking statements including
risks related to the use of proceeds, whether the condition to the second
settlement of the offering will be met, the risk that the Company will not
consummate the proposed refinancing, the number of shares to be sold in the
offering and other risks described in the Company’s most recent Annual Report on
Form 20-F and other filings of the Company with the SEC. The forward-looking
statements made in this press release speak only as of the date of this press
release. Except as required by law, the Company undertakes no obligation to
update or revise publicly any forward-looking statements, whether as a result of
new information, future events or otherwise, after the date hereof or to reflect
the occurrence of unanticipated events.
August 17, 2022
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Questions should be directed to: Magnus Vaaler, CFO, +47 22 48 30 00
Kilde
