Borr Drilling - Update on Share Repurchase Program

HAMILTON, Bermuda, Nov. 20, 2024 /PRNewswire/ -- Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) initiated a share repurchase program on November 12, 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 November 30, 2024 pursuant to an agreement with DNB Markets, a part of DNB Bank ASA ("DNB Markets"). This was the initial 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 November 12, 2024 through the last day of the repurchase program, November 18, 2024, the Company purchased a total of 2,466,281 shares at an average price of USD 4,055 per share, equal to a total of USD 9,999,789. As a result, Borr Drilling hereby announces that the First Tranche of the share repurchase program initiated on 12 November 2024 has been completed.

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

The issuer's holding of repurchased shares: 2,466,281

Following the completion of the above transactions, the Company had repurchased a total of 2,466,281 shares, corresponding to 0.93% 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. 

For further information, please contact:
Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

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SOURCE Borr Drilling Limited