Bermuda 23 March 2018
Borr Drilling Limited (the “Company”) announces that a Special General Meeting of the Shareholders of the Company will be held on 5 April 2018 at 10 a.m., at Thistle House, 4 Burnaby Street, Hamilton, Bermuda. A copy of the Notice of Special General Meeting will be sent out to the Company’s shareholders, and can be found on the Company’s website www.borrdrilling.com and enclosed to this press release.
The special general meeting is convened in order to consider a proposal by the board to increase the authorised share capital in the company by USD 1 million represented by 100 million shares.
The increase is required in order to enable the Board to issue new shares to complete the share issue announced on 23 March 2018, and to issue shares in response to future declarations of options by employees of the Company.
This will furthermore enable the Board to complete the equity financing of the Company. The authorisation of this capital is likely sufficient to equity fund the few remaining interesting investment opportunities the Board sees within the market for high specification jack-up rigs. This will complete the successful growth period of Borr Drilling Limited of acquiring a brand-new jack-up fleet consisting of 22 units built after 2011 at a significant discount to newbuilding prices.
Subsequent to this active acquisition period, focus will be on operation and marketing of our fleet and return of capital to the Company’s shareholders.
The Board of Directors
Borr Drilling Limited
Forward looking statements
This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward looking statements included herein. The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.