Hamilton, Bermuda — July 31, 2019 — Borr Drilling Limited (NYSE: BORR, OSE: BDRILL) (the “Company” or “Borr Drilling”) today announced the pricing of its previously announced initial public offering in the United States of 5,000,000 of its common shares (the “Offering”), at a price to the public of $9.30 per common share (the “Offering Price”). Borr Drilling has also granted the underwriters of the Offering a 30-day option to purchase up to an additional 750,000 common shares at the Offering Price, less underwriting discounts and commissions. The Offering is expected to close on or about August 2, 2019, subject to customary closing conditions.
Borr Drilling intends to use the net proceeds received from the Offering for general corporate purposes, which may include funding future mergers, acquisitions or investments in complementary businesses, products or technologies; maintaining liquidity; repayment of indebtedness; and funding working capital needs. The common shares will begin trading on the New York Stock Exchange on July 31, 2019 under the ticker symbol “BORR” and will continue to be listed under the ticker “BDRILL” on the Oslo Børs. The Offering was not conducted as a rights offering and no repair offer was made as the existing shareholders of the Company do not have any pre-emptive rights.
Goldman Sachs & Co. LLC and DNB Markets, Inc. are acting as joint book-running managers for the Offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc., Evercore Group L.L.C. and Fearnley Securities, Inc. are also acting as book-running managers for the Offering.
The Offering is being made only by means of prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. Copies of the preliminary prospectus relating to the Offering may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 or by emailing Prospectusemail@example.com or from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1-212-681-3800.
A registration statement relating to this Offering was declared effective by the U.S. Securities and Exchange Commission on July 30, 2019. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This announcement does not constitute an offer to subscribe to or a solicitation of an offer to subscribe to securities in any member state within EEA in which such offer or solicitation is unlawful, unless in reliance upon applicable EEA prospectus exceptions, whereby no EEA prospectus, registration or similar action would be required within EEA.
Svend Anton Maier: Chief Executive Officer, Borr Drilling Management,
Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management
+47 90088411, firstname.lastname@example.org
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act