The Board of Borr Drilling Limited (the “Company”) has granted 2,300,000 options to acquire shares in the Company to certain employees and directors of the Company. The award has been granted under the existing approved share option scheme. The options have a strike price of USD 3.50 per share, which compares to the Company’s share’s closing price of USD 2.84 on 8 March 2019.
The options will expire after five years and have a four-year vesting period. In total 20 people are included in these new options awards. Total number of options authorised by the Board is 17.47 million, and 15.375 million have been awarded as of this date.
Two primary insiders were awarded options; Alexandra Kate Blankenship, Director of the Company and primary insider, was awarded 150,000 options. Her total exposure to the Company’s shares after the award is 150,000 options. Georgina Sousa, Company Secretary and Director of the Company, was awarded 50,000 options. Her total exposure to the Company’s shares after the award is 50,000 options.
The Board is of the opinion that the issuance of options with a four-year vesting period creates solid long-term incentive and commitment to the Company by its employees. It will, contrary to higher fixed salary or cash bonuses, not have any direct cash cost and will create better alignment with the Company’s shareholders.
The total number of shares issued as of today is 532,640,327 out of which 7,298,572 are held as Treasury Shares by the Company. Total authorised share capital is USD 6,250,000.00 comprised of 625,000,000 shares of par value USD 0.01 each.
11 March 2019
The Board of Directors
Borr Drilling Limited