Borr Drilling Limited (NYSE and OSE: BORR) (the «Company») refers to the private placement of 7,522,838 new shares (the «New Shares») at a subscription price of NOK 74/USD 6.65 (the «Subscription Price») announced on 24 October 2023 (the «Private Placement»).
Drew Holdings Ltd. («Drew»), a close associate of Mr. Tor Olav Trøim, has subscribed to and received 752,284 of the New Shares at the Subscription Price. Mr. Trøim is the chair of Borr’s board and thus, as per the Market Abuse Directive, a person discharging managerial responsibilities in Borr (a «PDMR»).
Drew has, on receipt of the New Shares, sold these and concluded a Total Return Swap-agreement with DNB Bank ASA for the same number of shares in Borr for a period expiring on 5 January 2024 at NOK 74.911 per share. Drew thus retains the financial exposure to the same number of shares in Borr.
Mr. Trøim and his close associates will, following the completion of these transactions, own 15,822,385 shares in Borr and be financially exposed to a further 752,284 shares as per the above.
A completed PDMR form reflecting the above is attached hereto.
27 October 2023
This information is subject to the disclosure requirements in Article 19 of the Market Abuse Regulation and section 5-12 of the Norwegian Securities Trading Act.