HAMILTON, Bermuda, Nov. 14, 2020 /PRNewswire/ -- Reference is made
to Borr Drilling Limited ("Borr" or the "Company") (NYSE: BORR)
(OSE: BDRILL) stock exchange notices in September 2020 relating to a contemplated
subsequent offering in Borr. The board of directors of Borr (the
"Board") has today resolved to launch a conditional subsequent
offering consisting of up to 10,000,000 new shares (the "Offer
Shares" and the "Subsequent Offering"). The Offer Shares will be
listed on Oslo Børs upon delivery.
The subscription price in the Subsequent Offering is
US$0.53 per Offer Share which equals
the subscription price in the US$27.5
million equity offering completed in September 2020 (the "September Offering").
The subscription period for the Subsequent Offering starts on
Monday 16 November 2020 and will
close at 16:30 CET on 23 November 2020.
The Subsequent Offering will be directed towards the Company's
holders of shares, listed on Oslo Børs, as of the end of
22 September 2020 (as registered in
the Norwegian Central Securities Depository ("VPS") on 24 September 2020 ("Record Date"), who are not
resident in a jurisdiction where such offering would be unlawful,
or for jurisdictions other than Norway which would require any filing,
registration or similar action (the "Eligible Shareholders").
Each Eligible Shareholder will receive 0.113 non-tradable
subscription rights ("Subscription Rights") per share listed on
Oslo Børs held at the Record Date. The holders of Subscription
Rights will be entitled to subscribe for and be allocated one (1)
Offer Share for every Subscription Right held. Each Offer Share
constitutes a depository receipt, representing the beneficial
ownership to one underlying common share in Borr, as Borr's other
instruments listed on Oslo Børs. Over-subscription is
permitted.
The Subscription Rights are non-tradable and registered with
ISIN BMG 1466R1401. Subscription Rights not used prior to the end
of the subscription period will lapse and be of no value. Offer
Shares that are not subscribed for by holders of Subscription
Rights may be subscribed by other investors, at the Board's
discretion.
Completion of the Subsequent Offering and issuance of the Offer
Shares are subject to the Board resolving to complete the
Subsequent Offering and allocate the Offer Shares.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
Important note
This announcement is not being made in or into Canada, Australia, Japan, Hong
Kong or in any other jurisdiction where it would be
prohibited by applicable law. This distribution does not constitute
or form part of an offer or solicitation of an offer to purchase or
subscribe for securities in the United
States. The shares referred to herein have not been
registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration.
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SOURCE Borr Drilling Limited