Borr Drilling Limited Share Repurchase Program Update

Borr Drilling Limited recently provided an update on its share repurchase program. The company had previously announced a commitment to repurchase $20 million worth of shares by the end of 2024. The first $10 million of shares had already been repurchased under this authorization.

Now, Borr Drilling has entered into a new agreement with DNB Markets to purchase the remaining $10 million worth of shares in open market transactions on the NYSE and OSE by December 31, 2024. These purchases will begin on December 13, 2024, and should be completed by the end of the month. However, the company reserves the right to suspend or discontinue the repurchases at any time.

The goal of this repurchase program is to benefit shareholders by reducing the share capital. The purchases under this new agreement are limited to $10 million and 4 million shares, with a maximum price per share set at $5.00. The exact number of shares to be repurchased under this agreement is uncertain at this time.

DNB Markets will carry out the share acquisitions independently of the company and according to regulatory guidelines. The repurchase program will adhere to the Market Abuse Regulation and Safe Harbour Regulation.

Investors should be aware that this update contains forward-looking statements, which are subject to risks and uncertainties. These statements are based on current plans and expectations and may differ from actual results due to various factors outlined in the company’s filings with the Securities and Exchange Commission.

For any inquiries, please contact Magnus Vaaler, CFO, at +44 1224 289208.