HAMILTON, Bermuda, July 6, 2021 /PRNewswire/ --Borr Drilling Limited
(the "Company") (NYSE: BORR) (OSE: BORR) announces today that it
has established an "at-the-market program" and entered into an
Equity Distribution Agreement with Clarksons Platou Securities,
Inc., as our sales agent, dated July 6,
2021 under which we may offer and sell from time to time up
to $40 million of our common shares
to be listed on the New York Stock Exchange.
In accordance with the terms of the Equity Distribution
Agreement, the Company may offer and sell its common shares at any
time and from time to time through Clarksons Platou Securities,
Inc. as its sales agent. The sales agent may act as an agent on our
behalf or purchase shares of our common shares as a
principal. Sales of our common shares, if any, may be made in
ordinary brokers' transactions through the New York Stock Exchange
at market prices or in block transactions or as otherwise agreed
between the Company and Clarksons Platou Securities, Inc. as sales
agent. The securities may be sold at market prices prevailing at
the time of sale, at prices related to such prevailing market
prices or at negotiated prices. No common shares will be offered or
sold on Oslo Stock Exchange.
The Board does not currently anticipate to sell any shares under
the ATM program at this point in time, however the facility has
been set up to provide the Company with flexibility going forward,
including as markets improve.
The Company plans to use the proceeds from these sales, if any,
for general corporate purposes, which may include, among other
things, payments on our debt obligations, which may include in the
future payments to our creditors in return for potential
concessions or extensions of current facilities, capital
expenditures, including costs in connection with activations and
re-activations of rigs being brought into operations, or funding of
our working capital.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities, nor will there be any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such jurisdiction.
The common shares will be offered and sold pursuant to the
Company's registration statement on Form F-3 (333-254525) and a
related prospectus and prospectus supplement dated July 6, 2021. Copies of the prospectus and
prospectus supplement relating to the offering may be obtained by
visiting EDGAR on the SEC's website at www.sec.gov or from the
offices of the Company at S. E. Pearman Building, 2nd Floor, 9
Par-la-Ville Road, Hamilton HM11 Bermuda, Attention: Investor Relations.
This information is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
About Borr Drilling Limited
Borr Drilling Limited is an international drilling contractor
incorporated in Bermuda in 2016
and listed on the Oslo Stock Exchange on August 30, 2017 and on the New York Stock
Exchange on July 31, 2019 under the
ticker "BORR". The Company owns and operates jack-up rigs of modern
and high specification designs and provides services focused on the
shallow water segment to the offshore oil and gas industry
worldwide. Please visit our website at: www.borrdrilling.com
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. You can identify these forward-looking statements by words or
phrases such as "may," "will," "anticipate," "plan," "as markets
improve," or other similar expressions. These forward-looking
statements include statements about plans and relating to our
"at-the-market program" and the statement that the Board of
Directors does not currently anticipate to sell any common shares
under the "at-the-market program" at this point in time, statements
relating to use of proceeds from the sales and other non-historical
statements.
The forward-looking statements included in this press release
are subject to significant risks, uncertainties, contingencies and
factors that may cause our actual results, performance or
achievements to be materially different from those expressed or
implied by the forward-looking statements including risks related
to the conduct of the "at-the-market program", including the timing
and amount of any purchases under such program, the use of proceeds
and other risks described in our most recent Annual Report on Form
20-F and other filings with the US Securities and Exchange
Commission (SEC).
The forward-looking statements made in this press release speak
only as of the date of this press release. Except as required by
law, we undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date hereof or to reflect the
occurrence of unanticipated events.
July 6, 2021
The Board of Directors
Borr Drilling Limited
Hamilton, Bermuda
Contact:
Magnus Vaaler: CFO, +47 22483000
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SOURCE Borr Drilling Limited