Borr Drilling Provides Update on Equity Issuance Settlement

Source: www.gulfoilandgas.com 1/14/2022, Location: South America

Reference is made to Borr Drilling Limited's announcement 28 December 2021 about the subscription and allocation of a total of 13,333,333 new depository receipts (the "Offer Shares"), raising gross proceeds of USD 30 million.

As stated in the announcement, a condition for completion of the Equity Offering is board approvals by the Singaporean yards for amendments to and refinancing of the Company's financing arrangements with the yards. The Company is expecting the board decisions of the Singaporean yards in the week of 24 January 2022 due to their current scheduling of board meetings.

Therefore, the date of settlement of the Offer Shares is adjusted to be on or about 28 January 2022, subject to satisfaction of the other closing conditions referred to in the announcement 28 December 2021. The Offer Shares will be listed on the Oslo Stock Exchange (“OSE”) upon delivery. No Offer Shares will be offered or sold in transactions on the NYSE.


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