Borr Drilling Announces Grant of Share Options and Performance Stock Units -

Source: 8/11/2022, Location: South America

This is a correction of press release issued August 11, 12:26 CET. Full pay out of the PSU award is subject to reaching $ 10.00 per share on 75% of the days in the third quarter of 2025 prior to the 1 September 2025, not 1 September 2022 as in the original release. Corrected press release below.

Bermuda, August 11, 2022: The Board of Directors of Borr Drilling Limited (the "Company") (OSE and NYSE "BORR") has resolved to grant 4,000,000 options under the Company’s approved share option scheme to certain of its employees, including two persons discharging managerial responsibilities (“PDMRs”) as defined by the Market Abuse Regulation. The grant is to become effective on September 1, 2022, following a planned SGM and increase in the approved share capital.

Each share option gives the right to subscribe for one share in the Company. The options will vest over a three-and-a-half-year period and have strike prices as follows:

One third will vest 1 March 2024 and will have a strike price of $4.00
One third will vest 1 March 2025 and will have a strike price of $4.75
One third will vest 1 March 2026 and will have a strike price of $5.50
The options will expire after 1 September 2027.

The following PDMRs have been granted options:
Patrick Schorn – Chief Executive Officer –1,000,000 options
Magnus Vaaler – Chief Financial Officer – 400,000 options
In addition, Patrick Schorn has been awarded 500,000 Performance Stock Units (PSUs) that will all cliff vest on 01 September 2025 depending certain performance criteria linked to the closing share price. Full pay out of the award is subject to reaching $ 10.00 per share on 75% of the days in the third quarter of 2025, prior to the 1 September 2025.

Through this option grant and award of PSUs the board of directors aims to enhance the existing incentive rewards that create the optimum long-term alignment between the Company’s shareholders and management.

United Kingdom >>  10/4/2022 - Union Jack Oil plc (AIM: UJO) a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce that material...
Italy >>  10/3/2022 - The European Commission has approved, under EU State aid rules, a €2 billion Italian scheme for the reinsurance of natural gas and electricity trade c...

Namibia >>  10/3/2022 - Tower Resources plc, the AIM listed oil and gas company with its focus on Africa , announces the following issue of warrants to Directors and a consul...
South Africa >>  10/3/2022 - Africa Oil Corp. repurchased a total of 1,883,480 Africa Oil common shares during the period of September 27, 2022 to September 30, 2022 under the pre...

United Kingdom >>  10/3/2022 - Wildcat Petroleum Plc ("Wildcat") (WCAT), is pleased to announce backing from natural resources specialist investor, Waterford Finance and investment ...
Falkland Islands >>  9/30/2022 - Borders & Southern Petroleum plc (BOR) announces its unaudited half year financial statements for the six months to 30 June 2022. The accounts contain...

Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.