Borr Drilling - Update on Share Repurchase Program

Rhea-AI Summary

Borr Drilling (NYSE: BORR) has provided an update on its share repurchase program initiated on December 13, 2024. The company has purchased 2,279,305 shares at an average price of $3.763 per share, totaling $8.58 million through December 20, 2024. This represents the First Tranche of a larger $10 million repurchase program, which is part of the Board's authorized $20 million share buyback commitment for 2024. Following these transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued shares.

Positive

• Board authorized substantial $20 million share buyback commitment
• Already executed 85.8% ($8.58M) of the First Tranche ($10M) within first week
• Share repurchases demonstrate management's confidence in company value

Negative

• Significant cash outlay of $8.58M for share repurchases could impact working capital

News Market Reaction

+3.33%

1 alert

+3.33% News Effect

On the day this news was published, BORR gained 3.33%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HAMILTON, Bermuda, Dec. 23, 2024 /PRNewswire/ -- Borr Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR) (OSE: BORR) initiated a share repurchase program on December 13, 2024 to repurchase USD 10 million of the Company's common shares in open market transactions ("the First Tranche") on the OSE and NYSE until no later than December 31, 2024 pursuant to an agreement with DNB Markets, a part of DNB Bank ASA ("DNB Markets"). This was the second step under the Board of Directors authorized commitment to repurchase $20 million worth of shares before the end of 2024.

For the period from and including December 13, 2024 through December 20, 2024, the Company purchased a total of 2,279,305 shares at an average price of USD 3.763 per share, equal to a total of USD 8,575,975.

The transactions effected through the agreement with DNB Markets comprise all the share buybacks effected by or on behalf of Borr Drilling during the period.

The issuer's holding of repurchased shares: 4,745,586.

Following the completion of the above transactions, the Company had repurchased a total of 4,745,586 shares, corresponding to 1.80% of the Company's total issued share count.

Appendix:

An overview of all transactions made under the Company's repurchase program and its agreement with DNB Markets that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

CONTACT:

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/borr-drilling-limited/r/borr-drilling---update-on-share-repurchase-program,c4086105

The following files are available for download:

https://mb.cision.com/Public/16983/4086105/b5b16935755d6caa.pdf

BORR trade log 13 Dec to 20 Dec 2024

View original content:https://www.prnewswire.com/news-releases/borr-drilling---update-on-share-repurchase-program-302338068.html

SOURCE Borr Drilling Limited

FAQ

How many shares has Borr Drilling (BORR) repurchased in December 2024?

Borr Drilling repurchased 2,279,305 shares between December 13-20, 2024, at an average price of $3.763 per share, totaling $8.58 million.

What is the total value of Borr Drilling's (BORR) share repurchase program for 2024?

The Board of Directors authorized a total share repurchase program of $20 million to be completed before the end of 2024.

What percentage of Borr Drilling's shares have been repurchased as of December 2024?

Following the recent transactions, Borr Drilling has repurchased a total of 4,745,586 shares, representing 1.80% of the company's total issued share count.

What is the First Tranche value of Borr Drilling's (BORR) December 2024 share repurchase program?

The First Tranche of the share repurchase program is valued at $10 million, to be completed by December 31, 2024.