Borr Drilling - Update on Share Repurchase Program
Borr Drilling (NYSE: BORR) has provided an update on its share repurchase program initiated on December 13, 2024.
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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
Details
News Market Reaction – BORR
The recorded move for BORR in the trading session of this news was +3.33%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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
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
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
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