Borr Drilling - Update on Share Repurchase Program
Rhea-AI Summary
Borr Drilling (NYSE: BORR) has completed the First Tranche of its share repurchase program, buying back 2,466,281 shares at an average price of $4.055 per share, totaling $9.99 million. This represents approximately 0.93% of the company's total issued shares. The repurchase was executed between November 12-18, 2024, through DNB Markets. This initiative is part of a larger $20 million share buyback commitment authorized by the Board to be completed by the end of 2024.
AI-generated analysis. Not financial advice.
Positive
- Completed $10 million share buyback program ahead of schedule
- Board authorized additional $10 million in buybacks by end of 2024
- Share repurchase represents confidence in company's financial position
- Buyback program reduces share count by 0.93%, potentially increasing value per share
Negative
- Significant cash outlay of $10 million reduces available working capital
News Market Reaction – BORR
On the day this news was published, BORR declined 2.03%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
For the period from and including November 12, 2024 through the last day of the repurchase program, November 18, 2024, the Company purchased a total of 2,466,281 shares at an average price of
The transactions effected through the agreement with DNB Markets comprise all the transactions effected by or on behalf of Borr Drilling during the period.
The issuer's holding of repurchased shares: 2,466,281
Following the completion of the above transactions, the Company had repurchased a total of 2,466,281 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.
For further information, please 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/16983/4068812/941d68789dcc2960.pdf | BORR notification of buybacks 13 to 18 November 2024 |
View original content:https://www.prnewswire.com/news-releases/borr-drilling---update-on-share-repurchase-program-302311051.html
SOURCE Borr Drilling Limited