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BRIEF-Borr Drilling contemplating share offer to finance rig acquisition
October 6, 2017 / 2:59 PM / in 11 days

BRIEF-Borr Drilling contemplating share offer to finance rig acquisition

Oct 6 (Reuters) - BORR DRILLING LTD

* ‍IS CONTEMPLATING TO OFFER UP TO 162,500,000 NEW SHARES REPRESENTING 51.5 PER CENT OF OUTSTANDING SHARES OF COMPANY​

* ‍SUBSCRIPTION PRICE WILL BE USD 4.00 PER SHARE, RAISING GROSS PROCEEDS OF UP TO USD 650 MILLION​

* PROCEEDS WILL BE USED TO PARTLY SECURE FINANCING FOR ACQUISITION OF JACK-UP RIGS FROM PPL AND FOR GENERAL CORPORATE PURPOSES​

* ‍COMPANIES THAT ARE CLOSE ASSOCIATES OF MR. TOR OLAV TROEIM HAVE IN TOTAL SUBSCRIBED FOR SHARES EQUIVALENT TO USD 35 MILLION AND WILL BE ALLOCATED SHARES EQUIVALENT TO AT LEAST USD 25 MILLION​

* ‍SCHLUMBERGER HAS SUBSCRIBED FOR SHARES EQUIVALENT TO USD 65 MILLION AND WILL BE ALLOCATED SHARES EQUIVALENT TO AT LEAST USD 50 MILLION​

* ‍SHARE ISSUANCE WILL BE CARRIED OUT AS A PRIVATE PLACEMENT AND BOARD OF DIRECTORS OF COMPANY IS OF OPINION THAT THIS IS IN BEST INTEREST OF COMPANY AND ITS SHAREHOLDERS​ FURTHER COMPANY COVERAGE: (Reporting By Oslo Newsroom)

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