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Form 6-K Borr Drilling Ltd For: Aug 11

August 16, 2022 11:17 AM EDT

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 


FORM 6-K
 


REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
 
August 11, 2022
 
Commission File Number 001-39007
 


Borr Drilling Limited
 

S. E. Pearman Building
2nd Floor 9 Par-la-Ville Road
Hamilton HM11
Bermuda
(Address of principal executive office)



Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1): ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7): ☐



Exhibits
 
Press Release
PDMR form
 

 SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BORR DRILLING LIMITED
     
Date: August 11, 2022
By:
/s/ Mi Hong Yoon
 
Name:
Mi Hong Yoon
 
Title:
Director




Exhibit 99.1

Borr Drilling Limited – Grant of Share Options and Performance Stock Units - Correction

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 March2026 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.

Please see the attached form of notification and public disclosure by primary insiders.

This information is subject to the disclosure requirements in article 19 of the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the Norwegian Securities Trading Act.




Exhibit 99.2

1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Patrick Schorn
2
Reason for the notification
a)
Position/status
Chief Executive Officer
b)
Initial notification/Amendment
Initial notification
3
Details of issuer
a)
Name
Borr Drilling Limited
b)
LEI
213800J2JPCTXLHQ5R78
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
 
Identification code
Derivative, options for shares in Borr Drilling Limited (ISIN: BMG1466R1732)
b)
Nature of the transaction
Granting/acceptance of share options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
0.00
1,000,000
d)
Aggregated information
—          Aggregated volume
—          Price
1,000,000 options awarded for a price of $0.00, 1/3 with strike price $4.00, 1/3 with a strike price of $4.75 and 1/3 with a strike price of $5.50.
e)
Date of the transaction
11/8/2022
f)
Place of the transaction
Outside a trading venue


1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Patrick Schorn
2
Reason for the notification
a)
Position/status
Chief Executive Officer
b)
Initial notification/Amendment
Initial notification
3
Details of issuer
a)
Name
Borr Drilling Limited
b)
LEI
213800J2JPCTXLHQ5R78
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
 
Identification code
Derivative, Performance Stock Units linked to the shares in Borr Drilling Limited (ISIN: BMG1466R1732)
b)
Nature of the transaction
Granting/acceptance of Performance Stock Units
c)
Price(s) and volume(s)
Price(s)
Volume(s)
0.00
500,000
d)
Aggregated information
—          Aggregated volume
—          Price
500,000 Performance Stock Units for a total of $0
e)
Date of the transaction
11/8/2022
f)
Place of the transaction
Outside a trading venue


1
Details of the person discharging managerial responsibilities/person closely associated
a)
Name
Magnus Vaaler
2
Reason for the notification
a)
Position/status
Chief Financial Officer
b)
Initial notification/Amendment
Initial notification
3
Details of issuer
a)
Name
Borr Drilling Limited
b)
LEI
213800J2JPCTXLHQ5R78
4
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)
Description of the financial instrument, type of instrument
 
Identification code
Derivative, options for shares in Borr Drilling Limited (ISIN: BMG1466R1732)
b)
Nature of the transaction
Granting/acceptance of share options
c)
Price(s) and volume(s)
Price(s)
Volume(s)
0.00
400,000
d)
Aggregated information
—          Aggregated volume
—          Price
400,000 options awarded for a price of $0.00, 1/3 with strike price $4.00, 1/3 with a strike price of $4.75 and 1/3 with a strike price of $5.50.
e)
Date of the transaction
11/08/2022
f)
Place of the transaction
Outside a trading venue





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