Borr Drilling Ltd.

Bermuda-based Borr Drilling Ltd. has launched an IPO in the United States of 5 million of its common shares on July 29.

Borr Drilling will also grant the underwriters of the offering a 30-day option to purchase up to an additional 750,000 common shares at the IPO price, less underwriting discounts and commissions. The company expects the IPO price will be substantially similar to the trading price for its shares on the Oslo Børs. The IPO price will be determined based on the book building process and the closing price of its shares on the Oslo Børs on the pricing date of the offering. The offering will not be conducted as a rights offering and no repair offer will be made as the existing shareholders of the company do not have any pre-emptive rights.