08:02 AM EDT, 07/03/2025 (MT Newswires) -- Borr Drilling ( BORR ) said Thursday it has priced its offering of 50 million common shares at $2.05 per share for gross proceeds of $102.5 million.

The company said it plans to use the proceeds for general corporate purposes, which may include debt service, capital expenditures and funding of working capital.

About 30 million shares will be issued on or around July 7, while the remaining 20 million shares will be issued on or around Aug. 7.

The second settlement is contingent upon the approval of an authorization of 50 million additional shares for the offering in a special general meeting on Aug. 6.