Borr Drilling is moving forward with its near $50m New York listing.
The Tor Olav Troim-backed jack-up owner announced Monday that its shares have been approved for trading on the New York Stock Exchange.
The five million share offer will be made by prospectus only with shares — to be listed under ticker symbol BORR — are expected to be priced "substantially similar" to the $10.18 (NOK 88.65) shares are trading at in Norway.
Borr said the IPO will not be conducted as a rights offering and there will be no repair offer to existing shareholders.
Shares will continue to trade on the Oslo Bors exchange.
Funds from the sale are expected to fund "general corporate purposes."
Goldman Sachs and DNB Markets are acting as joint book-running manages, alongside BTIG, Citigroup Global Markets, Danske Markets and Evercore Group.
The group will have a 30-day option to buy up to 750,000 shares on top of the 5 million for the IPO price, less underwriting discounts and commissions.
The company currently has 26 jack-ups, 20 of which are premium operating worldwide.
Borr announced earlier this month it planned to list in the US, with sources suggesting its plan was to trade alongside its major peers in the world’s largest capital market.
Borr was initially listed on Oslo’s over the counter market and has moved through the Norwegian system to the main board.
It earmarked proceeds from the listing for general corporate purposes, which could include future merger and acquisition activity or other investments.
However, it stressed there were no ongoing discussions on deals that would set the capital to work.
