Bermuda-based Borr Drilling Ltd. has launched an IPO in the U.S. 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.

Borr Drilling’s common shares have been approved for listing on the New York Stock Exchange (NYSE) under the ticker symbol “BORR”. Borr Drilling intends to use the net proceeds received from the offering for general corporate purposes, which may include funding future mergers, acquisitions or investments in complementary businesses, products or technologies; maintaining liquidity; repayment of indebtedness; and funding working capital needs. Following listing on the NYSE, the common shares will continue to be listed under the ticker “BDRILL” on the Oslo Børs.

Goldman Sachs & Co. LLC and DNB Markets Inc. are acting as joint book-running managers for the offering. BTIG, LLC, Citigroup Global Markets Inc., Danske Markets Inc. and Evercore Group LLC are also acting as book-running managers for the offering.