The board of directors of Borr Drilling Limited, the Bermuda-registered oilfield services company, has resolved to grant 10.3 million share options under the company's approved share option scheme to 23 of its employees.

Among the grantees are two individuals discharging managerial responsibilities – chief executive officer Patrick Schorn, who has been granted 2.4 million options, and chief financial officer Magnus Vaaler, who has been granted 1.1 million options.

The company said each share option gives the right to subscribe for one share in the company.

The options will have a strike price of $1 which compares to a current market price of 70 cents.

The options will vest equally over a three-year period commencing two years from the date of grant and will expire after five years.

Borr said its board of directors, through this multi-year option grant, aims to establish an incentive reward that creates the optimum long-term alignment between the company's shareholders and management.

The common shares of Borr Drilling are listed on the NASDAQ Exchange.

The shares have a 52-week high of $1.67 and a low of 37 cents.