Borr Drilling — Board/Management Information 2018

Mar 22, 2018

Borr Drilling Limited (BDRILL) - Paragon Transaction

Borr Drilling Limited (BDRILL) - Paragon Transaction

Hamilton, Bermuda, March 22, 2018

The Paragon acquisition gives Borr Drilling Limited ("Borr") a solid operational

platform that matches well with the first class assets Borr have acquired over

the last 15 months. The plan for the amalgamation of the two companies will lead

to significant cost reduction and give Borr a strong operational platform in the

market for high spec units in the North Sea. With the 5-year track record we

gain with this transaction, we are well positioned to win work with key jack-up

clients, like Saudi Aramco, ADNOC and Pemex. The lay-up cost linked to the old

part of the Paragon fleet will be dramatically reduced and several of these

units are currently negotiated for sale to non-drilling purposes. The Borr

organization see no economic incentive to reactivate the legacy assets in

Paragon and they are thereby defined as non-core.

In connection with the Paragon transaction, the Board and CEO Simon Johnson have

agreed that his contract as CEO will be terminated. Mr. Johnson, who has been in

the company since August 2017, will assist in the integration of Paragon and

will subsequently leave the company. The Board wants to thank Mr. Johnson for

his contribution in the build up period of Borr. The Board has decided to

promote Mr. Svend Anton Maier as interim CEO with immediate effect. Mr. Maier

has been the Chief Operating Officer in Borr since its inception in December

2016 and has successfully been responsible for building the asset base in the

company and commencing operations for several of the rigs.

"The Board is excited about the significant improvement in tender activity in

the jack-up drilling market over the recent months. The Paragon transaction

gives us an operational platform to continue to develop Borr as the leading jack

-up drilling operator. Borr has since its inception grown the owned fleet of

high spec. jack-ups from 2 to 24. The Board is proud of the efforts and

professionalism the organization has shown in order to accommodate such growth.

We have used the last 18 months of weakness in the drilling market to build a

unique fleet of new assets acquired at the right price. These efforts will give

Borr the position as the leading jack-up operator into the next cycle. We have

explored a lot of different opportunities, but see today few additional assets

to be acquired. Borr is now close to the finish line building the leading jack

-up drilling company both in terms of operations and assets. We are encouraged

that this coincides with a large pick-up in tendering activity" says chairman

Tor Olav Troim.

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward

looking statements are, typically, statements that do not reflect historical

facts and may be identified by words such as "anticipate", "believe",

"continue", "estimate", "expect", "intends", "may", "should", "will" and similar

expressions. The forward looking statements in this announcement are based upon

various assumptions, many of which are based, in turn, upon further assumptions.

Although Borr Drilling Limited believes that these assumptions are reasonable,

they are, by their nature, uncertain and subject to significant known and

unknown risks, contingencies and other factors which are difficult or impossible

to predict and which are beyond our control. Such risks, uncertainties,

contingencies and other factors could cause actual events to differ materially

from the expectations expressed or implied by the forward looking statements

included herein. The information, opinions and forward looking statements

contained in this announcement speak only as of the date hereof and are subject

to change without notice.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.