Borr Drilling - Capital/Financing Update 2018

Borr Drilling Limited (BDRILL) - Share capital increase

Bermuda 23 March 2018

Reference is made to Borr Drilling Limited's ("Borr Drilling" or the "Company")

stock exchange notice dated 23 March 2018 relating to the successful completion

of the USD 250 million equity offering (the "Equity Offering").

The 46,707,500 new shares (the "Offer Shares") allocated in Tranche 1 of the

Equity Offering have been validly issued and will following delivery against

payment tomorrow be fully paid. Following issuance of the Offer Shares, the

Company will have a share capital of USD 5,250,000, divided into 525,000,000

shares, each with a nominal value of USD 0.01 per share.

The Offer Shares have been issued and are registered in the Norwegian Central

Securities Depository (VPS) with the Company's ISIN number (BMG 1466R1088). The

Offer Shares will be delivered to the allocated subscribers in the Equity

Offering tomorrow 27 March 2018 against payment and will be listed on Oslo Børs

under the ticker BDRILL from and including tomorrow.

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in

Bermuda in 2016 and listed on the Oslo Stock Exchange from 30 August 2017. Borr

owns and operates jack-up drilling rigs of modern and high specification designs

and provides services focused on the shallow water segment to the offshore oil

and gas industry worldwide. Borr's fleet comprises 16 jack-up drilling rigs and

10 units under construction with deliveries scheduled from 2018 to 2020.

Additional information is available at www.borrdrilling.com

Important note.

This announcement is not being made in or into the United States of America,

Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would

be prohibited by applicable law. This distribution does not constitute or form

part of an offer or solicitation of an offer to purchase or subscribe for

securities in the United States. The shares referred to herein will not be

registered under the United States Securities Act of 1933, as amended, and may

not be offered or sold in the United States, except pursuant to an applicable

exemption from registration.

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