Borr Drilling — Capital/Financing Update 2019

Aug 2, 2019

Borr Drilling Limited - Share capital increase

Borr Drilling Limited - Share capital increase

Hamilton, Bermuda - 2 August 2019 - Reference is made to Borr Drilling Limited's

(NYSE: BORR, OSE: BDRILL) (the "Company") stock exchange notices relating to the

initial public offering in the United States of 5,000,000 of its common shares

(the "Offering"), at a price to the public of $9.30 per common share (the

"Offering Price"), and full exercise of underwriters' over-allotment option to

purchase up to an additional 750,000 common shares at the Offering Price, less

underwriting discounts and commissions.

The 5,750,000 new shares (the "Offer Shares") allocated in the Offering have

today been validly issued, and will following delivery against payment be fully

paid. Following issuance of the Offer Shares, the Company will have a total

share capital of $5,613,903.25, divided into 112,278,065 common shares, each

with a nominal value of $0.05.

The Offer Shares will be delivered to the allocated subscribers in the Offering

on 2 August 2019 and are listed and tradable on NYSE under the ticker BORR with

CUSIP G1466R 207.

Copies of the final prospectus relating to the Offering may be obtained from

Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY

10282, telephone: 1-866-471-2526 or by emailing Prospectus-ny@ny.email.gs.com or

from DNB Markets, Inc., 200 Park Ave, Floor 31, New York, NY 10166, telephone: 1

-212-681-3800.

A registration statement relating to this Offering was declared effective by the

U.S. Securities and Exchange Commission on July 30, 2019. This press release

shall not constitute an offer to sell or the solicitation of an offer to buy

these securities, nor shall there be any sale of these securities in any

jurisdiction in which such offer, solicitation or sale would be unlawful prior

to registration or qualification under the securities laws of any such state or

jurisdiction.

This announcement does not constitute an offer to subscribe to or a solicitation

of an offer to subscribe to securities in any member state within EEA in which

such offer or solicitation is unlawful, unless in reliance upon applicable EEA

prospectus exceptions, whereby no EEA prospectus, registration or similar action

would be required within EEA.

Contact details:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47

41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management +47

90088411, rmlundetrae@borrdrilling.com

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This information is subject to the disclosure requirements pursuant to OSE

Continuing Obligations section 11.4 (3), and section 5-12 of the Norwegian

Securities Trading Act.