Borr Drilling - Capital/Financing Update 2019

Borr Drilling Announces Full Exercise of Underwriters' Over-Allotment Option in U.S. Initial Public Offering

Hamilton, Bermuda - August 2, 2019 - Borr Drilling Limited (NYSE: BORR, OSE:

BDRILL) (the "Company" or "Borr Drilling") today announced that the underwriters

of the Company's previously announced U.S. initial public offering (the

"Offering") have exercised their over-allotment option in full to purchase an

additional 750,000 common shares at the IPO public offering price of $9.30 per

share, less underwriting discounts and commissions. As a result, the total

number of shares sold in the Offering was 5,750,000, with settlement of the

Offering, including the over-allotment shares, expected to occur today.

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., Evercore Group L.L.C. and Fearnley Securities, Inc. are also

acting as book-running managers for the Offering.

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 [email protected] 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

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

-12 of the Norwegian Securities Trading Act

AI assistant