Borr Drilling — Capital/Financing Update 2019

Jul 31, 2019

Borr Drilling Limited Announces Pricing of Initial Public Offering in the United States

Borr Drilling Limited Announces Pricing of Initial Public Offering in the United States

Hamilton, Bermuda - July 31, 2019 - Borr Drilling Limited (NYSE: BORR, OSE:

BDRILL) (the "Company" or "Borr Drilling") today announced the pricing of its

previously announced 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"). Borr Drilling has also granted the

underwriters of the Offering a 30-day option to purchase up to an additional

750,000 common shares at the Offering Price, less underwriting discounts and

commissions. The Offering is expected to close on or about August 2, 2019,

subject to customary closing conditions.

Borr Drilling intends to use the net proceeds received from the Offering for

general corporate purposes, which may include funding future mergers,

acquisitions or investments in complementary businesses, products or

technologies; maintaining liquidity; repayment of indebtedness; and funding

working capital needs. The common shares will begin trading on the New York

Stock Exchange on July 31, 2019 under the ticker symbol "BORR" and will continue

to be listed under the ticker "BDRILL" on the Oslo Børs. The Offering was not

conducted as a rights offering and no repair offer was made as the existing

shareholders of the Company do not have any pre-emptive rights.

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.

The Offering is being made only by means of prospectus meeting the requirements

of Section 10 of the Securities Act of 1933, as amended. Copies of the

preliminary 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

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

-12 of the Norwegian Securities Trading Act