Borr Drilling — Capital/Financing Update 2019

Jul 10, 2019

Borr Drilling Limited (BDRILL) Files Registration Statement with SEC for Proposed Initial Public Offering in the United States

Borr Drilling Limited (BDRILL) Files Registration Statement with SEC for Proposed Initial Public Offering in the United States

Hamilton, Bermuda - July 10, 2019 - Borr Drilling Limited (the "Company or "Borr

Drilling") today announced that it has filed a registration statement on Form F

-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed

initial public offering of its common shares in the United States (the

"Offering") on the New York Stock Exchange. The Company intends to raise from

$10 million to $50 million in the Offering. The number of common shares to be

offered has not yet been determined. The proceeds of the Offering are intended

to be used for general corporate purposes.

The offering will not be conducted as a rights offering and no repair offer will

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

The Company intends to apply to have its common shares listed on the New York

Stock Exchange under the symbol "BORR". Following the registration statement

filing and the application for listing on the New York Stock Exchange, Borr

Drilling will continue to be listed under the ticker "BDRILL" on the Oslo Stock

Exchange.

The Offering is expected to take place after the SEC completes its review

process, subject to market and other conditions.

Goldman Sachs & Co. LLC and DNB Markets, Inc. will act as joint book-running

managers for the Offering.

The Offering will be made only by means of prospectus. Copies of the preliminary

prospectus relating to the Offering, when available, 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.

The Company's registration statement on Form F-1 relating to these securities is

available at the SEC's website at www.sec.gov.

Questions may be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915 / +47 90088411

A registration statement relating to these securities has been filed with the

SEC, but has not yet become effective. These securities may not be sold nor may

offers to buy be accepted prior to the time the registration statement becomes

effective. 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.

This information is subject to disclosure requirements pursuant to §5-12 of the

Norwegian Securities Trading Act.