Borr Drilling - Capital/Financing Update 2020

Borr Drilling Limited - Results in the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY

OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR

SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 23 November 2020

Reference is made to Borr Drilling Limited ("Borr" or the "Company") (NYSE:

"BORR", OSE: "BDRILL") stock exchange notice as of 13 November 2020 relating to

the launch of a conditional subsequent offering of up to 10,000,000 new shares

(the "Offer Shares" and the "Subsequent Offering"), each at a subscription price

at US$0.53 per Offer Share.

The subscription period in the Subsequent Offering expired today on 23 November

2020 at 16:30 CET and the Subsequent Offering was significantly oversubscribed.

The allocation of the Offer Shares will be resolved by the board of directors of

Borr (the "Board") in accordance with the allocation criteria set out in the

prospectus dated 13 November 2020 clause 5.8. The Board will consider the

subscriptions and allocations of Offer Shares on 25 November 2020. Final results

in the Subsequent Offering will be published shortly thereafter.

Allocation letters will be distributed on or about 25 November 2020. Payment

date for the Offer Shares will be on or about 26 November 2020, and delivery of

the Offer Shares will be on or about 27 November 2020.

Clarksons Platou Securities AS is Sole Manager, and Ro Sommernes advokatfirma DA

is legal advisor, to Borr in connection with the Subsequent Offering.

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

-12 of the Norwegian Securities Trading Act.

Important note: This announcement is not being made in or into the United

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

it would be prohibited by applicable law, or require preparation of any

prospectuses or similar documents. 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 have not been

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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