Borr Drilling — Capital/Financing Update 2020

Oct 7, 2020

Borr Drilling Limited - Adjustment conversion price convertible bonds

Borr Drilling Limited - Adjustment conversion price convertible bonds

Hamilton, Bermuda, October 7, 2020

Reference is made to Borr Drilling Limited's ("Borr Drilling" or the "Company")

(NYSE: "BORR", OSE: "BDRILL") stock exchange releases related to the equity

offering of 51,886,793 new depository receipts, representing the beneficial

interests in the same number of the Company's underlying common shares to be

listed on the Oslo Stock Exchange (the "Equity Offering").

In accordance with the loan agreement for the Company's USD 350,000,000 3.875%

Senior Unsecured Convertible Bonds 2018/2023, ISIN NO0010822935, the Equity

Offering has triggered an adjustment to the conversion price from USD 33.4815 to

USD 32.7743 per depository receipt listed on Oslo Stock Exchange.

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

-12 of the Norwegian Securities Trading Act.