Borr Drilling — Capital/Financing Update 2020

Sep 30, 2020

Borr Drilling Limited - Adjustment of key information relating to a potential subsequent offering

Borr Drilling Limited - Adjustment of key information relating to a potential subsequent offering

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

(NYSE: BORR, OSE: BDRILL) stock exchange announcements of 30 September, 2020,

relating to the successfully completed equity offering through the subscription

and allocation of 51,886,793 new depositary receipts (the "Equity Offering"),

and the announcement of a potential subsequent offering on 23 September 2020

(the "Subsequent Offering").

The subscription price in the Equity Offering has been revised to USD 0.53 per

share (depository receipt to be listed on Oslo Stock Exchange) and the

subscription price in any Subsequent Offering (if later resolved) will be

amended accordingly. In accordance with the continuing obligations for companies

listed on the Oslo Stock Exchange, the following updated key information is

given with respect to the potential Subsequent Offering:

Date of announcement of the potential Subsequent Offering: 22 September 2020

Last day of trading including rights to receive subscription rights: 22

September 2020

First day of trading excluding rights to receive subscription rights: 23

September 2020

Record date: 24 September 2020

Date of approval: Currently not resolved (see "Other information" below)

Maximum number of new depository receipts: 10,000,000

Subscription price: USD 0.53 per depository receipt (adjusted from USD 0.70 as

stated in the release of 23 September 2020)

Other information: The Subsequent Offering is subject to completion of the

Equity Offering, Board approval, SGM approval, publication of an offering and

listing prospectus (the "Offering Prospectus") approved by the Norwegian FSA and

the prevailing market price of the Company's depository receipts, and will be

directed towards holders of OSE depository receipts who: (i) hold OSE depository

receipts at the end of trading on OSE on 22 September 2020, as registered in the

VPS as of 24 September 2020, (ii) are not allocated Offer Shares in the Equity

Offering, and (iii) are not resident in a jurisdiction where such offering would

be unlawful or, for jurisdictions other than Norway, would require any

prospectus, filing, registration or similar action (the "Eligible

Shareholders"). The Eligible Shareholders will be granted non-transferable

subscription rights. The subscription period for the Subsequent Offering is

expected to commence following publication of the Offering Prospectus, estimated

to be at the end of October 2020. All terms subject to adjustments.

The shares referred to herein have not been registered under the United States

Securities Act of 1933 and may not be offered or sold in the United States,

except pursuant to an applicable exemption from registration.