Borr Drilling — Capital/Financing Update 2020

Sep 30, 2020

Borr Drilling Limited - Pricing of Equity Offering

Borr Drilling Limited - Pricing of Equity Offering

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

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG 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, 30 September 2020

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

(NYSE: "BORR", OSE: "BDRILL") stock exchange notice dated 29 September 2020,

announcing further concessions from its lenders and the decision to adjust the

amount to be raised in the contemplated equity offering to USD 25-30 million.

Borr Drilling is pleased to announce that the board of directors of the Company

(the "Board") has approved the subscription and allocation of a total of

51,886,793 new depositary receipts (the "Offer Shares"), representing the

beneficial interests in the same number of the Company's underlying common

shares, each at a subscription price of USD 0.53 per Offer Share (equivalent to

NOK 5.01 per Offer Share), raising gross proceeds of USD 27.5 million.

The Offer Shares, representing the beneficial interests in the same number of

common shares in the Company, will only be listed on the Oslo Stock Exchange.

Following issuance of the Offer Shares, the Company's outstanding and issued

share capital will increase by USD 2,594,339.65 to USD 10,515,935.20, divided

into 210,318,704 shares with a nominal value of USD 0.05 per share.

The date for settlement of the Offer Shares is expected to be on or about 5

October 2020 following publication of a prospectus approved by the Financial

Supervisory Authority of Norway relating to the listing of the Offer Shares and

certain of the offer shares in the May private placement. The Offer Shares,

representing the beneficial interests in the same number of common shares in the

Company, will only be listed on the OSE. No Offer Shares will be offered or sold

in transactions on the NYSE.

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 Canada, Australia, Japan, Hong

Kong or in any other jurisdiction where it would be prohibited by applicable

law. 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.

Forward looking statements

This press release includes forward looking statements, which do not reflect

historical facts and may be identified by words such as "may", "expect", "may",

"will" and similar expressions and include statements relating to the

contemplated Equity Offering, conditions relating to completion of the Equity

Offering and expected timing of closing of the Equity Offering. Such forward

-looking statements are subject to risks, uncertainties, contingencies and other

factors could cause actual events to differ materially from the expectations

expressed or implied by the forward-looking statements included herein,

including risks related to meeting the conditions for and completing the Equity

Offering, the outcome of the agreement with lenders, risks relating to our

liquidity and expected additional run-way and ultimate outcome of planned

discussions with yard, including whether we will have sufficient liquidity to

meet our requirements and other factors described in the section entitled "Risk

Factors" in our filings with the Securities and Exchange Commission. Such risks,

uncertainties, contingencies and other factors could cause actual events to

differ materially from the expectations expressed or implied by the forward

-looking statements included herein. These forward-looking statements are made

only as of the date of this release. We do not undertake to update or revise the

forward-looking statements, whether as a result of new information, future

events or otherwise.