Borr Drilling — Capital/Financing Update 2020

Sep 29, 2020

Borr Drilling Limited - Further extension of application period for the Equity Offering

Borr Drilling Limited - Further extension of application period for the 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, 29 September 2020

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

(NYSE: "BORR", OSE: "BDRILL") announcement dated 22 September relating to the

contemplated equity offering of USD 40-50 million in new depository receipts

(the "Equity Offering") and the subsequent notice on 25 September 2020

announcing  an extension of the application period of the Equity Offering.

Borr Drilling is making good progress with its discussions with its lenders to

improve the concessions previously announced and has therefore decided to

further extend the application period for the Equity Offering to 08:00 CET/2:00

am EST on 30 September 2020. The Board is confident that concessions from

lenders will be in place prior to Wednesday morning. The Company may, in its own

discretion, extend or shorten the application period at any time and for any

reason.

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, discussions with lenders, the expectation that an

arrangement with lenders will be in place and the expected timing and the

extension of the application period. 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 the

Company's ability to complete the contemplated Equity Offering on contemplated

terms or at all, the outcome of discussions with lenders 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.