Borr Drilling — Capital/Financing Update 2020

Sep 25, 2020

Borr Drilling Limited - Extension of application period for the Equity Offering

Borr Drilling Limited - 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, 25 September 2020

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

(NYSE: "BORR", OSE: "BDRILL") announcement dated 22 September 2020 relating to

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

(the "Equity Offering").

Borr Drilling is currently in discussions with its lenders to improve the

concessions previously announced and has therefore decided to extend the

application period for the Equity Offering to 08:00 CET/2:00 am EST on 29

September 2020. The Company may, in its own discretion, extend or shorten the

application period at any time and for any reason.

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, discussions with lenders 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.