Borr Drilling - Capital/Financing Update 2020

Borr Drilling Limited - Amendment to bank facility covenants

Borr Drilling Limited (the "Company") is pleased to announce it has agreed with

its financing banks to make certain amendments to its financial covenants. The

required minimum book equity ratio has been adjusted from 40% to 33.3% and the

minimum free liquidity covenant adjusted from 4.0% to 3.0% of Net Interest

Bearing Debt. These amendments are effective from year end 2019 and into 2021.

The Company continues to be in constructive negotiations with the shipyard for

options to extend delivery of three of its remaining newbuilds and expect to

conclude these negotiations in the near future.

2 January 2020

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management (UK)

+ 47 41427129

Forward looking statements:

This announcement includes forward looking statements. Forward looking

statements are, typically, statements that do not reflect historical facts and

may be identified by words such as "anticipate", "believe", "continue",

"estimate", "expect", "intends", "may", "should", "will" and similar expressions

and include expectations regarding outcome of negotiations about the delivery of

newbuilds including expected delivery timing. The forward-looking statements in

this announcement are based upon various assumptions, many of which are based,

in turn, upon further assumptions. Although Borr Drilling Limited believes that

these assumptions are reasonable, they are, by their nature, uncertain and

subject to significant known and unknown risks, contingencies and other factors

which are difficult or impossible to predict and which are beyond our control.

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. In addition to the important factors

and matters discussed elsewhere in this report, important factors that, in our

view could cause actual results to differ materially from those discussed in the

forward looking statements are included in our most recent annual report. The

information, opinions and forward-looking statements contained in this

announcement speak only as of the date hereof and are subject to change without

notice.

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