Borr Drilling — Capital/Financing Update 2021

Jul 6, 2021

Borr Drilling Limited - Announces At-The-Market Offering of up to $40 Million

Borr Drilling Limited - Announces At-The-Market Offering of up to $40 Million

Hamilton, Bermuda, July 6, 2021. Borr Drilling Limited (the "Company") (NYSE and

OSE: BORR) announces today that it has established an "at-the-market program"

and entered into an Equity Distribution Agreement with Clarksons Platou

Securities, Inc., as our sales agent, dated July 6, 2021 under which we may

offer and sell from time to time up to $40 million of our common shares to be

listed on the New York Stock Exchange.

In accordance with the terms of the Equity Distribution Agreement, the Company

may offer and sell its common shares at any time and from time to time through

Clarksons Platou Securities, Inc. as its sales agent. The sales agent may act as

an agent on our behalf or purchase shares of our common shares as a principal.

Sales of our common shares, if any, may be made in ordinary brokers'

transactions through the New York Stock Exchange at market prices or in block

transactions or as otherwise agreed between the Company and Clarksons Platou

Securities, Inc. as sales agent. The securities may be sold at market prices

prevailing at the time of sale, at prices related to such prevailing market

prices or at negotiated prices. No common shares will be offered or sold on Oslo

Stock Exchange.

The Board does not currently anticipate to sell any shares under the ATM program

at this point in time, however the facility has been set up to provide the

Company with flexibility going forward, including as markets improve.

The Company plans to use the proceeds from these sales, if any, for general

corporate purposes, which may include, among other things, payments on our debt

obligations, which may include in the future payments to our creditors in return

for potential concessions or extensions of current facilities, capital

expenditures, including costs in connection with activations and re-activations

of rigs being brought into operations, or funding of our working capital.

This press release does not constitute an offer to sell or the solicitation of

an offer to buy securities, nor will there be any sale of the securities in any

jurisdiction in which such offer, solicitation or sale would be unlawful prior

to the registration or qualification under the securities laws of any such

jurisdiction. The common shares will be offered and sold pursuant to the

Company's registration statement on Form F-3 (333-254525) and a related

prospectus and prospectus supplement dated July 6, 2021. Copies of the

prospectus and prospectus supplement relating to the offering may be obtained by

visiting EDGAR on the SEC's website at www.sec.gov or from the offices of the

Company at S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11

Bermuda, Attention: Investor Relations.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in

Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on

the New York Stock Exchange on July 31, 2019 under the ticker "BORR". The

Company owns and operates jack-up rigs of modern and high specification designs

and provides services focused on the shallow water segment to the offshore oil

and gas industry worldwide. Please visit our website at: www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995. You can identify these forward

-looking statements by words or phrases such as "may," "will," "anticipate,"

"plan," "as markets improve," or other similar expressions. These forward

-looking statements include statements about plans and relating to our "at-the

-market program" and the statement that the Board of Directors does not

currently anticipate to sell any common shares under the "at-the-market program"

at this point in time, statements relating to use of proceeds from the sales and

other non-historical statements.

The forward-looking statements included in this press release are subject to

significant risks, uncertainties, contingencies and factors that may cause our

actual results, performance or achievements to be materially different from

those expressed or implied by the forward-looking statements including risks

related to the conduct of the "at-the-market program", including the timing and

amount of any purchases under such program, the use of proceeds and other risks

described in our most recent Annual Report on Form 20-F and other filings with

the US Securities and Exchange Commission (SEC).

The forward-looking statements made in this press release speak only as of the

date of this press release. Except as required by law, we undertake no

obligation to update or revise publicly any forward-looking statements, whether

as a result of new information, future events or otherwise, after the date

hereof or to reflect the occurrence of unanticipated events.

July 6, 2021

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Contact:

Magnus Vaaler: CFO, +47 22483000