Borr Drilling - Capital/Financing Update 2021

Borr Drilling Limited - Increase in share capital

Reference is made to Borr Drilling Limited's (the "Company") (NYSE / OSE:

"BORR") stock exchange releases related to the equity offering of 54,117,647 new

depository receipts to be listed on the Oslo Stock Exchange (the "Offer

Shares"), representing the beneficial interests in the same number of the

Company's underlying common shares, each at a subscription price at USD 0.85 per

Offer Share.

The equity offering has been settled and the Company's issued share capital has

increased by USD 2,705,882.35 to USD 13,721,817.55, divided into 274,436,351

common shares, each with a nominal value of USD 0.05 per share.

The common shares referred to herein have not been registered under the United

States Securities Act of 1933 and may not be offered or sold in the United

States, except pursuant to an applicable exemption from registration.

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

-12 of the Norwegian Securities Trading Act.

Hamilton, Bermuda,

27 January 2021

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