Borr Drilling — Capital/Financing Update 2021

Jan 22, 2021

Borr Drilling Limited - Pricing and Increased Size of Equity Offering

Borr Drilling Limited - Pricing and Increased Size of Equity Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES 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, 22 January 2021

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

(NYSE and OSE: "BORR") stock exchange release on 21 January 2021, and the

contemplated equity offering of USD 40 million in new depository receipts.

Borr Drilling is pleased to announce that the board of directors of the Company

(the "Board") has, due to high demand, increased the size of the offering to

USD 46 million, and approved the subscription and allocation of a total of

54,117,647 in new depository receipts (the "Offer Shares"), representing the

beneficial interests in the same number of the Company's underlying common

shares, each at a subscription price of USD 0.85 per Offer Share (equivalent to

NOK 7.1655 per Offer Share), raising gross proceeds of USD 46 million.

Following issuance of the Offer Shares, the Company's outstanding and issued

share capital will increase 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 Board has resolved not to conduct any subsequent offering.

Allocation letters will be distributed today. The date for settlement of the

Offer Shares is expected to be on or about 26 January 2021, following

publication of a prospectus approved by the Financial Supervisory Authority of

Norway relating to the listing of the Offer Shares. The Offer Shares will be

listed on the Oslo Stock Exchange ("OSE") upon delivery. No Offer Shares will be

offered or sold in transactions on the NYSE.

Clarksons Platou Securities AS, Fearnley Securities AS and SpareBank 1 Markets

have been retained as Joint Lead Managers and Bookrunners (together referred to

as the "Managers") to the Equity Offering.

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 the United States of America,

Canada, Australia, Japan, Hong Kong or in any other jurisdiction where it would

be prohibited by applicable law. This announcement does not constitute or form

part of an offer or solicitation of an offer to purchase or subscribe for

securities in the United States. 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.