Borr Drilling — Capital/Financing Update 2022

Aug 17, 2022

Borr Drilling - First Settlement in the US Offering of Common Shares

Borr Drilling - First Settlement in the US Offering of Common Shares

Hamilton, Bermuda, August 17, 2022. Borr Drilling Limited (the "Company") (NYSE

and OSE: BORR) announced today the first settlement of its previously announced

US public offering of 69,444,444 US common shares of the Company, at a price per

share of $3.60 per common share for total gross proceeds of $250 million. The

Company has also granted the underwriters a 30-day option to purchase up to an

additional 6,944,444 common shares at the offering price minus underwriting

discounts.

The first settlement was completed for 41,666,667 common shares as the

conditions to this settlement were met on August 16, 2022.  The second

settlement for the remainder of the shares offered (including any additional

common shares issued pursuant to the underwriters' option, if exercised prior to

the second settlement date) is expected on August 26, 2022, provided that the

Company's authorized share capital is increased by 35,000,000 common shares

pursuant to a second special general meeting to be held on August 25, 2022.

Existing shareholders holding an aggregate of approximately 54% of the

outstanding common shares of the Company have undertaken to vote in favor of the

increase in the authorized share capital at the special general meeting to be

held on August 25, 2022.

No securities in the offering were offered or will be listed on Oslo Stock

Exchange.

The Company plans to use the proceeds from the offering to consummate a

refinancing with its lenders under its Syndicated Facility, New Bridge Facility,

Hayfin Facility and shipyards Keppel and PPL, and for general corporate

purposes, which may include, among other things, repayments of its debt

obligations, payments to its 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 its working capital.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA,

Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book

-running managers for the offering.  Cleaves Securities AS is a co-manager for

the offering.

Following the first settlement of this offering, the Company's issued share

capital increased by $4,166,666.70 to $ 19,456,817.50, divided into 194,568,175

shares, each with a nominal value of $0.10 per share.

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.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice

was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations

of the Company, on 17 August 2022 at 17:45 CEST

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 the Company's 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," "expect," or other similar expressions. These forward-looking statements

include statements with respect to the offering, the condition to the second

settlement, the intended use of proceeds 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 the

Company's actual results, performance or achievements to be materially different

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

risks related to the use of proceeds, whether the condition to the second

settlement of the offering will be met, the risk that the Company will not

consummate the proposed refinancing, the number of shares to be sold in the

offering and other risks described in the Company's most recent Annual Report on

Form 20-F and other filings of the Company with the 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, the Company undertakes 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.

August 17, 2022

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to: Magnus Vaaler, CFO, +47 22 48 30 00