Borr Drilling — Capital/Financing Update 2024

Feb 27, 2024

Borr Drilling Limited - Announces Pricing of Additional $200 Million Offering of 10.000% Senior Secured Notes due 2028

Borr Drilling Limited - Announces Pricing of Additional $200 Million Offering of 10.000% Senior Secured Notes due 2028

Hamilton, Bermuda, February 27, 2024. Borr Drilling Limited (the "Company")

(NYSE and OSE: BORR) announced today that its wholly-owned subsidiary Borr IHC

Limited has priced an offering of an additional $200 million in aggregate

principal amount of 10.000% senior secured notes due 2028 (the "Additional

Notes").

The Additional Notes will have the same terms and conditions as the

$1,025,000,000 aggregate principal amount of senior secured notes due 2028,

which were issued on November 7, 2023 (the "Original 2028 Notes"). The

Additional Notes mature on November 15, 2028. The Additional Notes will be

treated as additional notes under the indenture and will be issued bearing the

same ISIN and common codes as the Original 2028 Notes, and will be fully

fungible and constitute a single series with the Original 2028 Notes.

The proceeds from the offering are intended to be used for general corporate

purposes, which may include, among other things, capital expenditures, including

delivery costs for newbuild rigs on order, costs in connection with activations

of these rigs, optimization of the shipyard newbuild financing currently in

place and select asset additions, or funding of our working capital.

Settlement of the notes offering is expected on or about March 12, 2024, and is

subject to customary closing conditions.

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.

Important note

This announcement is not being made in or into Canada, Australia, Japan, Hong

Kong or in any other jurisdiction where it would be prohibited by applicable

law. This distribution is for information purposes only and does not constitute

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

for securities in the United States or in any jurisdiction in which, or to any

persons to whom, such offering, solicitation or sale would be unlawful prior to

registration or qualification under the securities laws of any jurisdiction. The

securities referred to herein have not been and will not be registered under the

U.S. Securities Act of 1933 (the "U.S. Securities Act") or applicable state

securities laws, and may not be offered or sold in the United States or to U.S.

persons unless such securities are registered under the U.S. Securities Act, or

an exemption from the registration requirements of the U.S. Securities Act is

available.

Forward looking statements

The press release includes forward-looking statements within the meaning of

Section 21E of the Securities Exchange Act of 1934, including the expected

closing date of the Additional Notes offering, the use of proceeds and other non

-historical statements. These forward-looking statements are subject to numerous

risks, uncertainties and assumptions, including risks relating to the closing of

the Additional Notes and use of proceeds and other risks included in our filings

with the Securities and Exchange Commission including those set forth under

"Risk Factors" in our annual report on Form 20-F for the year ended December 31,

2022 and in prospectuses filed with the Norwegian Financial Supervisory

Authority (FSA). Forward-looking statements reflect knowledge and information

available at, and speak only as of, the date they are made. 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. Readers are cautioned not to place undue reliance on such

forward-looking statements.

February 27, 2024

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208