Borr Drilling — Capital/Financing Update 2026

May 28, 2026

Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

Borr Drilling Limited - Announces Pricing and Upsize of $2.035 billion of Senior Secured Notes due 2032 and 2034

Hamilton, Bermuda, May 27, 2026 - Borr Drilling Limited (NYSE and OSE: BORR)

("Borr Drilling" the "Company") announced today that its wholly owned

subsidiary, Borr IHC Limited, and its direct subsidiary, Borr Finance LLC, have

priced an offering of $2.035 billion in aggregate principal amount of senior

secured notes consisting of (i) $1,100.0 million aggregate principal amount of

8.750% senior secured notes due 2032 and (ii) $935.0 million aggregate principal

amount of 9.000% senior secured notes due 2034 (the "Notes"), which represents

an upsize of $435.0 million over the previously contemplated offering amount.

The Notes will be guaranteed by the Company and certain of its subsidiaries and

will be secured on a senior basis by most of the rigs and certain other assets

of the Company and the subsidiary guarantors.

The proceeds from the Notes are intended to be used by the Company (i) to

repurchase, redeem or otherwise refinance in full its outstanding 10.000% Senior

Secured Notes due 2028, of which $1,128.1 million aggregate principal amount is

currently outstanding, (ii) to repurchase, redeem or otherwise refinance in full

its outstanding 10.375% Senior Secured Notes due 2030, of which $770.7 million

aggregate principal amount is currently outstanding, (iii) for general corporate

purposes and (iv) to pay fees and expenses related to the Notes offering and the

concurrent tender offer. Settlement of the Notes is expected on or about June

10, 2026 and is subject to customary closing conditions.

This press release is for information purposes only and does not constitute or

form part of an offer to sell or the solicitation of an offer to purchase or

subscribe for securities, nor will there be any sale of the securities in any

jurisdiction in which, or to any persons to whom, such offer, solicitation or

sale would be unlawful. The securities referred to herein have not been and will

not be registered under the U.S. Securities Act of 1933 or applicable state

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

persons (other than distributors) unless such securities are registered under

the U.S. Securities Act of 1933, or an exemption from the registration

requirements of that act is available.

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in

Bermuda in 2016 and listed on the New York Stock Exchange since July 31, 2019

and on Euronext Oslo Bors since May 21, 2026 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 and related discussions include forward-looking statements

made under the "safe harbor" provisions of the U.S. Private Securities

Litigation Reform Act of 1995. Forward-looking statements do not reflect

historical facts and may be identified by words such as "anticipate", "believe",

"continue", "estimate", "expect", "intends", "may", "should", "will", "ensure",

"likely", "aim", "plan", "guidance" and similar expressions and include

statements regarding the proposed offering of secured notes, the expected terms

thereof and intended use of proceeds, including statements about the concurrent

tender offer and other non-historical statements. Such forward-looking

statements are subject to risks, uncertainties, contingencies and other factors

that could cause actual events to differ materially from the expectations

expressed or implied by the forward-looking statements included herein,

including risks related to the planned offering of secured notes and the use of

proceeds, including the concurrent note tender offer, and other risks and

uncertainties, including those described in our most recent annual report on

Form 20-F for the year ended December 31, 2025 and our other filings with the

Securities and Exchange Commission. Such risks, uncertainties, contingencies and

other factors could cause actual events to differ materially from the

expectations expressed or implied by the forward-looking statements included

herein. These forward-looking statements are made only as of the date of this

release. We do not undertake to update or revise the forward-looking statements,

whether as a result of new information, future events or otherwise.

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

Market Abuse Regulation and was published by Benjamin Wiseman, Senior Manager of

Corporate Finance and Investor Relations in the Company, on the date and time

provided herein.

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

-12 of the Norwegian Securities Trading Act.

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

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