Borr Drilling — Capital/Financing Update 2026

May 28, 2026

Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030

Borr Drilling Limited - Announces Increase in Tender Amount for Notes Due 2030

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

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

subsidiary, Borr IHC Limited (the "Issuer"), has increased the principal amount

of the Issuer's outstanding 10.375% Senior Secured Notes due 2030 (the "2030

Notes") that it can repurchase under its previously announced cash tender offer

(the "Tender Offer") from $447.3 million of original principal amount to any and

all of the 2030 Notes, on the terms and subject to the conditions set forth in

the Issuer's Offer to Purchase and Consent Solicitation Statement dated May 26,

2026 (the "Statement"). As of the date hereof, $877.1 million in original

aggregate principal amount of 2030 Notes (amounting to $770.7 million in

aggregate principal amount after adjusting for amortization payments) is

outstanding.

Consistent with amending the Tender Offer to be in respect of any and all 2030

Notes, the Issuer has amended the Financing Condition of the Tender Offer to

provide that the Issuer's obligation to accept for purchase, and to pay for,

2030 Notes validly tendered and not validly withdrawn is subject to the

satisfaction or waiver of certain conditions, including, among other things, the

completion of the New Notes Offering in aggregate principal amount equal to at

least $2,035 million, on terms satisfactory to the Issuer in its sole

discretion. The complete terms and conditions of the Tender Offer are set forth

in the Statement.

The Tender Offer is being made solely by means of the Statement. Under no

circumstances shall this press release constitute an offer to purchase or sell

or the solicitation of an offer to purchase or sell the 2030 Notes or any other

securities of the Issuer or any other person, nor shall there be any offer or

sale of any 2030 Notes or other securities in any state or jurisdiction in which

such an offer, solicitation or sale would be unlawful prior to registration or

qualification under the securities laws of any such jurisdiction. In addition,

nothing contained herein constitutes a notice of redemption of the 2030 Notes.

No recommendation is made as to whether holders of the 2030 Notes should tender

their 2030 Notes.

Information Relating to the Tender Offer and the Consent Solicitation

Citigroup Global Markets Inc. is acting as the dealer manager and solicitation

agent for the Tender Offer and the Consent Solicitation ("Dealer Manager and

Solicitation Agent"). Questions regarding the terms of the Tender Offers and

Consent Solicitations may be directed to Citigroup Global Markets Inc. at +1

(212) 723-6106 (banks and brokers) or +1 (800) 558-3745 (toll-free) or via email

at ny.liabilitymanagement@citi.com. Global Bondholder Services Corporation is

acting as (i) the Information Agent (in such capacity, the "Information Agent")

for the Tender Offer and the Consent Solicitation, (ii) the Tender Agent (in

such capacity, the "Tender Agent") for the Tender Offer and (iii) the Tabulation

Agent (in such capacity, the "Tabulation Agent") for the Consent Solicitation.

Requests for copies of the Statement should be directed to Global bondholder

Services Corporation at +1 (212) 430- 3774 (banks and brokers) or +1 (855) 654

-2014 (toll-free) or via email at contact@gbsc-usa.com.

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 such offer, solicitation or sale would be unlawful. The

securities to be issued in the referred to herein have not been and will not be

registered under the 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 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 Tender Offer, the Financing Transaction 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 Tender Offer

including risks relating to the terms and conditions of the Tender Offer and the

Financing Transaction 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 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