Borr Drilling — Earnings Release 2017

Feb 22, 2018

BDRILL - Borr Drilling Limited Announces Fourth Quarter and Full Year 2017 Results

BDRILL - Borr Drilling Limited Announces Fourth Quarter and Full Year 2017 Results

Hamilton, Bermuda, February 21, 2018: Borr Drilling Limited ("Borr", "Borr Drilling" or the "Company") announces its fourth quarter and full year unaudited results for the period ended December 31, 2017.

Highlights

- On October 6, 2017, Borr Drilling and Schlumberger signed an enhanced collaboration agreement

- On October 6, 2017, the Company signed a master agreement with PPL Shipyard Pte Ltd. ("PPL") to buy nine premium jack-up rigs

- On October 8, 2017, the Company concluded a private placement of 162,500,000 new shares at a subscription price of US$4.00 raising gross proceeds of US$650 million

- In October 2017, the Company realised a gain of approximately US$15 million on forward contracts

- On November 15, 2017, the Company took delivery of "Galar", the first premium jack-up drilling rig from PPL

- On December 30, 2017, the "Frigg" commenced operations for Total in Nigeria

Subsequent events

- On January 4, 2018, the Company took delivery of "Gerd", the second jack-up rig from PPL

- On January 5, 2018, the company took delivery of "Saga" the first newbuilding from Keppel FELS Limited ("Keppel")

- In January 2018, the "Norve" commenced operations for BW Energy Dussafu B.V. ("BW Energy") in Gabon

- In January 2018, Patrick Schorn, Executive Vice President of New Ventures in Schlumberger, joined the Board of Directors

- On February 21, 2018, Borr agreed to acquire Paragon Offshore Limited, including 32 rigs*, US$200 million in order revenue backlog and worldwide operations, for US$232.5 million. Please see separate press release for more information

Please see the attached Unaudited Consolidated Financial Statements and Board of Directors' Report for more information.

February 21, 2018

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Simon Johnson: Chief Executive Officer, Borr Drilling Management DMCC

+ 971 4 448 7501

Rune Magnus Lundetrae: Chief Financial Officer, Borr Drilling Management AS

+47 23 48 30 00

Forward looking statements

This announcement includes forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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.

The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice."

About Borr Drilling

Borr Drilling Limited is an international drilling contractor incorporated in Bermuda in 2016 and listed on the Oslo Stock Exchange from August 30, 2017. The Company owns and operates jack-up drilling rigs of modern and high specification designs and provides services focused on the shallow water segment to the offshore oil and gas industry worldwide. The Company's fleet, as of February 21, 2017, comprises 15 jack-up drilling rigs and 11 units under construction with deliveries scheduled from 2018 to 2020.

Please visit our website at: www.borrdrilling.com

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.