Borr Drilling — Earnings Release 2019

Aug 29, 2019

Borr Drilling Limited Announces Results for the Second Quarter 2019

Borr Drilling Limited Announces Results for the Second Quarter 2019

Hamilton, Bermuda, August 29, 2019: Borr Drilling Limited ("Borr", "Borr

Drilling" or the "Company") announces unaudited results for the three and six

months ended June 30, 2019

Highlights in the second quarter 2019

· Operating revenues of $86.6 million, net loss of $103.2 million and Adjusted

EBITDA of negative $4.9 million for the second quarter of 2019

· The results include a $31.5 million mark to market loss related to forward

contracts the Company acquired in Rowan/Ensco (renamed Valaris PLC) in 2018. The

share price of Valaris was as of June 30, 2019 $8.53. This relates to a total

exposure of 4.2 million shares in Valaris which has remained unchanged in 2019

· Technical utilisation for the operating rigs was 98.8% in the second quarter

and 99.0% for the first six months of 2019

· Completed loan financings in a total amount of $645 million

· Completed the successful activation/reactivation programmes and commencement

of contracts for five premium jack-up drilling rigs

· Entered into an agreement to sell three standard jack-up rigs for non

-drilling activities with total net cash proceeds of $9 million, two of which

were sold in May 2019, and the third expected to be sold early 2020

Subsequent events

· Completed an initial public offering on the New York Stock Exchange under

the ticker BORR, issuing 5,750,000 shares at a price of $9.30 per share

· Commenced two 18-month contracts for two premium newbuild jack-up rigs with

Pemex in Mexico in August 2019, under an integrated services model, bringing the

total number of rigs in operation to 15

· We have, since the beginning of 2019 secured nine contracts for seven rigs

with revenue backlog in a total of approximately $300 million

The full report is available in the enclosed file

August 29, 2019

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to:

Svend Anton Maier: Chief Executive Officer, Borr Drilling Management, +47

41427129

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management, +47

90088411

2nd Quarter 2019

Results (https://mb.cision.com/Public/16983/2891095/9fc9d85c3be9b8a7.pdf)

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

-12 the Norwegian Securities Trading Act