Borr Drilling — Earnings Release 2019

May 29, 2019

Borr Drilling Limited (BDRILL) Announces Results for the First Quarter 2019

Borr Drilling Limited (BDRILL) Announces Results for the First Quarter 2019

Hamilton, Bermuda, May 29, 2019: Borr Drilling Limited (“Borr”, “Borr Drilling” or the “Company”) announces unaudited results for the three months ended March 31, 2019

Highlights in the first quarter 2019

• Operating revenues of $51.9 million, EBITDA of negative $15.3 million and net loss of $56.4 million for the first quarter of 2019

• Technical utilisation for the operating rigs was 99.1% in the first quarter of 2019

• Purchased a KFELS Super B Bigfoot jack-up newbuild, the “Thor”, from BOT Lease Co., Ltd. for a cash consideration of $122.1 million, financed by a $120 million bridge loan facility from two commercial banks

• Awarded two 18-month contracts for two premium newbuild jack-up rigs with Pemex in Mexico, under an integrated services model with our principal shareholder Schlumberger, with scheduled commencement mid-2019

• Secured $160 million revolving credit and guarantee lines facility from two commercial banks

• Took delivery of the premium jack-up rig “Njord” from PPL Shipyard including delivery financing of $87.0 million

Subsequent events

• Received final credit approved commitments for financing in the total amount of $645 million

• Completed the successful activation/reactivation and commencement of contracts for the premium jack-ups Gerd, Groa, Natt, Odin and Ran

• Secured contract for premium jack-up “Mist” for an approximate six-month program in Malaysia

• Entered into agreement to sell three standard jack-up rigs for non-drilling activities, two of which were sold in May 2019, and the third expected to be sold early 2020 with total net cash proceeds of $9 million

The full report is available in the enclosed files.

May 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 DMCC

+ 971 4 448 7501

Rune Magnus Lundetræ: Chief Financial Officer, Borr Drilling Management DMCC

+ 971 58 864 3915 / +47 90088411