Borr Drilling — Investor Presentation 2018

May 15, 2018

Borr Drilling – Dynamic opportunists seizes the moment!

The "final" building blocks coming together – a unique company has been constructed in 17 months

Convertible bond issuance of USD350million

15 May 2018

Important information and disclaimer

This presentation (the "Presentation") has been prepared by Borr Drilling Limited (the "Company") and sets forth general background information about the Company's activities current as at the date hereof. Information in this Presentation, including forecast financial information, should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice. All transactions in securities and financial product or instrument involve risks, such risks include (among others) the risk of adverse or unanticipated market, financial or political developments and, in international transactions, currency risk.

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Acquiring five premium¹ jack-ups at USD 144m per rig

Operating water depth	Feet	400
Hook load capacity	Lbs	1,500,000/2,000,000
Drilling package	Type	TBC
Variable load	T	3,750
Accommodation	#beds	120/150
Avg. original order price	USDm	205-225

Five premium jack-ups Fleet consistency across the five new rigs

Proven design & drilling packages

All rigs are premium

Scalable crew training and logistics

Optimise inventories and supply chain

Uniform NOV equipment

Two rigs are Mexico compliant

Source: DNB Markets, IHS Petrodata

1: "Premium jack-ups" defined as rigs built after 2000, earlier built rigs defined as "standard jack-ups"

Transaction terms

Sources and uses		Signed LOI for rig purchase
Numbers in USDm Convertible capital to be raised Mortgage backed bridge loan secured with Nordic Bank	{350} 200	▪ An agreement for the acquisition of 5 premium jack-up rigs under construction for a total consideration of USD 720m (USD 144m per rig) - The transaction is conditional upon the Company raising the required financing
Take-out financing secured	432	▪ Upon closing of the transaction Borr shall make an up-front payment of USD 288m
Total capital raised	{982}	- The remaining amounts are payable at delivery of each rig
		▪ Borr has secured take-out financing for the remaining payment for the 5x rig acquisition
Cash payment to ship yard	288	- The financing is non-amortizing with five year tenor
Cash available for newbuildings	{694}	- Libor + margin (attractive terms) - The facility covers up to USD 432m
		▪ Borr will take delivery of one rig in Q4 2019, then one rig per quarter thereafter
Newbuild commitments 2019 – 20201	432
Working capital / excess cash	{262}	▪ Borr has secured a USD200m bridge facility from DNB Bank at attractive terms - 2 years duration, non amortizing

We have spent the last 17 months building the leading jack-up drilling company World-leading fleet 9 premium jack-ups 29 premium jack-ups 11 premium jack-ups 2 premium jack-ups 1 Hercules Offshore 2 Transocean 3 PPL Shipyard Paragon Offshore 4 ¹ 2 premium jack-ups Standard NC Standard NCS Standard NCS Standard NC Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCS Standard NCW Semi NCW Standard NCW Standard NCS Standard NCW Standard NCW 5 Newbuild deal 5 premium jack-ups

Note (1): Paragon fleet prior to the transaction, excluding non-core semi-sub (MSS1) Description:

NC = Non-core NCS = Non-core, sold NCW = Non-core, rigs with contract

Best assets acquired at rock-bottom prices

Source: DNB Markets, IHS Petrodata

Note (1): Jack-ups delivered ex yard in 2001 or later; listed owners only; Seadrill excl. Chinese newbuilds and non-consolidated entities

Significant balance sheet flexibility

Unencumbered assets Rig name Design Build year Broker value Atla F&G JU2000 2003 USD50m Balder F&G JU2000 2003 USD50m Odin KFELS Super B 2013 USD100m Ran KFLES Super A 2013 USD125m Mist KFELS Super B 2013 USD100m Saga KFELS Super B 2018 USD145m Skald KFELS Super B 2018 USD145m Tivar KFELS Super B 2020 USD145m Value unencumbered rigs USD860m

Significant market cap and attractive LTV

The youngest jack-up fleet in the industry

Source: Estimate based on Clarksons rig values

Low leverage

Proforma capital structure – before operations

Hercules; USD130m consideration Transocean; USD1,182m consideration, USD862m newbuild commitments, USD320m paid to Transocean, USD275m paid to Keppel FELS on closing, USD260m delivery financing secured PPL; USD1,255m consideration, USD1,255m newbuild commitments, USD502m paid to PPL on closing, USD752m delivery financing secured Paragon; USD232,5m consideration Deal #5; USD720m consideration, USD720m newbuild commitments, USD288m paid to yard on closing, USD432m delivery financing secured

Total debt repayment of 2 years based on average historical rates

Dayrate scenario		Current market	Avg. cash break-even for peers	Avg. historical 10yrs	Avg. historical 5yrs	Last 10 year peak
Historical day rates	USD/day	70,000	98,000	145,000	150,000	250,000
Earnings utilisation	Pct.	98 %	98 %	98 %	98 %	98 %
Opex & G&A1	"	49,000	49,000	49,000	49,000	49,000
Number of rigs		29	29	29	29	29
P&L
Revenue	USD million	726	1,017	1,504	1,556	2,593
Opex	"	-487	-487	-487	-487	-487
G&A	"	-32	-32	-32	-32	-32
EBITDA	"	207	498	985	1,037	2,075
Interest2	"	-95	-95	-95	-95	-95
Tax1	"	-29	-41	-60	-62	-104
Debt service ability	"	83	362	830	880	1876

Key assumptions - 29 premium jack-ups in operation Payback in years for USD1.7bn net debt³

Source: DNB Markets (Dayrates per Company estimates)

Note (1): Illustrative - Assuming opex and G&A 25-30% below peers, using mid-range; 4% tax on revenue

Note (2): Assumed total debt of USD1.9bn at LIBOR (3m avg) + 300bps with no amortization

Note (3): Based on payback of USD1.7bn net debt

Strong support in the equity market – Schlumberger largest shareholder

Raised USD 1.9bn equity since December 2016 Strong investor base

Investor	# shares held	%
SCHLUMBERGER OILFIELD HOLDINGS	75,658,500	14.4%
EUROCLEAR BANK SA	65,241,885	12.4%
FOLKETRYGDFONDET	45,316,801	8.6%
EMR LLC	33,498,269	6.4%
DREW HOLDING LTD	23,819,900	4.5%
SKAGEN AS	20,887,981	4.0%
ARTEMIS INVESTMENT MGMT LTD	19,698,586	3.8%
IPMORGAN CHASE & CO	19,641,196	3.7%
GOLDMAN SACHS GROUP INC	18,653,954	3.6%
RASMUSSENGRUPPEN	17,071,440	3.3%
CLEARSTREAM BANKING SA	15,010,222	2.9%
UBON PARTNERS AS	11,126,800	2.1%
FRANKLIN RESOURCES	10,496,684	2.0%
BROWN BROTHERS HARRIMAN & CO	8,113,785	1.5%
FIL LIMITED	8,113,785	1.5%
BNP PARIBAS	7,674,084	1.5%
PRUDENTAL ASSURANCE	7,311,811	1.4%
VANGUARD GROUP	7,160,418	1.4%
NORDEA BANK AB	7,157,434	1.4%
MAGNI PARTNERS LTD	6,180,331	1.2%

Experienced board with significant shareholder alignment

The Borr lifecycle

Source: BORR / Bjørn Giaever & Fredrik Halvorsen

Significant optionality for convert holders

Share price performance for drillers from cycle trough to next peak¹

Investing at the trough in historical cycles has generated significant returns

Source: DNB Markets, Bloomberg, FactSet

Note (1): Cycle periods based on drilling peers price index trough and to next peak: 1980s – 1986 to 1990, 1990s – 1992 to 1997, 2000s – 2002 to 2008

Structural age problem in the jack-up market

Rigs over 30 years likely to be scrapped – Rigs over 15 years likely to be excluded from tenders

Bringing old cold stacked rigs back to the market cost USD ~40-50m Hence Borr Drilling has proactively taken the decision to retire 26 rigs from the active jack-up drilling market

Source: Borr Drilling

Clear signs of market improvement – history gives good indication of upside

Source: DNB Markets, IHS Petrodata

Large market cap – strong balance sheet…

… great cash flow potential (payback of debt in years)²

Source: DNB Markets, IHS Petrodata, Bloomberg, FactSet

Note (1): Cycle periods based on drilling peers price index trough and to next peak: 1980s – 1986 to 1990, 1990s – 1992 to 1997, 2000s – 2002 to 2008 Note (2): See slide 9 for assumptions

The Company's business involves numerous risks. Investors should in particular consider the following:

• There is no certainty that the Company's fleet can be satisfactory employed.
• A negative turn in the demand for drilling services can depress the value of the Company's rigs.
• A considerable number of the Company's rigs are currently stacked. Reactivating these will involve costs.
• The Company is subject to numerous regulations, some of which can involve significant costs.
• The Company will be subject to contractual counterparty risks.
• The Company may, unless more of its fleet is employed in the medium to long term, need to raise more financing.
• The Company is dependent on its commercial management team.