Borr Drilling — Investor Presentation 2019

May 2, 2019

Fleet Status Report

2 nd May 2019

Headquarters Borr Drilling Management DMCC 28th Floor, Reef Tower, Cluster O, Jumeirah Lake Towers, Post Box - 36913, Dubai – UAE

+971 4 4487501

Fleet Status Report - 2nd May 2019

New Contracts / Extensions / Amendments Letters of Intent / Negotiations Saga: • LOI Cancelled by Operator Skald: • LOI Cancelled by Operator
	This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in

an actual drilling contract. Forward Looking Statements:

The statements described in this status report that are not historical facts are "Forward Looking Statements".

-Looking Statements will prove to be correct. mencement dates, contract duration, earned Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Fleet Status Report - 2nd May 2019

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
				Premium Jack-Ups
Idun	KFELS Super B Bigfoot Class	350 ft	2013	Available			Singapore	Warm Stacked
Galar	PPL Pacific Class 400	400 ft	2017	Available			Singapore	Warm Stacked
Gunnlod	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked
Gyme	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked
Njord	PPL Pacific Class 400	400 ft	2019	Available			Singapore	Warm Stacked
Saga	KFELS Super B Bigfoot Class	400 ft	2018	Available			Singapore	Warm Stacked
Skald	KFELS Super B Bigfoot Class	400 ft	2018	Available			Singapore	Warm Stacked
Mist	KFELS Super B Bigfoot Class	350 ft	2013	Available	March - 2019 May - 2019		Singapore	Warm Stacked
				Vestigo Petroleum	May - 2019	November - 2019	Malaysia	Commited
Gersemi	PPL Pacific Class 400	400 ft	2018	Available	March - 2019	June - 2019	Singapore	Activation and Mobilization
				PEMEX	June - 2019 December - 2020		Mexico	Committed
Grid	PPL Pacific Class 400	400 ft	2018	Available	March - 2019	June - 2019	Singapore	Activation and Mobilization
				PEMEX	June - 2019	December - 2020	Mexico	Committed
Odin	KFELS Super B Bigfoot Class	350 ft	2013	Available	December - 2018	April - 2019	Mexico	Mobilization
				PanAmerican	April - 2019	November - 2019	Mexico	Committed
Frigg 1	KFELS Super A	400 ft	2013	Total	January - 2019	April - 2019	Nigeria	Operating
				Shell (via Assignment)	April - 2019	October - 2019	Nigeria	Committed with option to extend
Prospector 1 1	F&G, JU2000E	400 ft	2013	Tulip	December - 2018	July - 2019	Netherlands	Operating with option to extend
Prospector 5 1	F&G, JU2000E	400 ft	2014	Available	February - 2019	April - 2019	United Kingdom	Warm Stacked
				Neptune	April - 2019	October - 2019	Netherlands	Committed
Gerd	PPL Pacific Class 400	400 ft	2018	Available	September - 2018	April - 2019	Nigeria	Mobilization
				Exxon	April - 2019	April - 2021	Nigeria	Operating with option to extend
Groa	PPL Pacific Class 400	400 ft	2018	Available	September - 2018	April - 2019	In Transit	Mobilization
				Exxon	May - 2019	May - 2021	Nigeria	Commited with option to extend
Ran 1	KFELS Super A	400 ft	2013	Available	September - 2018	April - 2019	Netherlands	Activation and Mobilization
				Spirit Energy	April - 2019	March - 2020	United Kingdom	Committed to Operaing
				Perenco	September - 2018	April - 2019	Gabon	Operating
Norve	PPL Pacific Class 400	400 ft	2011	Available	April - 2019	July - 2019	Gabon / Cameron	Warm Stacked
				BW Energy Dussafu	July -2019	April - 2020	Gabon	Committed
Natt	PPL Pacific Class 400 400 ft 2018		Available	October - 2018	April - 2019	Nigeria	Mobilization Operating with option to extend
				First E&P	April - 2019	April - 2021	Nigeria
				Standard Jack-Ups
C20051	CFEM T-2005-C	360 ft	1982	Available			Netherlands	Warm Stacked
Dhabi II	Baker Marine BMC-150 ILC	150 ft	1981	NDC (ADOC)	April - 2017	July - 2019	United Arab Emirates	Operating
B152	Baker Marine BMC-150 ILC	150 ft	1982	NDC (ADOC)	April - 2017	November - 2019	United Arab Emirates	Operating
B391	Baker Marine Europe Class	250 ft	1981	Spirit Energy	March - 2018	December - 2019	United Kingdom	Operating with option to extend

Fleet Status Report - 2nd May 2019

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
				Semi-Submersible
MSS1	Offshore Company (IDC) SCP III M2	1500 ft	1979	TAQA	March - 2018	November - 2019	United Kingdom	Operating with option to extend
Jack-Ups Under Construction
Thor (former Hakuryu - 15)	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in 2Q - 2019
Hild	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2019
Heimdal	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in January - 2020
Hermod	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in April - 2020
Huldra	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in July - 2020
Tivar	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in July - 2020
Heidrun	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2020
Vale	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2020
Var	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in December - 2020
				Cold Stacked Jack-Ups
Atla	F&G, JU 2000	400 ft	2003				United Arab Emirates
Balder	F&G, JU 2000	400 ft	2003				Cameroon
Baug 1	F&G, Mod VI Universe Class	394 ft	1991				United Kingdom	Not Marketed
Eir 1	F&G, Mod VI Universe Class	394 ft	1999				United Kingdom	Not Marketed

1 - HD/HE Capability.

Forward Looking Statements:

The statements described in this status report that are not historical facts are "Forward Looking Statements".

Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.

We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

		Operating / Committed	Available	Cold Stack	Under Construction
Premium Jack-Ups	30	12	7	2	9
Standard Jack-Ups	6	3	1	2
Total Jack-Ups	36
Semi - Submersible	1	1
Total Fleet	37	16	8	4	9

Fleet Status Report - 2nd May 2019

Rig Name	2018					2019						2020		2021
	Location	Q1	Q2	Q3	Q4	Q1	Q2		Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
							Premium Jack-Ups
Idun	Singapore							Warm Stacked
Galar	Singapore							Warm Stacked
Gunnlod	Singapore							Warm Stacked
Gyme	Singapore							Warm Stacked
Njord	Singapore							Warm Stacked
Saga	Singapore							Warm Stacked			LOI - Undisclosed
Skald	Singapore							Warm Stacked
Mist	Singapore				Kris Energy			Vestigo Petroleum		Option
Gersemi	Singapore						Mobilization PEMEX
Grid	Singapore						Mobilization PEMEX
Odin	Mexico					Mobilization		PanAmerican
Frigg 1	Nigeria	Total				Total		Shell (via Assignment)		Option
Prospector 1 1	Netherlands				Tulip
Prospector 5 1	United Kingdom / Netherlands			Nexen			Neptune
Gerd	Nigeria	Un der			Mobilization		Exxon										2 x 1 Year Optional Period
Groa	In Transit / Nigeria				Activation & Mobilization			Exxon									2 x 1 Year Optional Period
Ran 1	Netherlands / United Kingdom				Activation & Mobilization		Spirit Energy
Norve	Gabon / Cameron	BW Energy Dussafu			Perenco				BW Energy Dussafu
Natt	Nigeria				Mobilization		First E&P									1 Year Optional Period
							Standard Jack-Ups
C20051	Netherlands		Perenco		Total			Warm Stacked
Dhabi II	United Arab Emirates	NDC (ADOC)
B152	United Arab Emirates	NDC (ADOC)
B391	United Kingdom		Spirit Energy								Up to 13 option wells (425 days)
							Semi-Submersible
MSS1	United Kingdom	TAQA									Up to 5 option wells (375 days)

Fleet Status Report - 2nd May 2019

		2018									2020		2021
Rig Name	Location	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4		Q1	Q2	Q3		Q4	Q1	Q2	Q3	Q4
Jack-Ups Under Construction
Thor ( former Hakuryu -15 )	KFELS shipyard, Singapore	Rig Delivery in 2Q - 2019
Hild	KFELS shipyard, Singapore	Rig Delivery in October - 2019
Heimdal	KFELS shipyard, Singapore		Rig Delivery in January - 2020
Hermod	KFELS shipyard, Singapore	Rig Delivery in April - 2020
Huldra	KFELS shipyard, Singapore	Rig Delivery in July - 2020
Tivar	KFELS shipyard, Singapore	Rig Delivery in July - 2020
Heidrun	KFELS shipyard, Singapore	Rig Delivery in October - 2020
Vale	KFELS shipyard, Singapore	Rig Delivery in October - 2020
Var	KFELS shipyard, Singapore	Rig Delivery in December - 2020
							Cold Stacked Jack-Ups
Atla	United Arab Emirates
Balder	Cameron
1 Baug	United Kingdom	Not Marketed
Eir 1	United Kingdom	Not Marketed
			Contract				Option					Available					Under Construction
1 - HD/HE Capability.

Forward Looking Statements:

The statements described in this status report that are not historical facts are "Forward Looking Statements".

Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events.

We undertake no obligation to update or revise any Forward Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.