Borr Drilling — Investor Presentation 2021

Jan 11, 2021

Fleet Status Report

11th January 2021

Borr Drilling Limited S.E Pearman Building, 2nd Fl, 9 Par-la-Ville Road, Hamilton HM11, Bermuda

+971 4 4487501

Borr Drilling

Fleet Status Report - 11thJanuary 21

Norve • Signed Contract (from LOI): April 2021 to July 2021, BWE, Gabon Prospector 1 • One Optional Well: Jan 2021 to March 2021, ONE-Dyas, Netherlands. Idun • LOA: Mar 2021 to Jan 2022, Asia Pacific Prospector 1 • LOI: Q2 2021, Undisclosed, North Sea Letters of Intent / Negotiations New Contracts / Extensions / Amendments

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".

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.

Borr Drilling 11th January 2021

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
Premium Jack-Ups
Mist	KFELS Super B Bigfoot Class	350 ft	2013	Available ROC Oil	May - 2020 October - 2020	September - 2020 May - 2021	Malaysia Malaysia	Warm Stacked Operating with option to extend
Prospector 1 1	F&G, JU2000E	400 ft	2013	Available One-Dyas Undisclosed	April - 2020 October - 2020 April - 2021	September - 2020 March - 2021 October - 2021	United Kingdom Netherlands North Sea	Warm Stacked Operating with option to extend LOI
Norve	PPL Pacific Class 400	400 ft	2011	Available BWE	March - 2020 April - 2021	March - 2021 July - 2021	Gabon Gabon	Warm Stacked Operating with option to extend
Idun	KFELS Super B Bigfoot Class	350ft	2013	Available Undisclosed	August - 2020 March - 2021	February - 2021 January - 2022	Malaysia Asia Pacific	Warm Stacked LOA
Gunnlod	PPL Pacific Class 400	400 ft	2018	Mobilization PTTEP	March - 2020 September - 2020	August - 2020 March - 2021	Singapore Malaysia	Contract Preparations and Mobilization Operating with option to extend
Saga	KFELS Super B Bigfoot Class	400 ft	2018	Eni PTTEP	February - 2020 September- 2020	July - 2020 October - 2021	Vietnam Malaysia	Operating Operating with option to extend
Galar	PPL Pacific Class 401	400 ft	2017	PEMEX	April - 2020	October - 2021	Mexico	Operating
Njord	PPL Pacific Class 401	400 ft	2019	PEMEX	June - 2020	December - 2021	Mexico	Operating
Gersemi	PPL Pacific Class 400	400 ft	2018	PEMEX	August - 2019	February - 2021	Mexico	Operating
Grid	PPL Pacific Class 400	400 ft	2018	PEMEX	August - 2019	February - 2021	Mexico	Operating
Odin	KFELS Super B Bigfoot Class	350 ft	2013	PEMEX	March - 2020	August - 2021	Mexico	Operating
Prospector 5 1	F&G, JU2000E	400 ft	2014	Available CNOOC	April - 2020 November - 2020	October - 2020 May - 2022	United Kingdom United Kingdom	Warm Stacked Operating with option to extend
Natt	PPL Pacific Class 400	400 ft	2018	First E&P	April - 2019	April - 2021	Nigeria	Operating with option to extend
Gyme	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked
Skald	KFELS Super B Bigfoot Class	400 ft	2018	Available			Singapore	Warm Stacked
Thor	KFELS Super B Bigfoot Class	400 ft	2019	Available			Singapore	Warm Stacked
Hermod	KFELS B Class	400 ft	2019	Available			Singapore	Warm Stacked
Heimdal	KFELS B Class	400 ft	2020	Available			Singapore	Warm Stacked
Hild	KFELS Super B Class	400 ft	2020	Available			Singapore	Warm Stacked
Gerd	PPL Pacific Class 400	400 ft	2018	Available			Cameroon	Warm Stacked
Groa	PPL Pacific Class 400	400 ft	2018	Available			Cameroon	Warm Stacked
Frigg 1	KFELS Super A	400 ft	2013	Available			Cameroon	Warm Stacked
Ran 1	KFELS Super A	400 ft	2013	Available			United Kingdom	Warm Stacked

Borr Drilling

11th January 2021

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
				Jack-Ups Under Construction
Tivar	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in June - 2022
Vale	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in July - 2022
Huldra	KFELS Bigfoot B Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in August - 2022
Heidrun	KFELS Bigfoot B Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in September - 2022
Var	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in September - 2022

1 - HD/HE Capability.

2 - Asset under sales agreement subject to conditions

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	28	13	10	0	5
Total Fleet	28	13	10	0	5

Borr Drilling

Fleet Status Report - 11th January 2021

Rig Name	Location	2020	2021	2022	2023
		Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4
Premium Jack-Ups
Mist	Malaysia	Warm Stacked Vestigo ROC Oil	Option
Prospector 1 1	United Kingdom / Netherlands	Warm Stacked Total	One-Dyas LOI Option
Norve	Gabon	Warm Stacked BW Energy	BWE Option
Idun	Malaysia / Asia Pacific	Hoang Long JVPC Warm Stacked	LOA
Gunnlod	Singapore / Malaysia	Contract Prep & Mob PTTEP	Option
Saga	Vietnam / Malaysia	Mob Eni Mob PTTEP	JX Nippon PTTEP Option
Gersemi	Mexico	PEMEX
Grid	Mexico	PEMEX
Natt	Nigeria	First E&P	Option
Galar	Mexico	Mob PEMEX
Njord	Mexico	Mob PEMEX
Odin	Mexico	Mob PEMEX
Prospector 5 1	Netherlands / United Kingdom	Neptune Warm Stacked CNOOC		Option
Gerd	Cameroon	Exxon Warm Stacked
Groa	Cameroon	Exxon Warm Stacked
Ran 1	United Kingdom	Spirit Energy Warm Stacked
Frigg 1	Cameroon	Shell	Warm Stacked
Gyme	Singapore	Warm Stacked
Skald	Singapore	Warm Stacked
Thor	Singapore	Warm Stacked
Hermod	Singapore	Warm Stacked
Heimdal	Singapore	Warm Stacked
Hild	Singapore	Warm Stacked
			Jack-Ups Under Construction
Tivar	KFELS shipyard, Singapore	Rig Delivery in June - 2022			`
Vale	KFELS shipyard, Singapore	Rig Delivery in July - 2022
Huldra	KFELS shipyard, Singapore	Rig Delivery in August - 2022
Heidrun	KFELS shipyard, Singapore	Rig Delivery in September - 2022
Var	KFELS shipyard, Singapore	Rig Delivery in September - 2022
		Option	Available	Under Construction
1 - HD/HE Capability. 2 - Asset under sales agreement subject to conditions.

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.