Borr Drilling — Major Shareholding Notification 2018

Sep 19, 2018

Borr Drilling Limited: Potential block sale of existing shares

Borr Drilling Limited: Potential block sale of existing shares

Oslo, 19 September 2018.

An unnamed financial investor (the "Seller") has retained Pareto Securities AS (the "Manager) to explore a potential block sale of existing shares in Borr Drilling Limited (the "Company).

The Seller is contemplating selling up to its entire shareholding of approximately 17 million shares in the Company, representing approximately 3.2% of the Company's outstanding shares, through an accelerated bookbuilding process (the "Placing").

The book building process will commence immediately following the publication of this announcement and may be closed at short notice at the full discretion of the Seller and/or the Manager. A further announcement will be made following pricing of the shares in the Placing. The Seller reserves the right, at its own discretion, to sell fewer shares or no shares at all.

The Company's management and primary insiders will subscribe for in total 2,400,000 shares in the Placing, at NOK 35.50 per share, given that the Seller sells its entire shareholding in the Company in the Placing:

Companies affiliated with Chairman Tor Olav Troim - 750,000 shares

Companies affiliated with Fredrik Halvorsen - 1,000,000 shares

Midelfart Capital - 150,000 shares

Svend Anton Maier - CEO in Borr Drilling Limited - 250,000 shares

Rune Magnus Lundetrae - Deputy CEO and CFO in Borr Drilling Limited - 250,000 shares

In addition, Borr Drilling Limited has recently announced its intention to buy back USD20m of shares in a buyback program. The Company intends to utilize a significant part of the buyback program in this transaction.

For further information, please contact:

Pareto Securities AS,

+47 22 87 87 50