Borr Drilling — Major Shareholding Notification 2019

Jun 25, 2019

Borr Drilling Limited : Disclosure of Shareholding

Borr Drilling Limited : Disclosure of Shareholding

Funds managed by Orbis Investment Management Limited (“OIML”) and Allan Gray Australia Pty Limited (“AGA”, and together with OIML, the "Managers"), have on 25 June 2019 acquired 1,198,514 shares in Borr Drilling Ltd ("Borr"). OIML is wholly-owned by Orbis Holdings Limited, which is in turn majority-owned by Orbis Allan Gray Limited. AGA is majority-owned by Allan Gray (Holdings) Pty Limited, which is in turn controlled by Orbis Allan Gray Limited. Orbis Allan Gray Limited is wholly-owned by Allan & Gill Gray Foundation.

Following the acquisition, the funds managed by OIML own 21,689,283 shares in Borr, which constitutes 4.07% of the shares and votes in Borr; and the fund managed by AGA own 24,494 shares in Borr which constitutes 0.005% of the shares and votes in Borr. The funds managed by OIML also holds 33,800,000 convertible bonds (ISIN NO 0010822935) in Borr (the "Convertible Bonds"). The Convertible Bonds entitle the funds managed by OIML to subscribe for 5,047,564 new shares in Borr at a conversion price of 6.6963 until 9 May 2023. Assuming all Convertible Bonds are converted, the funds managed by the Managers would own 26,761,341 shares in Borr, constituting 5.02% of the shares and votes in Borr. The foregoing calculations are based on 532,640,327 outstanding shares in Borr.

This information is subject to the disclosure requirements set out in section 4-3 of the Norwegian Securities Trading Act.