Borr Drilling — Major Shareholding Notification 2020

Sep 30, 2020

Disclosure of large shareholding

Disclosure of large shareholding

Funds managed by Orbis Investment Management Limited (“OIML”) have participated in the allocation of the Equity Offering by Borr Drilling Ltd ("Borr"), as described in the statements published by Borr on the Oslo Stock Exchange on 22, 25, 29 and 30 September 2020 (the “Statements”). OIML is wholly-owned by Orbis Holdings Limited, which is in turn majority-owned by Orbis Allan Gray Limited. Orbis Allan Gray Limited is wholly-owned by Allan & Gill Gray Foundation.

Based on the confirmation of allocation received on 30 September 2020 (“Allocation”), the funds managed by OIML have subscribed for and been conditionally allocated 13,207,547 Offer Shares, as defined in the Statements.

Before the Allocation, the funds managed by OIML and Allan Gray Australia Pty Limited (“AGA”, a manager indirectly controlled by Orbis Allan Gray Limited) owned in aggregate 20,777,719 shares in Borr (including also convertible bonds (ISIN: NO0010822935) counted on “as converted” basis) which constituted 13.11% of total shares and votes in Borr based on 158,431,911 issued shares.

Following the Allocation and subject to completion of the conditions for the Equity Offering as further described in the Statements, the funds managed by OIML and AGA will own in aggregate 33,985,266 shares and votes in Borr which constitutes 16.16% of total shares and votes in Borr. The foregoing calculations are based on 210,318,704 shares which will be Borr’s outstanding and issued share capital following completion of the Equity Offering.

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