Borr Drilling — Major Shareholding Notification 2020

May 22, 2020

Disclosure of large shareholding - BDRILL*

Disclosure of large shareholding - BDRILL*

Funds managed by Orbis Investment Management Limited (“OIML”) and Allan Gray Australia Pty Limited (“AGA”, and together with OIML, the "Managers"), 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 20 May and 21 May 2020 (the “Statements”)). 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.

Based on the confirmation of allocation received on 22 May 2020 (“Allocation”) and before Final completion of the Equity Offering, the funds managed by the Managers have subscribed for and been conditionally allocated 9,961,538 Offer Shares, as defined in the Statements.

Before the Allocation, the funds managed by OIML owned 10,797,389 shares in Borr (including also convertible bonds (ISIN NO 0010822935) counted on “as converted” basis), which constituted 9.62% of the shares and votes in Borr; and the fund managed by AGA owned 18,792 shares in Borr which constituted 0.02% of the shares and votes in Borr. In aggregate, the funds managed by the Managers were holding 10,816,181 shares constituting 9.63% of total shares and votes in Borr, based on 112,278,065 outstanding shares.

Therefore, following the Allocation and subject to completion of the conditions for the Equity Offering as further described in the Statements, the funds managed by the Managers will own in aggregate 20,777,719 shares and votes in Borr which constitutes 13.11% of total shares and votes in Borr. The foregoing calculations are based on 158,431,191 shares which will be Borr’s outstanding and issued share capital following completion of the Equity Offering, as confirmed in the Statements.

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