Borr Drilling — Major Shareholding Notification 2022

Aug 17, 2022

Disclosure of shareholding

Disclosure of shareholding

Orbis SICAV International Equity Fund (the “Fund”) managed by Orbis Investment Management Limited (“OIML”) has participated in the allocation of the Equity Offering by Borr Drilling Ltd ("Borr"), as described in the statements published by Borr on the 9 and 10 August 2022 (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.

The Fund have subscribed for and conditionally allocated 3,678,467 shares, as defined in the Statements.

Subject to the completion of all conditions of the Equity Offering (for both the first and second Settlements, as described in the Statements), the Fund will own 11,190,201 shares in Borr which constitutes 5.03% of the shares and votes in Borr, and is accordingly crossing the 5% threshold.

The foregoing calculations are based on 222,345,952 shares which will be Borr’s outstanding and issued share capital following completion of the Equity Offering and subject to all conditions thereof. This share capital figure does not include the 6,944,444 shares available for purchase under the 30-day option granted to the underwriters of the Equity Offering, as described in the Statements.

No thresholds have been crossed at group level by funds managed by OIML. Following the completion of the Equity Offering, the Orbis funds managed by OIML will own in aggregate 12.27% of the shares and votes in Borr.

This information is subject to the disclosure requirements set out in section 4-2 of the Norwegian Securities Trading Act.