Borr Drilling - Major Shareholding Notification 2023

Borr Drilling Limited - Mandatory notification of trade and significant holding

Drew Holdings Ltd. ("Drew") had on 25 January 2023 entered into a share lending

agreement ("SLA") with Borr Drilling Limited (the "Company") (NYSE and

OSE:"BORR") and DNB Markets, a part of DNB Bank ASA ("DNB"), for the purpose of

facilitating investors' hedging activities in connection with the Company's

Convertible Bond issue announced on 24 January 2023. Please refer to the stock

exchange notice published by the Company on 24 January 2023 and from Drew on 30

January 2023 for further details of the SLA.

In accordance with the SLA, the Company has now delivered shares to Drew to

compensate Drew for its lending, in the Company's interest, of an equal number

of shares to DNB. Following the Company's delivery of shares to Drew, Drew again

holds 15,792,857 shares, representing approximately 6.2 % and consequently more

than 5 % of the shares and votes of the Company.

Drew is represented on the Board of Directors of the Company by Mr. Tor Olav

Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a

person discharging managerial responsibilities ("PDMR").

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208

AI assistant