Borr Drilling — Management Reports 2019

Mar 5, 2019

Fleet Status Report

5 thMarch 2019

Operational HQ

+971 4 4487501

Borr Drilling Management DMCC 28th Floor, Reef Tower, Cluster O, Jumeirah Lake Towers, Post Box - 36913, Dubai – UAE

Financial HQ

Borr Drilling Management AS Klingenberggata 4 0160 Oslo - Norway +47 22 48 3000

Fleet Status Report - 05th March 2019

New Contracts / Extensions / Amendments

Letters of Intent / Negotiations

Prospector 5:

• LOI: April 2019 to October 2019, Operator Undisclosed, North Sea

Grid:

• Advanced Negotiations: mid 2019, Multi-year contract, Operator Undisclosed

Gersemi:

• Advanced Negotiations: mid 2019, Multi-year contract, Operator Undisclosed

Saga:

• Advanced Negotiations: early 2020, Multi-year contract, Operator Undisclosed

Skald:

• Advanced Negotiations: early 2020, Multi-year contract, Operator Undisclosed

This summary is provided as a courtesy and is not intended to replace a detailed review of the Fleet Status Report. This summary contains information on letters of intent/award and advanced negotiations. Letters of intent/award or advanced negotiations may not result in an actual drilling contract.

Forward Looking Statements:

The statements described in this status report that are not historical facts are "Forward Looking Statements".

Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

Fleet Status Report - 05th March 2019

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
Premium Jack-Ups
Idun	KFELS Super B Bigfoot Class	350 ft	2013	Available			Singapore	Warm Stacked
Mist	KFELS Super B Bigfoot Class	350 ft	2013	Available			Singapore	Warm Stacked
Galar	PPL Pacific Class 400	400 ft	2017	Available			Singapore	Warm Stacked
Gunnlod	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked
Gyme	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked
Njord	PPL Pacific Class 400	400 ft	2019	Available			Singapore	Warm Stacked
Gersemi	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked, Adv. Negotiations
Grid	PPL Pacific Class 400	400 ft	2018	Available			Singapore	Warm Stacked, Adv. Negotiations
Saga	KFELS Super B Bigfoot Class	400 ft	2018	Available			Singapore	Warm Stacked, Adv. Negotiations
Skald	KFELS Super B Bigfoot Class	400 ft	2018	Available			Singapore	Warm Stacked, Adv. Negotiations
				Available	December - 2018	February - 2019	In Transit	Mobilization
Odin	KFELS Super B Bigfoot Class	350 ft	2013	PanAmerican	March - 2019	November - 2019	Mexico	Committed
				Total	January - 2019	March - 2019	Nigeria	Operating
Frigg 1	KFELS Super A	400 ft	2013	Shell (via Assignment)	April - 2019	October - 2019	Nigeria	Committed with option to extend
Prospector 1 1	F&G, JU2000E	400 ft	2013	Tulip	December - 2018	May - 2019	Netherlands	Operating with option to extend
				Available	February - 2019	March - 2019	United Kingdom	Warm Stacked
Prospector 5 1	F&G, JU2000E	400 ft	2014	Undisclosed	April - 2019	October - 2019	Netherlands	LOI
			2018	Available	September - 2018	March - 2019	Nigeria	Mobilization
Gerd	PPL Pacific Class 400	400 ft		Exxon	March - 2019	March - 2021	Nigeria	Committed with option to extend
				Available	September - 2018	April - 2019	Singapore	Activation and Mobilization
Groa	PPL Pacific Class 400	400 ft	2018	Exxon	April / May - 2019	April / May - 2021	Nigeria	Committed with option to extend
	KFELS Super A	400 ft		Available	September - 2018	April - 2019	Netherlands	Activation and Mobilization
Ran 1			2013	Spirit Energy	April - 2019	March - 2020	United Kingdom	Committed
		400 ft		Perenco	September - 2018	April - 2019	Gabon	Operating
Norve	PPL Pacific Class 400		2011	Available	May - 2019	June - 2019	Gabon / Cameron	Warm Stacked
				BW Energy Dussafu	July -2019	April - 2020	Gabon	Committed
Natt	PPL Pacific Class 400	400 ft	2018	Available	October - 2018	March - 2019	In Transit	Mobilization
				First E&P	March / April - 2019	March / April - 2021	Nigeria	Committed with option to extend
				Standard Jack-Ups
C20051	CFEM T-2005-C	360 ft	1982	Total	September - 2018	March - 2019	Netherlands	Operating
Dhabi II	Baker Marine BMC-150 ILC	150 ft	1981	NDC (ADOC)	April - 2017	July - 2019	United Arab Emirates	Operating
B152	Baker Marine BMC-150 ILC	150 ft	1982	NDC (ADOC)	April - 2017	November - 2019	United Arab Emirates	Operating
B391	Baker Marine Europe Class	250 ft	1981	Spirit Energy	March - 2018	December - 2019	United Kingdom	Operating with option to extend
				Semi-Submersible
MSS1	Offshore Company (IDC) SCP III M2	1500 ft	1979	TAQA	March - 2018	November - 2019	United Kingdom	Operating with option to extend

Fleet Status Report - 05th March 2019

Rig Name	Rig Design	Rig Water Depth (ft)	Year Built	Customer / Status	Contract Start	Contract End	Location	Comments
Jack-Ups Under Construction
Hild	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2019
Heimdal	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in January - 2020
Hermod	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in April - 2020
Huldra	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in July - 2020
Tivar	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in July - 2020
Heidrun	KFELS Mod V	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2020
Vale	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in October - 2020
Var	KFELS Super B Bigfoot Class	400 ft		Under Construction			KFELS shipyard, Singapore	Rig Delivery in December - 2020
				Cold Stacked Jack-Ups
Atla	F&G, JU 2000	400 ft	2003				United Arab Emirates
Balder	F&G, JU 2000	400 ft	2003				Cameroon
Baug 1	F&G, Mod VI Universe Class	394 ft	1991				United Kingdom	Not Marketed
Eir 1	F&G, Mod VI Universe Class	394 ft	1999				United Kingdom	Not Marketed

Forward Looking Statements: 1 - HD/HE Capability.

The statements described in this status report that are not historical facts are "Forward Looking Statements".

Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward-Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward-Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward-Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward-Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

		Operating / Committed	Available	Cold Stack	Under Construction
Premium Jack-Ups	29	9	10	2	8
Standard Jack-Ups	6	4		2
Total Jack-Ups	35
Semi - Submersible	1	1
Total Fleet	36	14	10	4	8

Fleet Status Report - 05th March 2019

Rig Name	Location	2018	2019	2020	2021
		Q1 Q2 Q3 Q4	Q1 Q2 Q3	Q4 Q1 Q2 Q3 Q4	Q1 Q2 Q3 Q4
			Premium Jack-Ups
Idun	Singapore		Warm Stacked
Mist	Singapore	Kris Energy	Warm Stacked
Galar	Singapore		Warm Stacked
Gunnlod	Singapore		Warm Stacked
Gyme	Singapore		Warm Stacked
Njord	Singapore		Warm Stacked
Gersemi	Singapore		Warm Stacked, Advanced Negotiations
Grid	Singapore		Warm Stacked, Advanced Negotiations
Saga	Singapore		Warm Stacked, Advanced Negotiations
Skald	Singapore		Warm Stacked, Advanced Negotiations
Odin	In Transit / Mexico		Mobilization PanAmerican
Frigg 1	Nigeria	Total	Total Shell (via Assignment)	Option
Prospector 1 1	Netherlands		Tulip
Prospector 5 1	United Kingdom / Netherlands	Nexen	LOI - Undisclosed
Gerd	Nigeria	Un Mobilization der	Exxon		2 x 1 Year Optional Period
Groa	Singapore / Nigeria	Activation & Mobilization	cked Exxon		2 x 1 Year Optional Period
Ran 1	Netherlands / United Kingdom	Activation & Mobilization	Spirit Energy
Norve	Gabon / Cameron	BW Energy Dussafu Perenco	BW Energy Dussafu Warm Sta
Natt	In Transit / Nigeria	Mobilization	First E&P		1 Year Optional Period
			Standard Jack-Ups
C20051	Netherlands	Perenco Total
Dhabi II	United Arab Emirates	NDC (ADOC)
B152	United Arab Emirates	NDC (ADOC)
B391	United Kingdom	Spirit Energy		Up to 13 option wells (425 days)
			Semi-Submersible
MSS1	United Kingdom	TAQA		Up to 5 option wells (375 days)
		Contract	Option	Available	Under Construction
1 - HD/HE Capability.

Fleet Status Report - 05th March 2019

	Location		2018			2019					2020		2021
Rig Name		Q1 Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Jack-Ups Under Construction
Hild	KFELS shipyard, Singapore	Rig Delivery in October - 2019
Heimdal	KFELS shipyard, Singapore	Rig Delivery in January - 2020
Hermod	KFELS shipyard, Singapore	Rig Delivery in April - 2020
Huldra	KFELS shipyard, Singapore	Rig Delivery in July - 2020
Tivar	KFELS shipyard, Singapore	Rig Delivery in July - 2020
Heidrun	KFELS shipyard, Singapore	Rig Delivery in October - 2020
Vale	KFELS shipyard, Singapore	Rig Delivery in October - 2020
Var	KFELS shipyard, Singapore	Rig Delivery in December - 2020
						Cold Stacked Jack-Ups
Atla	United Arab Emirates
Balder	Cameron
Baug 1	United Kingdom	Not Marketed
Eir 1	United Kingdom	Not Marketed
		Contract				Option				Available				Under Construction

1 - HD/HE Capability.

Forward Looking Statements:

The statements described in this status report that are not historical facts are "Forward Looking Statements".

Forward Looking Statements reflect management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. No assurance can be given that the expectations expressed in these Forward Looking Statements will prove to be correct. Actual results could differ materially from expectations expressed in, or implied by, the Forward Looking Statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is unrealised. These include, but are not limited to, changes to commencement dates, contract duration, earned day rates, locations and other contractual terms; risks relating to the delivery of drilling rigs under construction; sale and purchase of drilling units; oil and gas prices; and risks associated with international operations generally.

No Forward Looking Statement contained in herein or expressed elsewhere should be relied upon as predicting future events. We undertake no obligation to update or revise any Forward Looking Statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.