Borr Drilling — Management Reports 2019

Jan 2, 2019

Fleet Status Report

2 nd January 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

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Fleet Status Report - 2nd January 2019

Odin: • New contract: March 2019 to November 2019, Operator Undisclosed, Mexico Frigg: • Exercised Option: January 2019 to October 2019, Total, Nigeria • Assignment: April 2019 to October 2019, Shell, Nigeria C20051: • Exercised Option: January 2019 to February 2019, Total, Netherlands MSS1: • Contract Extension: March 2019 to April 2019, TAQA, UK (slot in the current contract) New Contracts / Extensions / Ammendments

Letters of Intent / Negotiations

Prospector 5:

• Advanced Negotiations: late 1Q2019 to 1Q2020, North Sea

C20051:

• Advanced Negotiations: 2Q2019 to 4Q2019, North Sea

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. illing 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 - 2nd January 2019

Rig Na me	Rig De sig n	Rig ter Dep Wa th ( ft)	Yea r B uilt	Cu sto r / Sta tus me	Co ntr act St art	Co ntr act En d	Loc atio n	Co ent mm s
				Pre miu m J ack	-Up s
Gal ar	cific Cla PPL Pa ss 4 00	ft 400	201 7	Ava ilab le			Sin gap ore	Sta Wa cke d rm
Ger i sem	PPL Pa cific Cla ss 4 00	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Grid	PPL Pa cific Cla ss 4 00	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Gun nlod	PPL Pa cific Cla ss 4 00	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Gym e	PPL Pa cific Cla ss 4 00	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Idun	KFE LS Sup er B Big foot Cla ss	350 ft	201 3	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Sag a	KFE LS Sup er B Big foot Cla ss	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Ska ld	KFE LS Sup er B Big foot Cla ss	400 ft	201 8	Ava ilab le			Sin gap ore	Wa Sta cke d rm
Mis t	KFE LS Sup er B Big foot Cla ss	350 ft	201 3	Kris Ene rgy	Nov ber - 20 18 Feb 201 9 em rua ry -		Tha ilan d	Ope ratin g
				Ava ilab le	Dec ber - 20 18 em	Feb 201 9 rua ry -	Sin gap ore	Act ivat ion and Mo biliz atio n
Odi n	KFE LS Sup er B Big foot Cla ss	350 ft	201 3	Und iscl d ose	Mar ch - 20 19	Nov ber - 20 19 em	Mex ico	Com mitt ed
1				Tot al	Jan - 2 019 uary	Mar ch - 20 19	Nig eria	Com mite d
Frig g	KFE LS Sup er A 400 ft 201 3		She ll (v ia A ssig nt) nme	Apr il - 2 019	Oct obe r - 2 019	Nig eria	Com mitt ed w ith o ptio n to ext end
5 1 Pro ctor spe	F&G , JU 200 0E	400 ft	201 4	Nex en	Aug ust - 20 18	Feb 201 9 rua ry -	Uni ted King dom	Ope ratin g
1 1 Pro ctor spe	F&G , JU 200 0E	400 ft	201 3	Tuli p	Dec ber - 20 18 em	May - 2 019	Net her land s	Ope ratin ith o ptio n to ext end g w
Ger d				Ava ilab le	Sep tem ber - 20 18	Mar ch - 20 19	Sin gap ore	Act ivat ion and Mo biliz atio n
	PPL Pa cific Cla ss 4 00 400 ft 201 8		Exx on	Mar ch - 20 19	Mar ch - 202 1	Nig eria	Com mitt ed w ith o ptio n to ext end
Gro	PPL Pa cific Cla ss 4 00	400 ft	8	Ava ilab le	Sep tem ber - 20 18	Apr il - 2 019	Sin gap ore	Act ivat ion and Mo biliz atio n
a			201	Exx on	Apr il / M 20 19 ay -	Apr il / M 202 1 ay -	Nig eria	Com mitt ed w ith o ptio n to ext end
	1 KFE LS Sup er A 400 ft 201 3 Ran			Ava ilab le	Sep tem ber - 20 18	Apr il - 2 019	Net her land s	Act ivat ion and Mo biliz atio n
			Spi rit E nerg y	Apr il - 2 019	Mar ch - 202 0	Uni ted King dom	Com mitt ed
				Per enc o	Sep tem ber - 20 18	Apr il - 2 019	Gab on	Ope ratin g
Nor ve	PPL Pa cific Cla ss 4 00	400 ft	201 1	Roy alG ate Ene rgy	May - 2 019	Jun e -2 019	Equ ator ial G uine a	Com mitt ed
				BW En y D afu erg uss	July -20 19	Apr il - 2 020	Gab on	Com mitt ed
Nat t	PPL Pa cific Cla ss 4 00	400 ft	201 8	Ava ilab le	Oct obe r - 2 018	Mar ch - 20 19	Sin gap ore	Act ivat ion and Mo biliz atio n
				Firs t E& P	Mar ch / Ap ril - 201 9	Ma rch / Ap ril - 202 1	Nig eria	Com mitt ed w ith o ptio n to ext end
				Sta nda rd J ack	-Up s
C20 051	CFE M T -20 05- C	360 ft	198 2	Tot al	Sep tem ber - 20 18	Feb 201 9 rua ry -	Net her land s	Ope ratin g
Dh abi II	Ba ker Mar ine BM C-1 50 ILC	150 ft	198 1	ND C (A DO C)	Apr il - 2 017	July - 2 019	Uni ted Ara b E mira tes	Ope ratin g
B15 2	Bak er M arin e B MC -15 0 IL C	150 ft	198 2	ND C (A DO C)	Apr il - 2 017	Nov ber - 20 19 em	Uni ted Ara b E mira tes	Ope ratin g
B39 1	Bak er M arin e E pe C lass uro	250 ft	198 1	Spi rit E nerg y	Mar ch - 20 18	Dec ber - 20 19 em	Uni ted King dom	Ope ratin ith o ptio n to ext end g w
				Sem i-Su bm	ible ers
MS S1	Offs hore Co ny ( IDC ) SC P II I M2 mpa	150 0 ft	197 9	TAQ A	Mar ch - 20 18	Nov ber - 20 19 em	Uni ted King dom	Ope ratin ith o ptio n to ext end g w

Fleet Status Report - 2nd January 2019

Rig Na me	Rig De sig n	Rig ter Dep Wa th ( ft)	Yea r B uilt	Cu sto r / Sta tus me	Co ntr act St art	Co ntr act En d	Loc atio n	Co ent mm s
Jac k-U Un der Co tion nst ps ruc
Njo rd	PPL Pa cific Cla ss 4 00	400 ft		Und er C truc tion ons			PPL shi rd, Sin pya gap ore	Rig De live ry in Jan - 2 019 uary
Hild	KFE LS Sup er B Big foot Cla ss	400 ft		Und er C truc tion ons			KFE LS ship yard , Si nga por e	Rig De live ry in Oc tobe 201 9 r -
Hei mda l	KFE LS Mod V	400 ft		Und er C tion truc ons			KFE LS ship yard , Si nga por e	Rig De live ry in Jan - 2 020 uary
Her mod	KFE LS Mod V	400 ft		Und er C truc tion ons			KFE LS ship yard , Si nga por e	Rig De live ry in Ap ril - 202 0
Hul dra	LS KFE Mod V	ft 400		er C Und truc tion ons			LS , Si KFE ship yard nga por e	Rig De live ry in Jul 202 0 y -
Tiva r	KFE LS Sup er B Big foot Cla ss	400 ft		Und er C truc tion ons			KFE LS ship yard , Si nga por e	Rig De live ry in Jul y - 2 020
Hei dru n	KFE LS Mod V	400 ft		Und er C truc tion ons			KFE LS ship yard , Si nga por e	Rig De live ry in Oc tobe r - 2 020
Val e	KFE LS Sup er B Big foot Cla ss	400 ft		Und er C tion truc ons			KFE LS ship yard , Si nga por e	Rig De live ry in Oc tobe r - 2 020
Var	KFE LS Sup er B Big foot Cla ss	400 ft		Und er C truc tion ons			KFE LS ship yard , Si nga por e	Rig De live ry in De ber - 20 20 cem
				Co ld S tac ked Ja	ck- Ups
Atla	F&G , JU 200 0	400 ft	200 3				Uni ted Ara b E mira tes
Bald er	F&G , JU 200 0	400 ft	200 3				Cam ero on
1 Bau g	F&G , Mo d V I Un iver se C lass	394 ft	199 1				Uni ted King dom	Not Ma rket ed
1 Eir	F&G , Mo d V I Un iver se C lass	394 ft	199 9				Uni ted King dom	Not Ma rket ed
D/HE abilit 1 - H Cap y.

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.

		Ope ratin g / C mitt ed om	Ava ilab le	Col d S tack	Und er C tion truc ons 9
Pre miu m J ack -Up s	29	10	8	2
Sta nda rd J ack -Up s	6	4		2
Tot al J ack -Up s	35
Sem i - S ubm ible ers	1	1			9
Tot al F leet	36	15	8	4

Fleet Status Report - 2nd January 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
Galar	Singapore		Available - Warm Stacked
Gersemi	Singapore		Available - Warm Stacked
Grid	Singapore		Available - Warm Stacked
Gunnlod	Singapore		Available - Warm Stacked
Gyme	Singapore		Available - Warm Stacked
Idun	Singapore		Available - Warm Stacked
Saga	Singapore		Available - Warm Stacked
Skald	Singapore		Available - Warm Stacked
Mist	Thailand				Kris Energy
Odin	Singapore						Acti. & Mob. Undisclosed
Frigg 1	Nigeria	Total				Total		Shell (via Assignment)	Option
Prospector 5 1	United Kingdom		Available - Warm Stacked	Nexen
Prospector 1 1	Netherlands		Available - Warm Stacked			Tulip
Gerd	Singapore / Nigeria	Un der			Activation & Mobilization Exxon											2 x 1 Year Optional Period
Groa	Singapore / Nigeria				Activation & Mobilization		Exxon									2 x 1 Year Optional Period
Ran 1	Netherlands / United Kingdom				Activation & Mobilization		Spirit Energy
Norve	Gabon / Equatorial Guinea	BW Energy Dussafu			Perenco				RoyalGate BW Energy Dussafu
Natt	Singapore / Nigeria				Activation & MobilizationFirst 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)

Fleet Status Report - 2nd January 2019

			2018				2019				2020		2021
Rig Name	Location	Q1 Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
						Jack-Ups Under Construction
Njord	PPL shipyard, Singapore	Rig Delivery in January - 2019
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.