Borr Drilling — Share Issue/Capital Change 2018

Mar 23, 2018

Borr Drilling Limited (BDRILL) - Notice of Special General Meeting of Shareholders

Borr Drilling Limited (BDRILL) - Notice of Special General Meeting of Shareholders

Bermuda 23 March 2018

Borr Drilling Limited (the "Company") announces that a Special General Meeting

of the Shareholders of the Company will be held on 5 April 2018 at 10 a.m., at

Thistle House, 4 Burnaby Street, Hamilton, Bermuda. A copy of the Notice of

Special General Meeting will be sent out to the Company's shareholders, and can

be found on the Company's website www.borrdrilling.com and enclosed to this

press release.

The special general meeting is convened in order to consider a proposal by the

board to increase the authorised share capital in the company by USD 1 million

represented by 100 million shares.

The increase is required in order to enable the Board to issue new shares to

complete the share issue announced on 23 March 2018, and to issue shares in

response to future declarations of options by employees of the Company.

This will furthermore enable the Board to complete the equity financing of the

Company. The authorisation of this capital is likely sufficient to equity fund

the few remaining interesting investment opportunities the Board sees within the

market for high specification jack-up rigs. This will complete the successful

growth period of Borr Drilling Limited of acquiring a brand-new jack-up fleet

consisting of 22 units built after 2011 at a significant discount to newbuilding

prices.

Subsequent to this active acquisition period, focus will be on operation and

marketing of our fleet and return of capital to the Company's shareholders.

The Board of Directors

Borr Drilling Limited

Hamilton Bermuda

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward

looking statements are, typically, statements that do not reflect historical

facts and may be identified by words such as "anticipate", "believe",

"continue", "estimate", "expect", "intends", "may", "should", "will" and similar

expressions. The forward looking statements in this announcement are based upon

various assumptions, many of which are based, in turn, upon further assumptions.

Although Borr Drilling Limited believes that these assumptions are reasonable,

they are, by their nature, uncertain and subject to significant known and

unknown risks, contingencies and other factors which are difficult or impossible

to predict and which are beyond our control. Such risks, uncertainties,

contingencies and other factors could cause actual events to differ materially

from the expectations expressed or implied by the forward looking statements

included herein. The information, opinions and forward looking statements

contained in this announcement speak only as of the date hereof and are subject

to change without notice.

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.