Borr Drilling - Share Issue/Capital Change 2020

Borr Drilling Limited - Final results in the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR ANY

OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE

UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR

SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 25 November 2020

Reference is made to Borr Drilling Limited ("Borr" or the "Company") (NYSE:

"BORR", OSE: "BDRILL") stock exchange notice as of 23 November 2020 relating to

the results in the conditional subsequent offering of up to 10,000,000 new

shares on the Oslo Stock Exchange (the "Offer Shares" and the "Subsequent

Offering"), each at a subscription price at US$0.53 per Offer Share.

The subscription period in the Subsequent Offering expired on 23 November 2020

at 16:30 CET. The board of directors of Borr (the "Board") has now resolved

completion of the Subsequent Offering and the allocation of 10,000,000 Offer

Shares in accordance with the allocation criteria presented in the prospectus

dated 13 November 2020 section 5.8.

Allocation letters will be distributed on 25 November 2020 to shareholders who

have been allocated Offer Shares. Payment date for the Offer Shares will be on

26 November 2020, and delivery of the Offer Shares will be on or about 27

November 2020.

Clarksons Platou Securities AS is Sole Manager, and Ro Sommernes advokatfirma DA

is legal advisor, to Borr in connection with the Subsequent Offering.

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

-12 of the Norwegian Securities Trading Act. Important note: This announcement

is not being made in or into the United States, Canada, Australia, Japan, Hong

Kong or in any other jurisdiction where it would be prohibited by applicable

law, or require preparation of any prospectuses or similar documents. This

distribution does not constitute or form part of an offer or solicitation of an

offer to purchase or subscribe for securities in the United States. The shares

referred to herein have not been registered under the United States Securities

Act of 1933, as amended, and may not be offered or sold in the United States,

except pursuant to an applicable exemption from registration.

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