Borr Drilling — Share Issue/Capital Change 2020

Nov 23, 2020

Borr Drilling Limited - Last day of subscription period in Subsequent Offering

Borr Drilling Limited - Last day of subscription period in 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, 23 November 2020

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

"BORR", OSE: "BDRILL") stock exchange notice as of 13 November 2020 relating to

the launch of a conditional subsequent offering of up to 10,000,000 new shares

(the "Offer Shares" and the "Subsequent Offering"), each at a subscription price

at US$0.53 per Offer Share which equals the subscription price in the US$27.5

million equity offering completed in September 2020.

The subscription period for the Subsequent Offering will close today at 16:30

CET on 23 November 2020.

The subscription rights registered with ISIN BMG 1466R1401 may be used to

subscribe for Offer Shares in the subscription period. Subscription rights that

are not used to subscribe for Offer Shares before 16:30 hours (CET) today will

have no value and will lapse without compensation to the holder.

For more information in connection with the Subsequent Offering, Borr refers to

the prospectus dated 13 November 2020. The Prospectus, including the

subscription form, is published and available at

https://securities.clarksons.com/Investment-Banking/Corporate

-Finance/Transactions, subject to regulatory restrictions in certain

jurisdictions.

Completion of the Subsequent Offering and issuance of the Offer Shares are

subject to the Board of Directors of Borr resolving to complete the Subsequent

Offering and allocate the Offer Shares.

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.