Borr Drilling - Share Issue/Capital Change 2020

Borr Drilling Limited - Key information relating to a potential subsequent offering

Reference is made to the stock exchange release on 22 September 2020 where Borr

Drilling Limited ("Borr Drilling" or the "Company") (NYSE: BORR, OSE: BDRILL)

announced an equity offering of USD 40-50 million in shares (depository receipts

to be listed on OSE) (the "Equity Offering") and a potential subsequent offering

(the "Subsequent Offering").

In accordance with the continuing obligations for companies listed on the Oslo

Stock Exchange, the following key information is given with respect to the

potential Subsequent Offering:

Date of announcement of the potential Subsequent Offering: 22 September 2020

Last day of trading including rights to receive subscription rights: 22

September 2020

First day of trading excluding rights to receive subscription rights: 23

September 2020

Record date: 24 September 2020

Date of approval: Currently not resolved (see "Other information" below)

Maximum number of new depository receipts: 10,000,000

Subscription price: USD 0.70 per depository receipt

Other information: The Subsequent Offering is subject to completion of the

Equity Offering, Board approval, SGM approval, publication of an offering and

listing prospectus (the "Offering Prospectus") approved by the Norwegian FSA and

the prevailing market price of the Company's depository receipts, and will be

directed towards holders of OSE depository receipts who: (i) hold OSE depository

receipts at the end of trading on OSE on 22 September 2020, as registered in the

VPS as of 24 September 2020, (ii) are not allocated Offer Shares in the Equity

Offering, and (iii) are not resident in a jurisdiction where such offering would

be unlawful or, for jurisdictions other than Norway, would require any

prospectus, filing, registration or similar action (the "Eligible

Shareholders"). The Eligible Shareholders will be granted non-transferable

subscription rights. The subscription period for the Subsequent Offering is

expected to commence following publication of the Offering Prospectus, estimated

to be at the end of October 2020. All terms subject to adjustments.

23 September 2020

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