Borr Drilling - Share Issue/Capital Change 2021

Borr Drilling Limited - Adjustment conversion price convertible bonds

Hamilton, Bermuda, February 2, 2021

Reference is made to Borr Drilling Limited's ("Borr Drilling" or the "Company")

(NYSE and OSE: "BORR") stock exchange releases related to the January 2021

equity offering of 51,117,647 new depository receipts and the November 2020

repair offering of 10,000,000 new depository receipts, representing the

beneficial interests in the same number of the Company's underlying common

shares to be listed on the Oslo Stock Exchange (the "Equity Offerings").

In accordance with the loan agreement for the Company's USD 350,000,000 3.875%

Senior Unsecured Convertible Bonds 2018/2023, ISIN NO0010822935, these Equity

Offerings have triggered an adjustment to the conversion price to USD 31.7946

per depository receipt listed on Oslo Stock Exchange.

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

-12 of the Norwegian Securities Trading Act.

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