Borr Drilling — Share Issue/Capital Change 2022

Aug 19, 2022

Borr Drilling Limited - Exercise of Option to Purchase Additional Shares

Borr Drilling Limited - Exercise of Option to Purchase Additional Shares

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

INDIRECTLY, IN ANY JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR

DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER

OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, August 19, 2022. Borr Drilling Limited (the "Company") (NYSE

and OSE: BORR) announces today that the underwriters of the Company's previously

announced US offering of its US common shares (the "Offering") have exercised

their option to purchase an additional 6,918,627 common shares at the public

offering price of $3.60 per share, minus underwriting discounts.

The settlement of the additional shares is expected to occur on August 26,

No securities in the NYSE offering will be offered or listed on Oslo Stock

Exchange.

DNB Markets, Clarksons Securities, Pareto Securities, ABG Sundal Collier ASA,

Arctic Securities AS, Fearnley Securities and SpareBank 1 Markets are the book

-running managers for the offering.  Cleaves Securities AS is co-manager for the

offering.

This press release does not constitute an offer to sell or the solicitation of

an offer to buy securities, nor will there be any sale of the securities in any

jurisdiction in which such offer, solicitation or sale would be unlawful prior

to the registration or qualification under the securities laws of any such

jurisdiction.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act. This stock exchange notice

was published by Andreas Lavik Lie, Vice President Treasury & Investor Relations

of the Company, on 19 August 2022 at 18:00 CEST

About Borr Drilling Limited

Borr Drilling Limited is an international drilling contractor incorporated in

Bermuda in 2016 and listed on the Oslo Stock Exchange on August 30, 2017 and on

the New York Stock Exchange on July 31, 2019 under the ticker "BORR". The

Company owns and operates jack-up rigs of modern and high specification designs

and provides services focused on the shallow water segment to the offshore oil

and gas industry worldwide. Please visit the Company's website at:

www.borrdrilling.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the

Private Securities Litigation Reform Act of 1995. You can identify these forward

-looking statements by words or phrases such as "may," "will," "anticipate,"

"plan," "expect," or other similar expressions. These forward-looking statements

include statements with respect to the offering, and other non-historical

statements. The forward-looking statements included in this press release are

subject to significant risks, uncertainties, contingencies and factors that may

cause the Company's actual results, performance or achievements to be materially

different from those expressed or implied by the forward-looking statements

including risks related to the conduct of the offering, the use of proceeds,

whether the condition to settlement of the offering will be met and other risks

described in the Company's most recent Annual Report on Form 20-F and other

filings of the Company with the SEC. The forward-looking statements made in this

press release speak only as of the date of this press release. Except as

required by law, the Company undertakes no obligation to update or revise

publicly any forward-looking statements, whether as a result of new information,

future events or otherwise, after the date hereof or to reflect the occurrence

of unanticipated events.

August 19, 2022

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Questions should be directed to: Magnus Vaaler, CFO, +47 22 48 30 00