Borr Drilling — Share Issue/Capital Change 2022

Aug 16, 2022

Borr Drilling Limited - SGM Results Notification and Conditions for First Settlement of Equity Offering Met

Borr Drilling Limited - SGM Results Notification and Conditions for First Settlement of Equity Offering Met

Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") advises that a

Special General Meeting of the Company was held on August 16, 2022 at 09:00 ADT

at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11,

Bermuda

The following resolution was passed:

To approve the increase of the Company's authorized share capital from

US$18,000,000.00 divided into 180,000,000 common shares of US$0.10 par value

each to US$22,000,000.00 divided into 220,000,000 common shares of US$0.10 par

value each by the authorization of an additional 40,000,000 common shares of

US$0.10 par value each.

The increase in authorized share capital is one of the two conditions for the

Company to complete the first settlement of the previously announced public

offering. In addition, the Company has entered into the required binding term

sheets/other binding agreements with all applicable lenders, which is the second

condition for the first settlement, and as such, the first settlement is

expected to be completed as announced on August 17, 2022

Hamilton, Bermuda

August 16, 2022

The offering referred to herein was made pursuant to an effective automatic

shelf registration statement, previously filed by the Company with the

Securities and Exchange Commission ("SEC") on July 26, 2022. The offering of the

common shares was made only by means of a prospectus and a related prospectus

supplement. A final prospectus supplement relating to the offering was filed

with the SEC on August 11, 2022. You may obtain these documents for free by

visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, the final

prospectus supplement and accompanying prospectus related to the offering may be

obtained by contacting DNB Markets, Inc., Attn: Compliance Department, by

telephone: 212-681-3800, or by email at: compliance.marketsinc@dnb.no

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.

Forward-Looking Statements

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

Private Securities Litigation Reform Act of 1995, including statements with

respect to the expected settlement date of 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 to be materially different from those

expressed or implied by the forward-looking statements including risks related

to settlement of the offering 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, we undertake 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.

Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208