Borr Drilling — Share Issue/Capital Change 2022

Jul 14, 2022

Borr Drilling Limited - Information on Potential Equity Offering

Borr Drilling Limited - Information on Potential Equity Offering

Hamilton, Bermuda 14 July 2022: Borr Drilling Limited (the "Company") (NYSE and

OSE: BORR) refers to its communication of 14 July 2022 regarding the agreements

in principle reached with secured creditors for a refinancing of a majority of

its secured debt.

The Company announces that the refinancing is to be partially enabled by equity,

which we plan to raise after 11 August 2022 when the Company will report its Q2

numbers.

The proceeds of the potential equity raise are expected to be used to partially

paydown certain secured facilities. The company targets to raise up to $250

million in the offering which could be reduced in case of syndication of

facilities, additional asset sales or joint ventures at attractive prices can be

realized.

This press release does not constitute an offer of any securities for sale, and

securities may not be offered or sold in the United States absent registration

or an exemption from registration under the Securities Act of 1933.

Forward looking statements

This press release includes forward looking statements, which do not reflect

historical facts and may be identified by words such as "expect", "will" and

similar expressions and include statements relating to the proposed offering ,

including expected timing and size and other non-historical statements. Such

forward-looking statements are subject to risks, uncertainties, contingencies

and other factors could cause actual events to differ materially from the

expectations expressed or implied by the forward-looking statements included

herein, including the risk that the potential offering does not proceed on

contemplated terms or timing or at all, risk of dilution to shareholders, risks

relating to the use of proceeds and negotiations with creditors including the

risk that the conditions to the agreements in principle are not met or that the

terms of the agreements in principle are not implemented with definitive binding

agreements on expected terms or at all, the risk that vessel sales may not be

completed on expected terms or at all, risks relating to covenants in debt

facilities and liquidity and the risk that Borr may not be able to obtain

necessary waivers or extensions of waivers and consents or refinance its debt

maturities beyond 2023 and other risks and uncertainties described in the

section entitled "Risk Factors" in our most recent annual report on Form 20-F

and other filings with the Securities and Exchange Commission. Such risks,

uncertainties, contingencies and other factors could cause actual events to

differ materially from the expectations expressed or implied by the forward

-looking statements included herein. These forward-looking statements are made

only as of the date of this release. We do not undertake to update or revise the

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

events or otherwise.

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