Borr Drilling — Share Issue/Capital Change 2022

Jan 28, 2022

Borr Drilling Limited - Conditions for equity raise completed

Borr Drilling Limited - Conditions for equity raise completed

Hamilton, Bermuda, 28 January 2022

Reference is made to Borr Drilling Limited's (the "Company") (NYSE and OSE:

"BORR") announcement 28 December 2021 relating to the subscription and

allocation of a total of 13,333,333 new depository receipts (the "Offer

Shares"), at a price of $2.25, raising gross proceeds of $30 million (the

"Equity Offering") related to refinancing and deferring a combined $1.4 billion

debt maturities and delivery instalments from 2023 to 2025 with its shipyards.

The Company has today met all the remaining conditions listed in its

announcement on 28 December 2021 for the Equity Offering. The settlement of the

Offer Shares is expected to be completed on 31 January 2022. The Offer Shares

will be listed on the Oslo Stock Exchange ("OSE") upon delivery. No Offer Shares

will be offered or sold in transactions on the NYSE.

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 consents obtained

from creditors including the conditions to such consents, and statements

relating to the Equity Offering, conditions relating to completion of the

offering and expected timing of closing of the offering. 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 risks

related to meeting the conditions for and completing the Equity Offering, risks

relating to the consents obtained and meeting the conditions for such consents,

the outcome of the discussions with creditors, and whether agreements will be

reached by the dates mentioned herein or at all and the terms of any such

agreements and other factors described in the section entitled "Risk Factors" in

our 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.

This announcement does not constitute an offer to buy, sell or subscribe for any

securities described herein. The Equity Offering has not been and will not be

registered under the Securities Act of 1933 and the Offer Shares may not be

offered or sold in the United States absent registration or an applicable

exemption from registration requirements.