Borr Drilling - Share Issue/Capital Change 2023

Borr Drilling Limited - settlement of Private Placement and allocated Offer Shares tradeable

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

INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, THE UNITED STATES OR

ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD

BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SELL OR

SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN.

Hamilton, Bermuda, 27 October 2023

Borr Drilling Limited (NYSE and OSE: BORR) (the "Company") refers to the stock

exchange releases related to the private placement (the "Private Placement") of

7,522,838 offer shares (the "Offer Shares"), each at a par value of $0.10 at an

offer price of NOK 74, raising gross proceeds of $50 million.

The Offer Shares have today been recorded in Euronext Securities Oslo (VPS).

Thus, all conditions to closing of the Private Placement are fulfilled, and the

Private Placement will today be settled with the investors allocated the Offer

Shares. The Offer Shares allocated, being legally and validly issued and fully

paid-up, are now tradable on Oslo Børs.

No Offer Shares will be offered or sold to the public in the United States or in

transactions on the New York Stock Exchange.

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

-12 of the Norwegian Securities Trading Act.

Forward looking statements

This announcement includes forward-looking statements within the meaning of

Section 21E of the Securities Exchange Act of 1934, including the conditions to

the Private Placement, expected timing of settlement of the Private Placement,

other statements relating to the Private Placement, and other non-historical

statements. These forward-looking statements are subject to numerous risks,

uncertainties, and assumptions. Forward-looking statements reflect knowledge and

information available at, and speak only as of, the date they are made. 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. Readers are cautioned not to place undue reliance on

such forward-looking statements.

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

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