Borr Drilling Limited (BDRILL) – Share option plan

The Board of Borr Drilling Limited (the “Company”) has today decided to issue 7,470,000 options to the Company’s employees. The award has been granted under the approved share option scheme for employees. The options have a strike price of USD 4.87 per share versus a market price of USD 4.59 by the closing on July 6th. The strike price is equal to the reference price used when the USD 350 million Convertible Bond was raised on May 16th. The options will expire after five years and have a four-year vesting period. In total 31 people are included in the options awards. Total number of options authorised by the Board in accordance with the plan is 16.86 million, including this award, which means that 2.53 million options remains unallocated for further recruitments.

The total number of shares issued as of today is 532,640,327 out of which 2,470,000 are owned by the Company. Total authorised share capital is USD 6,250,000 out of which USD 5,326,403.27 are currently issued.

The following primary insiders have been awarded options:

The total estimated cost of the scheme will be approximately USD 9.0 million charged to the P&L over the four-year vesting period. We see clear signs that the activity level in the offshore market is picking up and loyalty and continued availability of good people will be important. The issuance of options with a four-year vesting period will in such a positive market scenario create a solid long-term incentive and commitment to the Company. It will, contrary to higher fixed salary or cash bonuses, not have any direct cash cost and will create better alignment with the Company’s shareholders.

9 July 2018

The Board of Directors

Borr Drilling Limited

Hamilton, Bermuda

Forward looking statements

This announcement may be deemed to include forward looking statements. Forward looking statements are, typically, statements that do not reflect historical facts and may be identified by words such as "anticipate", "believe", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Borr Drilling Limited believes that these assumptions are reasonable, they are, by their nature, uncertain and subject to significant known and unknown risks, contingencies and other factors which are difficult or impossible to predict and which are beyond our control. 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.

The information, opinions and forward looking statements contained in this announcement speak only as of the date hereof and are subject to change without notice.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)