Borr Drilling Limited – Mandatory notification of trade and significant holding

Drew Holdings Ltd. («Drew») has on 25 January 2023 entered into a share lending agreement (“SLA”) with Borr Drilling Limited (the “Company”) (NYSE and OSE: “BORR”) and DNB for the purposes of facilitating investors' hedging activities in connection with the Convertible Bond Issue announced on 24 January 2023. Drew has made up to 15 million shares available under the SLA. Please refer to the stock exchange notice published by the Company on 24 January 2023 for further details of the SLA. Drew expects the borrowed shares to be returned under the SLA on or about 3 February 2023.

Drew has delivered 8 751 079 shares to DNB under the SLA, which in turn has loaned such shares to investors in the Convertible Bond. Drew has, accordingly, reduced its holding below 5% of the total number of shares in issue. Following the shares loaned out so far, Drew has 6 248 921 shares and votes in the Company, representing approximate 2.7 % of the votes. When shares loaned out are returned, Drew will own and control the same number of shares and votes as prior to providing the loan.  Drew is represented on the Board of Directors of the Company by Mr. Tor Olav Trøim, being Chairman and Director, defined by the Market Abuse Regulation as a person discharging managerial responsibilities (“PDMR”).

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