Borr Drilling Limited - Mandatory notification of trades

Reference is made to Borr Drilling Limited's ("Borr Drilling") (NYSE: BORR, OSE: BDRILL) stock exchange announcements of 21 May 2020, relating to the successfully completed equity offering through the subscription and allocation of 46,153,846 new depositary receipts (the "Offer Shares"), representing the beneficial interests in the same number of the Borr Drilling's underlying common shares, each at a subscription price of USD 0.65 per share, equivalent to NOK 6.45 per share (the “Subscription Price”), raising gross proceeds of USD 30 million (the “Equity Offering”). The Offer Shares will be listed on Oslo Stock Exchange (the “OSE”). The allocation is dependent on completion of the subjects of the Equity Offering.

The following primary insiders of Borr Drilling have subscribed for and been conditionally allocated the following Offer Shares at the Subscription Price:

Paal Kibsgaard, Chairman of the Borr Drilling’s Board of Directors, 230,769 Offer Shares. After delivery, Kibsgaard will own 332,069 shares in the Company. 

Companies affiliated with Director and Vice Chairman Tor Olav Trøim, 769,231 Offer Shares. After delivery, Trøim and his affiliated parties will represent an ownership in Borr Drilling of 9,651,342 shares in the Company. 

Jan Rask, Director of Borr Drilling, 76,923 Offer Shares. After delivery, Mr. Rask owns 91,208 shares in the Company. 

Hamilton, Bermuda

This information is subject to disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.