Borr Drilling Limited – Update on equity issuance settlement

Hamilton, Bermuda, 14 January 2022

Reference is made to Borr Drilling Limited's (the "Company") (NYSE and OSE: “BORR”) announcement 28 December 2021 about the subscription and allocation of a total of 13,333,333 new depository receipts (the "Offer Shares"), raising gross proceeds of USD 30 million.

As stated in the announcement, a condition for completion of the Equity Offering is board approvals by the Singaporean yards for amendments to and refinancing of the Company's financing arrangements with the yards. The Company is expecting the board decisions of the Singaporean yards in the week of 24 January 2022 due to their current scheduling of board meetings. Therefore, the date of settlement of the Offer Shares is adjusted to be on or about 28 January 2022, subject to satisfaction of the other closing conditions referred to in the announcement 28 December 2021. 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 contemplated Equity Offering, conditions relating to completion of the Equity Offering and expected timing of closing of the Equity 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, the outcome of the agreement with lenders, and ultimate outcome of planned discussions with yard 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.