Borr Drilling Limited - Announcement of New Contracts and Fleet Status Report

30 Dec 2022 07:49 CET

Borr Drilling Limited (the "Company") (NYSE and OSE: "BORR") is pleased to
announce it has been awarded new contracts for two of its premium jack-up
drilling rigs. These awards increase the Company's backlog by approximately
2,030 days, excluding optional periods.

The premium jack-up drilling rig "Frigg" has secured long-term contract from an
undisclosed customer for work in the Middle East. This contract has a firm
duration of 5 years plus options and is expected to commence in the third
quarter of 2023 following the completion of the rig's reactivation. The
estimated contract value of the firm term, including mobilization fee, is $282
million.

The premium jack-up drilling rig "Gunnlod" has received a binding Letter of
Award ("LOA") from an undisclosed customer for work in Southeast Asia. The
program has an estimated duration of 205 days and is expected to commence in
June 2023 following the completion of its current firm contracts and a statutory
periodic survey. The estimated contract value is $27.5 million.

These awards increase the Company's contracted fleet to 21 rigs out of a total
of 22 delivered rigs.

Please refer to the latest Fleet Status Report, enclosed to this release, for
further updates on fleet developments, contracts, and extensions.

Hamilton, Bermuda

30 December 2022

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 rig contracting and
extensions and exercises of options including the duration of such contracts and
backlog, and other non-historical statements. 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
actual performance under drilling contracts, the risk that backlog may not be
realized, the number of rigs that will be in operation and rates that are
achieved, and other risks and uncertainties described in the section entitled
"Risk Factors" in our most recent annual report on Form 20-F and other 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.

More information:
Access the news on Oslo Bors NewsWeb site

579375_Borr_Drilling_Fleet_Status_Report_December_2022.pdf