Borr Drilling Limited - Announcement of Letter of Award

20 Jan 2023 08:00 CET

Borr Drilling Limited is pleased to announce that its premium jack-up drilling
rig "Ran" has received a Letter of Award ("LOA") from an undisclosed customer
for work in Latin America. This award will cover a two wells campaign with an
estimated duration of 200 days on a dry-hole case and up to 460 days on a
success case. The work will commence in October 2023 and has an estimated
contract value, including mobilization and demobilization fees, of USD $30.4
million on a dry-hole case.

The Ran is currently on a contract with Wintershall in Mexico which is expected
to keep the rig committed until Q2 2023. The Company remains in constructive
discussion with other customers in the region for further work to cover the
available time between these two programs.

Hamilton, Bermuda

20 January 2023

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 letter of awards
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 whether the
letter of award will be converted into a drilling contract, actual performance
under drilling contracts, the risk that backlog may not be realized 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.

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

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